SL to simplify residence visa issuance methodology to attract foreign inflows

• Cabinet approves proposal to issue 5-10-year residence visas for foreigners who invest minimum of US$ 75,000 in condo projects
• To issue 10-year ‘golden’ residence visa for foreigners who deposit minimum of US$ 100,000 in  bank

In an attempt to increase foreign exchange inflows into the country, the Cabinet nod has been granted to further simplify current residence visa issuance methodology for foreign investors.

President Gotabaya Rajapaksa in his capacity as the Minister of Defence on Monday sought the approval of the Cabinet of Ministers to issue 5-10-year residence visas for foreigners and directors, their spouses and their dependents of foreign companies who invest minimum of US$ 75,000 or above in condominium properties.

Newly appointed Co-Cabinet Spokesperson and Minister of Mass Media Dr. Nalaka Godahewa remarked that this move is aimed at stabilising the country’s construction sector attracting foreign investments.

Along with it, President Rajapaksa also sought the approval of the Cabinet of Ministers to implement the ‘Golden Paradise VISA Programme’ that enables issuance of 10-year residence visa for foreigners who deposit a minimum of US$ 100,000 in a Central Bank recognised commercial bank.

Dr. Godahewa outlined that the two measures would further simplify the issuance of residence visa for foreign investors under the new methodology, which was endorsed by the Cabinet of Ministers on March 7  this year.