SL looks to lure foreign nationals with long-term residence visa

Investment Promotion State Minister Dilum Amunugama (centre) and BOI Director General Renuka M. Weerakone (extreme left) at long-term residency scheme launch alongside other ministry and Immigration Department senior officials 

• Scheme launched by BOI, Immigration and Emigration Dept. and Defence Ministry 
• Condominium property purchasing individuals and companies will be granted 5-10-year residence visas based on investment remitted and property value  
• New system launched to curb inconveniences faced by investors and enterprises and to strengthen further digital transformation of work with respective line agencies and ministries.
• Says apart from local investors, several countries have also shown interest in investing in SL condominium projects and real estate developments
• Shares there is a present trend of purchase of condominium units by dual citizens and foreigners

Sri Lanka launched this week the long-term residence visa scheme for condominium property holders in Sri Lanka, an effort towards luring foreign nationals to invest in the island nation.

The scheme was launched by Sri Lanka’s investment promotion agency, the Board of Investment (BOI), in collaboration with the Immigration and Emigration Department and Defence Ministry.

Under the new visa scheme, the condominium property purchasing individuals and companies will be granted a long-term residence visa, depending on the investment remitted and value of purchasing the property. Accordingly, the individuals investing US $ 200,000 in an urban area condominium are eligible for a 10-year long-term visa scheme while those who invest US $ 150,000 in an urban area condominium are eligible for the five-year visa. The investors investing US $ 75,000 in suburban area condominiums are also eligible for the five-year visa.

Furthermore, the companies that invest US $ 500,000 in an urban or suburban area condominium will be eligible for a five-year long-term visa scheme.

In a statement to the media, the BOI said the objective of the new system is to curb the inconveniences the investors and enterprises face, while further strengthening the digital transformation of work with the respective line agencies and ministries.

At present, Sri Lanka has around 30,000 apartment blocks, including private apartments and government servants’ housing schemes. Around 7,750 apartment units are managed by 968 condominium management corporations registered under the Institute of Certified Management Accountants of Sri Lanka.

The number of apartment units completed by the BOI is approximately 5,000, ranging from low-cost units to semi-luxury to super-luxury.

The BOI shared 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.  Majority of condominium buyers were Sri Lankan residents while there is a present trend of purchase of condominium units by dual citizens and foreigners, says the BOI.