Cabinet approves issuance of long-term residence visa for foreign investors

The Cabinet of Ministers on Monday approved the introduction of a new methodology for long–term residence visa issuance. 

The Cabinet of Ministers granted approval for the proposals furnished by President Gotabaya Rajapaksa as the Minister of Defense in relation to the issuance of long–term visas subject to the methodology mentioned as follows. Depending on the amount of investment of United States Dollars, issuance of long–term residence visas from five to 10 years for foreigners and directors, their spouses, and their dependents of foreign companies who invest at least $ 75,000 or more than that in condominium properties

Implementation of a program named “Golden Paradise Visa Program” that enables the issuance of a residence visa for 10 years for the foreigners who deposit at least $ 100,000 in a commercial bank recognised by the Central Bank of Sri Lanka.

Cabinet Co-Spokesman and Mass Media Minister Dr. Nalaka Godahewa said this will be a great opportunity for Sri Lanka to attract foreign exchange through the ample apartments in Colombo city.

When asked if foreigners would invest with no guarantee of uninterrupted power and energy Godahewa responded that it was a mere policy and investors themselves should decide if they want to invest or not.

“We have just followed a policy. The investor will decide if they should come and when they should come,” he told journalists at the post-Cabinet meeting media briefing yesterday.