Sri Lankan government to grant five year residence visas to foreign investors and foreign employees
The Sri Lankan government has reportedly granted approval for the line ministry of the Board of Investments (BOI) to develop its own criterion to grant residence visas to foreign investors and their foreign employees.
The Cabinet of Minister has reportedly approved the proposal by the Ministry of Internal Affairs, Wayamba Development and Cultural Affairs to allow a five-year residence visa to be granted to employees of the BOI based on the recommendation of the Ministry Secretary under which the BOI functions.
Internal Affairs, Wayamba Development and Cultural Affairs Minister S.B. Navinne has proposed to amend the visa fee structure and the government has decided to offer applicants the option of paying visa fees in United States dollars or Sri Lankan rupees. Currently the regulation allows charges to be paid only in Sri Lankan rupees.
According to the amendments, the government has also said it planned to issue a five-year residence visa at once for investors on the recommendation of the relevant ministry, when the investment brought through to accounts such as a Securities Investment Account (SIA) or Offshore Account is over US$ 300,000.
According to reports, the ministries recommending the visa to be granted are also responsible for developing criterion to decide on the eligibility.
Further, a 10-year residence visa facility will be granted for those who confirm a remittance of US$ 500,000. A scheme to grant such a visa is to be developed by Ministry of Finance to make recommendations to the Controller of Immigration.
The Ministry will also be amending the current law to grant a five-year residence visa to foreign spouses of Sri Lankans based on “their continued married life for five years.”
OSL take:
The Sri Lankan government’s decision to amend visa regulations pertaining to foreign investors as well as their foreign employees would encourage foreigners to explore business opportunities in the country. Foreign investors should use this opportunity to enter the country to start businesses in Sri Lanka.
| Article Code : | VBS/AT/20180115/Z_2 |