Sri Lanka’s BOI launches long-term residence visa scheme for condominium property holders.
Daily FT: The Board of Investment (BOI) in collaboration with the Department of Immigration and Emigration and the Ministry of Defence launched the long-term residence visa scheme for condominium property holders in Sri Lanka.
The official function was held at the BOI auditorium under the patronage of State Minister of Investment Promotion Dilum Amunugama, BOI Director General Renuka M. Weerakone, Department of Immigration I. S. H. Controller General and other respective officials recently.
Under the new visa scheme, the condominium property purchasing individuals and companies will be granted a long-term residence visa considering the investment remitted and the value of purchasing the property. This scheme will be targeted to promote the selling of condominiums/apartments to foreign nationals who wish to live in Sri Lanka.
Accordingly, individuals who invest $ 200,000 in an urban area condominium are eligible for a 10-year long-term visa scheme while those who invest $ 150,000 in an urban area condominium are eligible for five years. Further, investors who invest $ 75,000 in suburban area condominiums are also eligible for five years.
On the other hand, companies that invest $ 500,000in an urban area condominium are eligible for a five-year long-term visa scheme while companies that invest $ 500,000 in a suburban area condominium are also eligible for a five-year long-term visa scheme.
At present, Sri Lanka has around 30,000 apartment blocks including private apartments, Government servants’ housing schemes, etc. Around 7,750 apartment units are managed by 968 condominium Management Corporations registered under the Institute of Certified Management Accountants of Sri Lanka (CMA).
Furthermore, the number of apartment units completed by the BOI is approximately 5,000 ranging from low-cost units to semi-luxury to super luxury.
It is also noteworthy that apart from the local investors, several countries have also shown interest in investing in the development of condominium projects and real estate developments in Sri Lanka. Besides, the majority of condominium buyers were Sri Lankan residents while there is a present trend of purchase of condominium units by dual citizens and foreigners.
In conclusion, the BOI hopes the new system will curb inconveniences the investors/enterprises face and further strengthen the digital transformation of work with the respective line agencies and ministries.
Sri Lankan authorities are looking at wooing more foreign businesses/investors to the country with the introduction of new promotions as well as incentive schemes. Apart from the country’s geographical positioning in the Indian Ocean and the strong trade ties enjoyed by the country, the appreciation of the US Dollar in the country, have also made Sri Lanka an attractive venue for foreign businesses and investments. The government of Sri Lanka has also introduced programmes to provide lands to foreign businesses to carry out projects. Also, the ongoing economic crisis in the country has also opened up a host of new business opportunities in several key economic sectors, especially in the power, energy, agriculture, tourism, manufacturing and exports sectors. Given the growth and business potential of the country, foreign businesses/investors could explore the expanding business/investment opportunities in Sri Lanka.
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