Investors to get residency

New Delhi: In a significant step to woo foreign investors for long term basis, India will offer residency permits of up to 20 years to foreigners willing to invest a minimum threshold in the country, under a new policy aimed at attracting more overseas investments.

The Union Cabinet, headed by Prime Minister, on Wednesday approved a proposal to allow foreigners get 10 year residency permits if they invest Rs 10 crore over 18 months or Rs 25 crore over three years. The residency status can be extended by another 10 years. Investors would also be allowed to buy one residential property and their spouses and children can work or study here.