India dangles 10-year residence in return for investment

New Delhi

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 (S$2 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.