Cabinet approves residency policy for foreign investors, sources say

Cabinet approves residency policy for foreign investors, sources say
Currently investors get business visas lasting up to five years. Prime Minister, Narendra Modi waves goodbye at an airport. Image Source: PTI
By ZeeBiz WebTeam
Updated: Wed, Aug 31, 2016
12:39 pm
Mumbai, ZeeBiz WebDesk
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Union Cabinet of Central Government has approved residency policy, sources said. 

According to the policy, foreign investors can apply for Indian residency if they invest Rs 10 crore for 18 months or Rs 25 crore for a three year period in the country. 

They would be eligible to apply for 'permanent residency' if they meet the criteria. Moreover, sources said, that these investors will also be allowed to buy one residential property in the country. 

Permanent residency status could also be extended by another decade providing certain conditions are met.

Currently investors get business visas lasting up to five years.