In a major policy change aimed at making India a more attractive investment destination for overseas investors, the Centre on Wednesday decided to grant permanent residency status for 10 years to foreign investors. In doing so, India joins countries such as the US, Canada and the UK which grant this status in return for investment. The US EB-5 visa is almost fully subscribed, largely by Indian and Chinese millionaires. The Union Cabinet decided to grant the residency status to foreigners if they invest Rs 10 crore over 18 months or Rs 25 crore over three years. The status will allow multiple entry to visitors for 10 years, which can be extended for another 10 years if the visitor does not receive adverse notice. No registration requirements would be mandated. During this period, investors would be allowed to buy one residential property and their spouses and children would also be allowed to work or study in India. The scheme would, however, not be available for Pakistani and Chinese citizens.