Foreign players investing Rs 10 cr eligible for residency

New Delhi, Aug 31 (PTI) Foreign investors bringing in atleast Rs 10 crore capital will be eligible for residencystatus, easier visa regime and employment for family membersamong other benefits under a new policy approved by theCabinet today to attract more overseas funds. "A certain threshold if you invest in India, then therewill be availability of visa, the availability of the right topurchase assets, the availability of employment for familymembers, there is a detailed policy that has been approved bythe Cabinet today," Finance Minister Arun Jaitley said afterthe Cabinet meeting, chaired by Prime Minister Narendra Modi,here. The scheme is expected to encourage foreign investment inIndia and facilitate the Make in India programme. Under thescheme, suitable provisions will be incorporated in the VisaManual to provide for the grant of permanent residency statusto foreign investors. An official statement said permanent residency statuswill be granted for a period of 10 years with multipleentries. This can be reviewed for another 10 years if theholder has not come to adverse notice. The scheme will be applicable only to foreign investorsfulfilling the prescribed eligibility conditions, his/herspouse and dependents. "In order to avail this scheme, the foreign investor willhave to invest a minimum of Rs 10 crore to be brought within18 months or Rs 25 crore to be brought within 36 months.Further, the foreign investment should result in generatingemployment to at least 20 resident Indians every financialyear," the statement said. The permanent residency status will be granted for aperiod of 10 years initially with multiple entry facility,which can be renewed for another 10 years. The status will serve as a multiple entry visa withoutany stay stipulation and holders will be exempted from theregistration requirements. This status holders will be allowed to purchase oneresidential property for dwelling purpose. The spouse/dependents will be allowed to take up employment in privatesector (in relaxation to salary stipulations for EmploymentVisa) and undertake studies in India. PTI JD ANZMKJ