The Government of India has opened ‘Indian golden visa’ (permanent residency) scheme in 2016, to attract foreign investment to India. This scheme is unknown to many foreign investors because this scheme, is not marketed or promoted widely, who are keen to invest in India to make the country a global investment destination for foreign capital.
Launch
The announcement made in the Union Budget for 2016-17, the scheme for grant of Permanent Residency Status (PRS) to foreign investors was approved by the Cabinet at the meeting held on 31.8.2016. Instructions conveying the details of the PRS scheme were issued by the Ministry of Home Affairs on 17.10.2016, to encourage foreign investment in India and facilitate the Government of India’s Make in India Programme..
Key Benefits
- A 10 year multiple entry golden visa for Investors and family members with PR status.
- Dependent children can study without study visa.
- no restriction on stay on each visit
- no registration will be required with FRRO/ FRO.
- Purchase of residential property permitted (only one)
- Indian citizenship after 12 years of living.
Golden Visa (PRS)
Permanent Residency Status (PRS) will be granted to a foreign investor making an investment of
- Minimum of Rs.10 crores (US$12 million) to be brought within 18 months or
- Minimum of Rs.25 crores (US$30 million) to be brought within 36 months under FDI route and resulting in employment for at least 20 resident Indians in every financial year.
PRS Conditions
PRS will also be granted to the spouse/ dependents of the eligible foreign investor. The scheme will not be applicable to Pakistani citizens or third country nationals of Pakistani origin. PRS will be provided for 10 years with multiple entry with further extension for another 10 years. There will be no restriction on stay on each visit and no registration will be required with FRRO/ FRO.
PRS holders will be allowed to purchase one residential property for dwelling purpose. Spouse/ dependents of the investor who are granted PRS will be allowed to take up employment in private sector on the basis of the PRS with the permission of the FRRO/ FRO concerned. The minimum salary limit of US $25,000 per annum prescribed for grant of Employment visa to foreign nationals will not be applicable in such cases. Further, spouse/ dependents of the investor who are granted PRS can undertake studies in India without a separate Student Visa.
The scheme will not be applicable to all Promoters/ Directors of foreign company making the investment in the Indian company. Top management executives will also not be covered by this scheme and they will have to come on normal Employment Visa.
B1 Investor Visa
The foreign investor promising investment as per the aforesaid threshold limit will be granted an initial business visa for 18 months or 36 months, as the case may be (depending on the level of investment promised as per the investment threshold limit. This Business Visa will be labeled as ‘B-1’ Visa (Investor) and it will be issued without any stay stipulation. Spouse and dependents of the investor will be granted ‘B-1X’ Visa co-terminus with the Business Visa of the investor on the same terms and conditions.
Security Checks
Grant of PRS will be subject to prior clearance of the Ministry of Home Affairs. Ministry of Home Affairs will furnish the clearance/ comments on the online system based on the inputs from security agencies and the comments/ views of the Administrative Ministry/ Department of the concerned sector. Security agencies, the concerned Administrative Ministry/ Department and the Ministry of Home Affairs will have access to the online application immediately on submission of the application. After the process of security clearance is over, the applicant shall approach the concerned Indian Mission/FRRO/ FRO for verification of the documents with originals. Indian Mission/ FRRO/ FRO concerned shall also obtain biometrics of the applicant.
Documents Required
The following documents will have to be submitted:-
- Copies of Passport and Visa
- Photograph
- Residence Proof.
- Copy of the Form FC-GPR, the Annual Return on Foreign Liabilities and Assets filed with RBI by the Indian company receiving FDI & the RBI’s acknowledgement letter to that effect and the Income Tax Return filed before the Income Tax Department in support of the fulfillment of the eligibility conditions for PRS.
