The Permanent Residency Status (PRS) is a new scheme to attract foreign investors in India as India does not permit purchase of immovable property in India for foreigners. PRS will be granted to foreigners for a period of 10 years with multiple entry visa. To avail the scheme, the foreign investor will have to invest a minimum of Rs. 10 crores [approximately 1,525,000 USD] to be brought within 18 months or Rs.25 crores [approximately 3,810,000 USD] to be brought within 36 months. Further, the foreign investment should result in generating employment to at least 20 resident Indians every financial year.
Permanent Residency Status can be renewed for another 10 years if no adverse inference is drawn against the investor. PRS will serve as a multiple entry visa without any stay stipulation and PRS holders will be exempted from the registration requirements. PRS holders will be allowed to purchase one residential property for dwelling purpose. The spouse/ dependents of the PRS holder will be allowed to take up employment in private sector (in relaxation to salary stipulations for Employment Visa) and undertake studies in India.