New conditions for long term residence visa for foreign investors

New conditions have been approved by the Cabinet to issue long term residence visas for foreign investors.

Approval of the Cabinet of Ministers was granted at their meeting held on 07th March 2021 for
introducing a new methodology instead of previously existed VISA issuance methodology for
long – term residence VISA issuance. The Cabinet of Ministers granted approval for the
proposals furnished by His Excellency the President as the Minister of Defense in relation to
the issuance of long – term VISA subject to that methodology mentioned as follows.
• 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 lease United States
Dollars 100,000 in a commercial bank recognized by the Central Bank of Sri Lanka