Home / Front Page/ Visa regulations relaxed to facilitate long-term stay for BOI investors, employees

Visa regulations relaxed to facilitate long-term stay for BOI investors, employees


Comments / {{hitsCtrl.values.hits}} Views / Friday, 12 January 2018 00:02

Facebook

By Chathuri Dissanayake

The Government this week gave approval for the line ministry of the Board of Investments to develop its own criterion to grant a residence visa to foreign investors and their foreign employees.

A proposal made by the Ministry of Internal Affairs, Wayamba Development and Cultural Affairs to allow a five-year residence visa to be granted to employees of the BOI, based on the recommendation of the ministry secretary under which the BOI functions, was given the nod by Cabinet, while it amended a host of other visa regulations.

Following a proposal made by Minister S.B. Navinne to amend the visa fee structure, the Government has decided to offer applicants the option of paying visa fees in United States dollars or Sri Lankan rupees. Currently the regulation allows charges to be paid only in Sri Lankan rupees.

According to the amendments, the Government also plans to issue a five-year residence visa at once for investors on the recommendation of the relevant ministry, when the investment brought through to accounts such as a Securities Investment Account (SIA) or Offshore Account is over $ 300,000. The ministries recommending the visa to be granted are also responsible for developing criterion to decide on the eligibility.

Further, a 10-year residence visa facility will be granted for those who confirm a remittance of $ 500,000. A scheme to grant such a visa is to be developed by Ministry of Finance to make recommendations to the Controller of Immigration.

The Ministry will also be amending the current law to grant a five-year residence visa to foreign spouses of Sri Lankans based on “their continued married life for five years.” 

Further, a spouse of a deceased Sri Lankan citizen will be granted a two-year residence visa for employment after being charged a visa fee of $ 200. The same visa will be granted to any spouse of a living Sri Lankan citizen who has been married for 10 years and has children below the age of 18.

The Ministry has also received approval to amend the law to grant a residence visa to ex-Sri Lankans who are not entitled to obtain dual citizenship at a fee of $ 1,500 for the main applicant and $ 500 for a spouse and children.

 


Share This Article

Facebook Twitter


DISCLAIMER:

1. All comments will be moderated by the Daily FT Web Editor.

2. Comments that are abusive, obscene, incendiary, defamatory or irrelevant will not be published.

3. We may remove hyperlinks within comments.

4. Kindly use a genuine email ID and provide your name.

5. Spamming the comments section under different user names may result in being blacklisted.

COMMENTS

Today's Columnists

Wounding the social psyche

Friday, 19 April 2019

In this article, I intend to discuss the serious wounds inflicted on the psyche of Sri Lankan society, which have not received adequate attention, but need immediate cure, for they might develop into a dangerous cancer if not treated without further


No more stones to break Sri Lankan bones

Friday, 19 April 2019

Trial by fire is not a new ordeal to Christian community. It predates Notre Dame and Nazism by millennia. In fact, a decade or so before Nero torched believers to light Roman avenues, Jewish religious leaders put Jesus-followers to the test as the Ch


What 5G could be to Game of Thrones (and vice versa)

Friday, 19 April 2019

We will be hearing a lot about these two seemingly unrelated topics this month. In a hurriedly but meticulously organised event, Dialog Axiata recently demonstrated 5G applications for the first time in South Asia. 5G will be commercially available


On time – Only for a week! A must-change!

Thursday, 18 April 2019

We are in April and the month where we witness the declaration of a new year as per our traditional practice. It is that period of time when a huge majority of our population, which certainly can be counted in millions, intends to act in unison and q


Columnists More