Sri Lanka starts 5-year residence visas for investors

ECONOMYNEXT – Sri Lanka has started to issue five year resident visas for foreign investors reducing the hassle of renewing the documents every year and also saving administrative costs for the government following the appointment of a businessman as the minister of investment promotion.

Sri Lanka’s Board of Investment issues 7500-8000 visa recommendations for investors, employees and dependents, each year, a government statement said.

“Before the implementation of this program, they had to go through a long documentation process every year to get these visas,” newly appointed Investment Promotion Minister Dhammika Perera was quoted as saying at a ceremony give the first set of five year visas.

“Having understood the prime need to provide a seamless and convenient service for investors, we have launched the new program albeit I have not officially assumed duties as the Investment Promotion Minister.”

The BOI has helped give visas foreign nationals from 109 countries. Last year India, the United Kingdom, Japan, Korea, Malaysia and Pakistan were among the countries from which investors were given visas.

Meanwhile, BOI Director General Renuka M Weerakone stated “It is certainly a pleasure to see all our long-standing investors on this special day of launching the long-term residence visa program for investors.

“You all have been the contributors towards 65% of export earnings to Sri Lanka and have stood by us even in times of difficult periods that our country faced, which we wish to acknowledge with great gratitude,’ BOI Director General Renuka M Weerakone said.

“As far as the new program is concerned, the visa application process can be accessed online and the BOI is also using online facility for Defence clearance and plans to introduce the same mechanism with the Department of Immigration and Emigration.”

Sri Lanka has many processes which make more work for government and wastes resources. Foreign spouses of Sri Lanka nationals also have to renew their visas every year. (Colombo/July02/2022)