India: Long-term residence program could lure foreign investment
India is poised to offer long-term residence permits to qualifying foreign investors under a program Cabinet approved this week.
What does the change mean? Under the program, foreign nationals who invest 100,000,000 Indian rupees (about US$1.5 million) over an 18-month period, or 250,000,000 rupees over a three-year period, would be eligible for renewable 10-year residence permits. The Indian government has said the program will not be open to Chinese or Pakistani nationals.
- Implementation time frame: Ongoing. The Cabinet approved the program, but no implementation date has been announced.
- Visas/permits affected: Ten-year residence permits for foreign investors.
- Who is affected: Foreign investors able to meet the criteria outlined above.
- Business impact: The program provides an expedited path for business people and investors interested in residing in India.
- Next steps: BAL will continue to monitor developments in India, including any announcement of a date on which the investor program will open.
Background: India is hoping the new residence program will lure foreign investments. The Indian government said in a statement that the investments made by foreign nationals should be able to provide jobs for 20 Indian nationals per financial year. Under the plan, investors who meet the eligibility criteria will be offered 10-year residence permits which will be renewable for an additional 10 years. Qualifying investors will be able to purchase one residential property in India. Spouses and children of qualifying investors will be permitted to work and study in India. Holders of residence permits will be exempted from normal registration requirements and permitted free travel into and out of India for themselves and their families.
BAL Analysis: Once implemented, the investor program will provide an alternative migration route for foreign investors interested in relocating to India. Indian officials hope it will lure foreign investment and boost domestic employment. BAL will continue to follow the investor program as it is developed and implemented.
This alert has been provided by the BAL Global Practice group and our network provider located in India. For additional information, please contact your BAL attorney.
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Founded in 1980, Berry Appleman & Leiden (BAL) provides comprehensive global immigration services from six offices across the U.S. and from offices in Geneva, London, Rio de Janeiro, São Paulo, Shanghai, Singapore and Sydney. BAL manages global visa matters and customized application approaches for work permits, business visas, and residence permits in more than 100 countries. With a single cost center for worldwide operations, BAL offers centralized management with regional and local support for the complete spectrum of global immigration matters.