An individual’s legal resident status in a territory or country of which such individual isn’t a citizen but where he/she has the right to live permanently is known as a permanent residency. An individual with such legal status is referred to as a permanent resident. For instance, in the USA, such an individual is known as a green card holder but more formally as an LPR (Lawful Permanent Resident). Now you know the meaning of permanent residence.
India doesn’t permit dual citizenship, but persons of Indian origin and former Indian citizens can apply for an OCI (Overseas Citizen of India) card that enables them to stay and work freely in India, besides running for specific political office posts and occupying constitutional posts. Also, they can’t buy agricultural land or vote.
Spouses who don’t have any other connection to India other than being married to somebody with or eligible for OCI can also apply for OCI if they’ve been married for a minimum of 2 years. Once the marriage ends, the OCI status will automatically be lost for the spouse with no connection to India. In 2016, India allowed PD Status to foreigners with certain conditions.
Now you know what is a permanent resident.
Eligibility Criteria One Needs to Fulfill to apply for PRS (Permanent Residency Status) in IndiaPRS will be given to foreign investors investing in the FDI (Foreign Direct Investment) route after fulfilling certain conditions as mentioned in the FDI policy notified by the DIPP (Department of Industrial Policy and Promotion) from time to time. This would apply to foreign investment in an operating/existing company or a new company.
Required to invest at least Rs. 10 crores or Rs. 25 crores in 18 or 36 months, respectively.
An Investment must lead to employment for at least 20 Indian or locals residents every financial year.
PRS won’t apply to Pakistani citizens or 3rd-country nationals of Pakistani origin.
The scheme won’t apply to all directors/promoters of the foreign organization investing in the Indian company. This scheme won’t cover top management executives and they’ll need to come on a normal Employment Visa.
Now you know permanent residents meaning in detail.
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I hope now you’ll be able to answer if someone asks you about the meaning of permanent residence.
What is a permanent resident?
Pallavi
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2022-04-07T17:55:42+00:00 2022-04-08T18:12:52+00:00Comment
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