Connect with us

Business

India will offer investors residency status for $1.5 million

Published

on

India
India

Indian Prime Minister Narendra Modi speaks during part of the opening ceremony of ‘Make in India Week’ in Mumbai on February 13, 2016.

SAN FRANCISCO (Diya TV) — India is hoping to shore up greater foreign investment by way of a new special residency program, according to multiple reports.

Don’t just “Make in India” — live in India, is what the nation is offering its foreign investors.

Lawmakers last week signed off on the new program, allowed those aforementioned to live in the country permanently. While the visas will be on an initial 10-year period, they will ultimately be offered “permanent residency status.”

In order to qualify, foreigners would be required to invest 100 million rupees ($1.5 million) over 18 months, or 250 million rupees ($3.7 million) over three years, resulting in jobs for at least 20 resident Indians every fiscal year, the government said in a statement. If this is something that you are interested in then you should also consider learning more about how Indian banks work. For example, in order to make a bank transfer, did you realize that you need to get a bank code? You can get your bank code here if you wanted.

Citizens from Pakistan, India’s oldest nemesis, are being barred from the program.

Investors would also be allowed to purchase one residential property, and later on potentially extend their residence for another decade.

Mohan Guruswamy, a former Indian finance ministry official and chairman at the Centre for Policy Alternatives in New Delhi, celebrated the news as “an indication of more broad-mindedness towards foreign investors.”

“It’ll be easier for them to come to India,” he said.

One of the world’s fastest-growing economies, India eased some of its foreign direct investment restrictions in June, by doing so the country hopes more jobs and money in the retail, defense and civil aviation sectors will present themselves. In a spirit of leniency, the Indian government said that it would give foreign-owned single-brand retailers a three-year grace period from requirements that mandated they buy at least 30% of their manufacturing materials from Indian vendors, among other relaxations.

Until now, investors have only been eligible for business visas lasting up to five years.

More from Diya TV