Indian Law update for Residency & Citizenship program

Further liberalization of remittance of investment from India to foreign countries for Immigration purposes; including USA EB-5 investor visa:

Over a period of time, the Foreign Exchange Reserve  in India has increased India's foreign exchange (Forex) reserve to $377.751 billion US, gold reserve to $20.691 billion, SDRs (Special Drawing Rights with the IMF) to $ 1.512 billion and IMF reserves to $2.291 billion totaling US$ 402.246 billion as of September 22, 2017, as per Forex.

As per one survey, the government of India is aims to have a foreign reserve of $ 750 Billion dollars.
In view of the continued rise of the foreign reserve , RBI ( Central Bank of India) has further liberalized the remittance of foreign currency from India to abroad.

Following are the latest proposals included under the Liberalized Remittance scheme (LRS).
Individual Indian citizens can avail of foreign exchange facilities for the following purposes, granted that they remain within the LRS limit of USD $250,000 on financial year basis.

1. Private visits to any country (except Nepal and Bhutan)
2. Gift or donation
3. Going abroad for employment
4. Emigration
5. Maintenance of close relatives abroad
6. Travel for business, or attending a conference or specialised training 
7. Meeting medical expenses, or check-ups abroad, or for accompanying as attendant to a patient going abroad for medical treatment/ check-up
8. Studies abroad
9. Any other current account transaction which is not covered under the definition of current account in FEMA 1999.

This limit is US$ 250,000 per year per person, therefore a family of 4 can remit a million dollars in each financial year which is from April 1 to March 31 of the following year.

It is important to note that the Government of India has allowed the remittance of the fund for Immigration purposes, which opens the gate in India for all types of Residency and Citizenship programs around the world.

This will also allow the Indian citizen to make an investment in foreign business, real estate or unlisted securities and at the same time obtain residency and citizenship by investment.

Mentions

• Ajmera Law Group
• Prashant Ajmera