Sri Lankan authorities relaunch Investor Visa programme for non-Lankans
The Morning: The Sri Lankan Department of Immigration and Emigration has reintroduced the ‘Investor Visa’ programme. This revamped initiative, aimed specifically at non-Sri Lankans interested in purchasing condominium units, is set to go live from June. The announcement followed a successful meeting held on 22 May, at the Department’s headquarters.
Spearheaded by Controller General Harsha Ilukpitiya, the Investor Visa programme promises a streamlined and efficient process for non-Sri Lankans seeking to invest in the country’s property market. The system will be fully operational next week, ensuring that visa applications can be processed entirely online, thereby simplifying the process for prospective investors.
One of the key highlights of the new process is that foreigners residing in Sri Lanka will no longer need to leave the country to apply for an Investor Visa. This significant change is expected to encourage more investors to contribute to Sri Lanka’s economic growth and provide a much-needed boost to the construction and property development industry.
During the meeting, which included key officials such as Controller Visa Indika Manthriratne, and Deputy Visa Controller Ruwan Kannangara, as well as representatives from the Condominium Developers Association of Sri Lanka (CDASL), the requirements for visa application were outlined. Applicants will need to provide: Confirmation from a bank that foreign currency has been deposited into an IIA account and a statement from the investor detailing the purpose of the investment, either to purchase a unit or units from a Condominium development project in the country.
For investments of $ 100,000 and above, applicants will be granted a five-year visa immediately, which can be renewed. Investments of $ 200,000 and above will qualify for a ten-year renewable visa, both requiring a maximum of five days for ministerial approval.
This revamped programme reflects Sri Lanka’s commitment to fostering a business-friendly environment and underscores the country’s strategic efforts to attract foreign capital. By easing the application process and extending the duration of visas, Sri Lanka aims to become a more attractive destination for foreign investors.
This investor-friendly policy is expected to significantly boost foreign direct investment, further integrating Sri Lanka into the global economy. By opening its doors wider to international investors, Sri Lanka is not only enhancing its economic prospects but also paving the way for sustainable growth in its property development sector.
Further to the direct and obvious benefits outlined above, foreign investments in Real Estate globally have proven to generate multiple/ parallel streams of both short and long term inflows. The very nature of investment in Real Estate is both long term and big ticket, bringing with it infusions to sustain the resultant presence in the country.
OSL take:
Sri Lanka is currently engaged in a programme to attract more foreign travelers to the country, including foreign businesses/investors. The steady growth in foreign travelers to the country has already expanded the business/investment opportunities in Sri Lanka’s airport, aviation and tourism industries. However, the move to reintroduce investor visa programme is mainly aimed at attracting foreign businesses/investors to Sri Lanka. With the country’s overall economic expansion and target of becoming a regional hub, the business/investment opportunities in Sri Lanka are bound to see a multiple increase. All these activities including the increase in interest shown by foreign businesses/investors are now pushing up land prices, especially in Sri Lanka’s commercial capital, Colombo. The investor visa programme enables foreign nationals to purchase condominiums in Sri Lanka. Therefore, there’s a growth in the local house and property market with an increase in the construction of housing units and condominiums. Given the growing business potential in Sri Lanka and the increasing interest among foreign businesses/investors in the country foreign businesses/investors could look at owning condominiums in Sri Lanka before a further increase in prices. Also, with the house and property market on the rise, foreign businesses/investors could confidently explore the opportunities in the sector by forming a joint venture or partnership with local businesses in the house and property business for further expansion.