Interim Parliament/Legislature on Monday passed the much awaited Non Resident Nepali (NRN) bill with a provision of providing 10-year resident visa to NRNs.
According to the passed bill, any Nepali has to reside for two years in a foreign country to become an NRN. However, Nepalis living in SAARC member countries are not entitled to be categorized as NRN.
So far, Nepalis residing in foreign county for six months was considered a NRN.
The bill has divided NRNs into two categories: Nepalis residing in foreign country and foreign nationals of Nepali origin. It has provision to keep record of all NRNs.
Now, NRNs can also invest in foreign currency. It also envisages a tax waiver in a bid to integrate the NRN in national development, which had been one of the major demands of the NRNs.
According to reports, any company in which a NRN has more than 50 percent share can invest in projects or sectors that the government opens for foreign investment.
A person would continue to be a NRN even if he stays in Nepal or owns a business here.
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