India to grant residency to rich foreigners

[Bussard Ramjet]

http://www.bbc.com/news/business-37231211

India says it will grant residency to foreigners who make a substantial economic contribution to the country.

It is part of the government's plan to attract more overseas investment.

Investors must put $1.5m (£1.1m) into the nation's economy over 18 months or $3.75m over three years. They must also create jobs for at least 20 Indians each financial year.

In return, they will get a 10-year visa, residency for their spouse and children, and be able to buy a home.

Foreigners must currently re-register every year - creating a slew of paperwork - and usually need a sponsor.

The scheme will reportedly not be available to Chinese and Pakistani citizens.

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

It is the fastest growing major economy in the world, but its young population means it needs to create about 10 million jobs a year to prevent unemployment increasing.

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

Airlines and some defence industries can now be 100% foreign owned. and for overseas retailers, rules were relaxed that required 30% of what they sold to be Indian-sourced.

This will have marginal effect. No foreigner wants to live in India. Even my friends who have spent some time abroad are looking for opportunities to go out.

So what I am saying is that, unlike US/Canada/Australia where investors invest millions with the motive to gain residency and citizenship, no foreigner will invest in India with the motive to gain citizenship. It will be purely an economic and investment decision.

 

[ghameed]

freedom he freedom hey India main janab!

Yes, the quality of life is not comparable to west, but apart from that if you have money nothing beats India. In next 10 years the kind of opportunities you can have in India will be hard for you to get in the west.

I see this scheme will attract lots of people from the west.

I agree ..if someone has 1 crore in the bank ...and 1 crore rupees worth home ,then he can live a very good quality of life in India ..

 

[illusion8]

Any indian with decent amount of money wants to leave India....

Not true.

In fact, India has the 4th most number of billionaires, 11th most millionaires and HNI count going up at an astounding rate.

Many NRI's are relocating back to India. The expat community is growing steadily as well.

 

[My-Analogous]

http://www.bbc.com/news/business-37231211

India says it will grant residency to foreigners who make a substantial economic contribution to the country.

It is part of the government's plan to attract more overseas investment.

Investors must put $1.5m (£1.1m) into the nation's economy over 18 months or $3.75m over three years. They must also create jobs for at least 20 Indians each financial year.

In return, they will get a 10-year visa, residency for their spouse and children, and be able to buy a home.

Foreigners must currently re-register every year - creating a slew of paperwork - and usually need a sponsor.

The scheme will reportedly not be available to Chinese and Pakistani citizens.

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

It is the fastest growing major economy in the world, but its young population means it needs to create about 10 million jobs a year to prevent unemployment increasing.

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

Airlines and some defence industries can now be 100% foreign owned. and for overseas retailers, rules were relaxed that required 30% of what they sold to be Indian-sourced.

Good Altaf Hussian can apply that

 

[ito]

Good Altaf Hussian can apply that

This scheme excludes Pakistanis and Chinese.

 

[CorporateAffairs]

What has this got to do with the present thread?

Frustration levels peaking for them?

 

[fallstuff]

If one has $1.5 million in to invest, where does he or she goes ? I would like to revisit this thread a year from now. I am really curious about how this move turn out !!

 

[My-Analogous]

This scheme excludes Pakistanis and Chinese.

He is Britisher and he likes you guys very much