India plans investment-linked residency permits for foreigners

India plans investment-linked residency permits for foreigners

EB-5 Visa, EB5 Visa, EB-5 Investment

India is planning to offer an investment­-linked residency permit for foreign companies that invest Dh7.34 billion ($2 billion) in the country, according to a media report.

“If a foreign company invests $2 billion, it will get residency permits allowing long stay in India for its key executives as well as cheap rates for utilities and a special package on upscale housing,” the Economic Times reported quoting unnamed senior officials.

The proposal, it said, may be formally unveiled post the budget session of the Indian Parliament, which gets over in mid­-March.

If the proposal is announced, India will join the United States, Canada, Singapore and countries in the European Union that are offering investment-­linked residency facilities.

In the US, a foreigner investing a minimum of $1 million, or $500,000 in some cases, in a project that creates at least 10 jobs can apply for a green card in the US as per the Immigrant Investor Programme (EB-5). However, the report does not say if the residency permits will be linked to foreigners buying property in India. Currently, only Indians can buy property within the country.

The Indian government is also examining ways to smoothen the “work visa” process for all foreign employees of investors.

The report states that the government has been making several efforts to ease security clearances for foreign investors and has cleared 1,671 proposals in 2015, double the number of approvals granted in 2014.

Of the 1,671 proposals cleared, 85 were projects run by foreign entities. The biggest foreign beneficiaries were the United States (18), Hong Kong (11), France (9), China (8) and Germany (6).

Securities Disclaimer

This website is for informational purposes only and does not constitute an offer or solicitation to sell shares or securities. Any such offer or solicitation will be made only by means of an investment's confidential Offering Memorandum and in accordance with the terms of all applicable securities and other laws. This website does not constitute or form part of, and should not be construed as, any offer for sale or subscription of, or any invitation to offer to buy or subscribe for, any securities, nor should it or any part of it form the basis of, or be relied on in any connection with, any contract or commitment whatsoever. LLC and its affiliates expressly disclaim any and all responsibility for any direct or consequential loss or damage of any kind whatsoever arising directly or indirectly from: (i) reliance on any information contained in the website, (ii) any error, omission or inaccuracy in any such information or (iii) any action resulting therefrom.