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Government decided to grant Permanent Residency Status to foreign investors

The government on Wednesday decided to woo foreign investors with permanent residence status if they bring in significant investment.

According to Home Ministry proposal, high net worth foreign individuals can be granted PRS if they make a minimum investment of Rs. 100 million within 18 months or Rs. 250 million within 36 months.

Important provisions in the scheme

  1. PRS is initially available for 10 years and can be extended by another 10 years.
  2. Conditions required
  • The minimum investment required under the facility could be either10 crore in 18 months or Rs.25 crore in 36 months.
  • The recipient investor have to hire a minimum of 20 people
  1. Benefits under PRS
  • PRS holders will be allowed to purchase one residential property for dwelling purpose.
  • Permanent residence status will serve as a multiple entry visa without any stay stipulation
  • Holders of PRS will be exempted from registration requirements.
  • Spouse and dependents will be allowed to take up employment in private sector (in relaxation to salary stipulations for employment visa) and undertake studies in India
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