The government of India has opened a scheme that permits foreigners for permanent residency status, also known as PRS. You get multiple entry visas without the requirement of you staying in India for 10 plus years or so. Since the scheme has been given out by the government lot of foreigners are inclined toward investing in the country.
Following are some steps that can help you understand how to get Indian permanent residency status
- Eligibility criteria for applying for permanent residency status in India
Permanent residency status is granted to foreigners who are willing to invest under the Foreign Direct Investment route, which is subject to relevant conditions as given specifically by the Department of Industrial policy and promotion for FDI policy. The applicant has to invest an amount of INR 10 crore, which is around USD 1.5 million, within 18 months or Rs 25 crores to be brought within 36 months of your application. Two conditions attached to this are that the investment should lead to employment for at least 20 locals or Indian residents every year, and another point is that PRS is not applicable for Pakistani citizens or third-country nationals of Pakistan origin. There are restrictions imposed by FDI in regards to security depending on the country of the applicant’s origin.
- Benefits of permanent residency status in India
When you attain permanent residency status in India, you will get a multiple entry visa without any stipulation; the status holder would be exempted from FRRO/ FRO registration. The PRS holder would be permitted to buy one residential property for them residing and not for investing, PRS holder’s spouse/dependent would be allowed to take up employment in the private sector with the permission of FRRO/FRO. A spouse or the dependent of the investor who is allowed by PRS can also take up studies in India without the requirement of a separate student visa. There is no additional requirement of permission from FRRO/FRO for the same.
- Procedure for submission of application for permanent residency status in India
Initially, the applicant would be given a business visa for 18 to 36 months. This business visa would be labeled as a B-1 visa which is an investor visa, and the same would be issued without any stipulation. The spouse/ dependent of the PRS applicant would be granted a B-1X visa with the business visa of the holders along with the same terms and conditions. After the eligibility criteria are met in terms of investment and employment, the foreigner investor has to submit their as well as their spouse/dependents application together. You must possess a valid passport and visa, photograph, and residency proof for the process to take place. PRS is granted after subject clearance from the Ministry of Home Affairs. After the application is clear, the applicant has to then get their documents verified.
- Revocation of permanent residency status in India
The revocation of PRS happens when FRRO/FRO may recommend the ministry for revocation of the PRS when there is a failure to meet the conditions relating to the investment if the applicant is a wilful defaulter of the guidelines issued by RBI if the investor is of unsound mind if the investor is an undischarged insolvent if there is a law convicted by the investor etc. on the revocation of PRS the holder has to dispose of the immovable property following the extent FMA regulations within the reasonable period, however, it cannot be more than a year. Within 3 months of the date of revocation, the investor’s dependent or spouse has to leave the country.