India offers permanent residency to foreign investors
Photo Credit: Shah Junaid/VCCircle

The Indian government on Wednesday cleared a policy to allow foreign investors to settle in the country in a move aimed at attracting more overseas investment.

The permanent residency scheme is also aimed at boosting the Narendra Modi government’s Make in India programme to encourage local manufacturing.

Foreign investors will have to invest at least Rs 10 crore ($1.5 million) within 18 months or Rs 25 crore within 36 months to get permanent residency status, the government said in a statement after the Union Cabinet approval the policy.

Also, the foreign investment should create jobs for at least 20 resident Indians every financial year, the statement said.

Permanent residency will initially be granted for 10 years with multiple entries. This can be extended by another 10 years.

Foreign investors will be allowed to purchase one residential property for dwelling purpose. The spouse or the dependents of the foreign investor will also be allowed to study and work in private sector companies in India.

The policy was first proposed in the budget earlier this year by finance minister Arun Jaitley.

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