Sri Lanka’s BOI mulls extension of investor residence visas
The Morning: The Board of Investment (BOI) is considering extending the duration of its long-term residence visa programme offered to investors, stakeholders, and BOI enterprises beyond the current five-year limit.
Speaking to The Sunday Morning Business, BOI Director General Renuka M. Weerakone stated that the five-year residence visa programme had proven to be highly popular among investors, with a significant number of applicants having already enrolled under the scheme.
She pointed out that the convenience offered by the long-term residence visa programme, when compared to the previous mandatory one-year renewal, had proven particularly attractive to long-term investors.
“We have investors who have been with us for over 40 years. Obviously, it is much more convenient than doing the yearly renewal. So yes, there have been many takers,” she stated.
Weerakone further revealed that the BOI was presently considering extending the duration of the programme beyond the existing five-year period.
“We have a visa programme where we give up to five years for a CEO or an investor. But we are relooking at extending it for a longer term. That is something we will study and then announce,” she stated.
In 2022, the Board of Investment launched the five-year residence visa programme dedicated to investors, stakeholders, and BOI enterprises under the initiative introduced by then Investment Promotion Minister Dhammika Perera.
OSL take:
Sri Lanka is stepping up efforts to attract greater foreign investment as it positions itself as a regional business and logistics hub. The move by Sri Lanka’s BOI to consider extending its long-term residence visa programme beyond the current five-year period highlights the country’s commitment to creating a more investor-friendly environment. The popularity of the long-term residence visa scheme among investors and BOI enterprises reflects growing confidence in Sri Lanka’s long-term economic prospects. By offering greater convenience and stability compared to the previous annual renewal system, the initiative is expected to further encourage foreign entrepreneurs, multinational companies, and long-term investors to establish operations in the country. With an expanding economy, strategic location in the Indian Ocean, and improving business climate, Sri Lanka presents emerging business/investment opportunities across sectors such as manufacturing, logistics, tourism, renewable energy, information technology, infrastructure, and export-oriented industries. The country’s strong regional trade links and ongoing economic reforms are also creating new avenues for partnerships, investment, and regional market access. As Sri Lanka continues to strengthen its investment ecosystem and enhance ease of doing business, foreign businesses/investors have increasing opportunities to tap into the country’s growing commercial potential and participate in its transformation into a competitive regional hub.
| Article Code : | VBS/AT/20260521Z_2 |