Sri Lanka to issue long-term residence visas for foreign investors
Sri Lanka’s Cabinet of Ministers has approved a new methodology for the issuance of long–term residence visas to foreigners.
The proposal was presented to the Cabinet by Sri Lanka’s President Gotabaya Rajapaksa in his capacity as the Minister of Defence.
According to the proposed methodology, long–term residence visas are to be issued for durations ranging from five to 10 years for foreigners and directors, their spouses, and their dependents of foreign companies who invest at least US$ 75,000 or more in condominium properties.
The programme is named the “Golden Paradise Visa Programme” and it enables the issuance of a residence visa for 10 years for the foreigners who deposit at least US$ 100,000 in a commercial bank recognised by the Central Bank of Sri Lanka (CBSL).
Sri Lanka’s Cabinet Co-Spokesman and Mass Media Minister Dr. Nalaka Godahewa told the post Cabinet press briefing that this will be a great opportunity for Sri Lanka to attract foreign exchange through the ample apartments in Colombo city.
Sri Lanka is working towards placing the country as a growing business hub in the South Asian region. The country’s expanding economy and the increasing business potential in Sri Lanka have made the island an attractive business destination for business travellers. Also, the island being identified as a must visit tourist destination by several leading global travel publications and media outlets have made Sri Lanka an ideal location for foreign businesses/investors to settle down and property in the country. The expanding economy has resulted in an increase in value of Sri Lanka’s house and property. Hence, the new programme proposed by the government of Sri Lanka will provide the best opportunity for foreign businesses/investors to own residences in Sri Lanka.
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