India to grant residency to HNW foreigners

InvestIndiaAs a part of the Indian government’s plan to attract more overseas investment, India announced it will grant residency to foreigners who make a substantial economic contribution to the country.

Investors must put $1.5 m into the nations’ economy over 16 months or $3.75m over 3 years. They must also create jobs for at least 20 Indians each financial year. In return they will get a 10-year residency visa for their spouse and children and be able to buy a home.

Foreigners must re-register every year and usually need a sponsor. The scheme will not be available to Chinese and Pakistani citizens.

India is ranked 130th in the World Bank’s Ease of Doing Business index.

Earlier this year PM Narendra Modi announced an overhaul of foreign ownership rules in another move to attract overseas investment.