Sri Lanka to grant long term visas for tourists interested in investing in the country
The Morning: The Cabinet of Ministers granted approval on 7 March for the Golden Paradise Programme which involves the granting of long-term visas to tourists interested in investing in Sri Lanka.
This development was announced by the Minister of Youth and Sports, Minister of Development Co-ordination and Monitoring, and State Minister of Digital Technology and Enterprise Development Namal Rajapaksa on his official Twitter handle.
“On the request of His Excellency Gotabaya Rajapaksa, the Cabinet approved a long-term visa option for tourists investing in Sri Lanka! This will not only significantly increase the FDI (foreign direct investment) but will also encourage more professionals and experts to invest, work, and live in Sri Lanka! #GoldenParadiseVisa,” tweeted Minister Rajapaksa.
Speaking to The Morning Business, Sri Lanka Tourism Development Authority (SLTDA) Director General Dhammika Wijesinghe stated that under this initiative, foreigners who are seeking to visit Sri Lanka often will be granted one-year multiple-entry visas for a maximum single stay of 90 days.
“There were many requests (for such an initiative) particularly from Indians who regularly visit Sri Lanka for our casinos. They are short-term visitors but they visit often within the same year,” stated Wijesinghe.
Explaining further, she stated that the mechanism for ensuring the authenticity of the foreigners granted visas under this programme will be established by the Immigrations Department. She further stated the criteria for the selection of foreigners under this programme will be established by the Immigrations Department.
OSL take:
Sri Lanka’s economic expansion brought about by the ongoing development programme and the positioning of the country as a growing business destination in the South Asian region have expanded the business/investment opportunities in the country. This has been further boosted by Sri Lanka’s geographical positioning in the Indian Ocean and the many trade agreements as well as concessions enjoyed by the country. With the increasing attention on Sri Lanka as a business destination in the region, the granting of long term visas to investors would help further woo foreign businesses/investors to explore the growing opportunities in the country.
| Article Code : | VBS/AT/18032022/Z_5 |