India Considers $1.5 Million Residence Visa to Woo Investment
- Entrepreneurs could stay as long as 20 years under new program
- India faces big competition from likes of Hong Kong, Singapore
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India is aspiring to compete with the likes of Singapore and Hong Kong for foreign entrepreneurs by offering residence in return for investment.
Foreigners investing 100 million rupees ($1.5 million) over 18 months, or 250 million rupees over three years, would be eligible to live in India for 10 years, the government said in a statement in New Delhi on Wednesday. This so-called permanent residency status could be extended by another decade providing certain conditions are met.