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Foreign investors cold to residency scheme
Foreign investment; permanent residency status scheme
News:
- No foreigners applied under the Permanent Residency Status (PRS) scheme since its inception in 2016.
Important facts:
- PRS in 2016 intended to boost its “Make in India” policy.
- Features of Permanent Residency Status (PRS)
- Permanent Residency Status (PRS) promises facilities for foreign investors who invest a minimum of Rs10 crore within 18 months or Rs25 crore in 36 months.
- Except Pakistani citizens or third-country nationals of Pakistani origin, the scheme is open for citizens of every country.
- The foreign investment should result in generating employment to at least 20 resident Indians in every financial year.
- PRS will be granted for a period of 10 years with multiple entries and can be renewed for another 10 years.
- There will be no requirement of registration with the Foreigners Regional Registration Office (FRRO), the Home Ministry document on the scheme.
- The PRS card holders are eligible to buy residential property in India.
- Most European Union countries, the U.S., Canada and others offer permanent residency to foreign investors. The U.S. offers the EB-5 visa programme where foreigners could apply for permanent residency if they created employment opportunities for 10 people with a minimum investment of Rs6.5 crore.
- In India, 90% of FDI proposals came through automatic routes. Among the foreign countries, the U.S., China (including Hong Kong), Mauritius and the U.K. have received the most number of projects at 10 each, followed by Germany at six, Bangladesh at three and Italy, Israel, Netherlands and Switzerland at two each.
