Sri Lanka issues first-ever ‘Golden Paradise’ long-term visa
Daily FT: The Department of Immigration and Emigration has issued the first-ever ‘Golden Paradise Visa’ to Chai Yin Man from China for five years.
Man, is the Director of Baili Investments Lanka Ltd., a Board of Investment (BOI) approved Chinese company working on a 1,200-unit luxury apartment complex project in Rajagiriya with an investment of $ 60 million (over Rs. 22 billion).
The long-term residence visa issuance initiative was introduced last month in a bid to attract foreign inflows and boost foreign direct investments (FDIs).
Golden Paradise Visa scheme enables the issuance of residence visas for 10 years for foreigners who deposit a minimum of $ 100,000 in a commercial bank recognised by the Central Bank of Sri Lanka. The foreigners are eligible to withdraw $ 50,000 after the first year but should maintain a minimum balance of $ 50,000 for the rest of the granted timeline.
“A long-term resident visa programme dedicated to investors to enjoy the benefit of the paradise island while contributing and reaping the rewards of the booming economy. Investors and their families will enjoy the lasting benefits of this visa program,” the Department said on its official website.
On 25 April, the Cabinet of Ministers gave its nod to issue five to 10-year residence visas for foreigners and directors, their spouses, and their dependents of foreign companies who invest a minimum of $ 75,000 or above in condominium properties in Sri Lanka. The proposal was tabled by President Gotabaya Rajapaksa in his capacity as the Defence Minister.
The move was to further simplify the issuance of a residence visa for foreign investors under the new methodology, which was endorsed by the Cabinet of Ministers on 7 March.
OSL take:
The government of Sri Lanka is engaged in an accelerated programme to attract foreign direct investments (FDIs) to the country by introducing various incentive schemes and the Golden Paradise visa scheme that provides long term visas to foreigners is expected to serve as the first step in achieving the status of a regional business hub for Sri Lanka. The country’s geographical positioning in the Indian Ocean, the many trade agreements as well as concessions enjoyed by the country have all helped Sri Lanka work towards becoming an emerging business destination in the South Asian region. The overall economic development programmes have expanded the business/investment opportunities in Sri Lanka’s key economic sectors. Also, the country’s economy has shown great resilience to external and internal challenges through the years and is once again on the path to recovery after facing the challenges posed by the pandemic and its aftermath. Given the growing business potential in the country, foreign businesses/investors could look at the opportunities in Sri Lanka.
| Article Code : | VBS/AT/08072022/X_3 |