RBI lowers remittance limit, discourage green card dreams

Taking further measures to reduce the burden on the already weakened rupee, RBI reduced the limit for remittances made by individuals to $75,000 from $200,000 per financial year and banned the purchase of property outside India. The rich Indians with a view to invest in a business or buy property in some foreign countries to gain permanent residency find their dreams crushed with this measure.
Various countries and their conditions to afford a green card:

  • Countries such as the US, UAE, Australia, Bahamas, Spain, Mauritius and parts of Canada offer permanent residency and fast track green card to those who invest in businesses or property there.
  • The US EB 5 visa offers a fast track green card if one invests $500,000 in a business.
  • Buying a property worth $500,000 one can get a permanent residency in the Bahamas.
  • In Australia one has to invest $5 million to het the green card.
  • In the UAE foreign property buyers are automatically given a three year residency permit.
  • Canada’s Quebec province runs an investor programme which gives permanent residency to immigrants who can invest $800,000 in the province in the form of a guaranteed, interest-free loan.

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Categories: Banking Current Affairs 2017India Current Affairs 2017

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