The Government has approved a proposal to issue long-term residence Visas for foreign investors.
The Cabinet of Ministers has granted approval to introduce a new methodology for long–term residence VISA issuance, instead of the previously existing VISA issuance methodology.
Approval has been granted for the proposals tabled by President Gotabaya Rajapaksa as the Minister of Defense in relation to the issuance of long–term VISA.
The long-term Visas are to be issued subject to the following criteria:
- Depending on the amount of investment of United States Dollars, issuance of long–term residence VISA from 5 to 10 years for foreigners and directors, their spouses, and their dependents of foreign companies who invest at least United States Dollars 75,000 or more than that in condominium properties.
- Implementation of a programme named “Golden Paradise VISA Programme” that enable issuance of residence VISA for 10 years for the foreigners who deposit at least United States Dollars 100,000 in a commercial bank recognized by the Central Bank of Sri Lanka. (NewsWire)