India woos foreign investors with permanent residency status

#1 Aug 31st, 2016, 19:21
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#1
Dunno if this is the best forum for this but anyway.

Note: 1 crore= 10 million

Quote:
The permanent residence status to foreign investors for up to 20 years with the option for multiple visits is meant to encourage job creation in the country. The benefit under the foreign direct investment policy is available to investors who will bring a minimum of Rs.10 crore and generate 20 jobs every year, said an official statement issued after the union cabinet chaired by Prime Minister Narendra Modi took the decisions.

Quote:
“Permanent residence status will serve as a multiple entry visa without any stay stipulation and holders will be exempted from registration requirements. They will be allowed to purchase one residential property for dwelling purpose. Spouse and dependents will be allowed to take up employment in private sector (in relaxation to salary stipulations for employment visa) and undertake studies in India,” said the statement.
More here
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#2 Aug 31st, 2016, 19:55
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India redefines ten or twenty years... as permanent!

Apart from that quibble, it might be a good idea.
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#3 Aug 31st, 2016, 20:06
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I'll keep buying lottery tickets
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#4 Aug 31st, 2016, 20:18
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$100,000,000 to live in India?

I'll take Tahiti, thank you.
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#5 Aug 31st, 2016, 20:57
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true dat! I can think of much nicer places to live!
#6 Sep 1st, 2016, 09:19
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#6

Talking

Quote:
Originally Posted by ananda2193 View Post $100,000,000 to live in India?

I'll take Tahiti, thank you.
You can buy it for that!


GoanGoan......here & there..Goa
#7 Sep 1st, 2016, 12:30
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#7
a)There seems to be some math screwups going around upstairs in this thread.
b) The net worth of quite a large number of middle/upper middle class Indians will be 10 crore rupees or more.
#8 Sep 1st, 2016, 12:49
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Point Missed

This is nothing to do with most people who want to live in India: it is to do with those who want to invest in and run job-creating business in India.

There's no fanatic like a convert

Back door to FDI? Foreign ownership of Indian assets worries me.
#9 Sep 1st, 2016, 13:41
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#9

Lightbulb

I know some tight old to$$ers in Goa who'd be put off by 15.

#10 Sep 1st, 2016, 17:02
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#10
Quote:
Originally Posted by Nick-H View Post Point Missed

This is nothing to do with most people who want to live in India: it is to do with those who want to invest in and run job-creating business in India.

There's no fanatic like a convert

Back door to FDI? Foreign ownership of Indian assets worries me.
You've hit the nail on the head both times. Firstly, yes, bad choice of words. "Permanent resident" isn't permanent, just like "Overseas Citizen" isn't a citizen. Foreign Ministry seems to be a confused lot.

Secondly, yes, it's all about investors being allowed to protect their investment. Much easier when they don't have to worry about their visa expiring soon.

As for foreign ownership of Indian assets, I would consider it a problem only if the foreigner robs Indian assets like minerals and Vedic-era intellectual property. But if he puts in his own money, starts up his own properties and builds up his own brand over 10-20 years, I'd say he's entitled to everything he gets. He could even encash and leave, I'd have no objection.

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