Want to live in India? Simply invest US$1.5 million

If you want to live or retire in India, just fork out a cool US$1.5 million. Pic: Riccardo Romano/flickr

THE INDIAN government wants to reward foreigners willing to inject at least US$1.5 million into the local economy with a 10-year residency permit.

According to CNN, the new immigrant investor scheme approved by Cabinet on Wednesday stipulates that the investment must be over at least an 36-month period and generate a minimum of 20 jobs for Indian residents for each financial year.

These investors will in return receive a multiple-entry visa as well as the right to purchase a property.

Family members will also be allowed to live, work and study in India, the world’s second most populous nation, for the duration of the visa, which can be renewed for a further 10 years.

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“A certain threshold if you invest in India, then there will be availability of visa, the availability of the right to purchase assets, the availability of employment for family members, there is a detailed policy that has been approved by the Cabinet today,” Finance Minister Arun Jaitley was quoted byNDTV as saying after the Cabinet meeting.

The scheme, said NDTV’s report, is expected to encourage foreign investment in India, the world’s fastest growing major economy. It will not, however, be applicable to Pakistani and Chinese citizens.

In June, India’s Prime Minister Narendra Modi announced sweeping changes to foreign direct investment rules in civil aviation, defense, and several other sectors in a bid to open up the country’s economy.

In a Twitter message then, Modi said the changes would make “India the most open economy in the world for FDI”, an AFP report wrote.

The government reportedly relaxed requirements on foreign ownership in nine areas of the economy, including allowing foreigners to wholly own local airlines. The previous cap was 49 percent foreign ownership.

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It also allowed foreigners to own up to 74 percent in brownfield pharmaceuticals projects without seeking prior approval, a Guardian report said.

CNN in a report yesterday that while India’s growth has slowed somewhat, it still holds the crown as the world’s fastest growing big economy.

The report said Gross Domestic Product (GDP) growth plunged to 7.1 percent in the recent quarter, but still trumped China’s 6.7 percent.

This story first appeared on Asian Correspondent