The Cabinet has approved a proposal by President Gotabhaya Rajapaksa to grant long-term visas to foreigners who invest at least US $ 75,000 or more in condominium properties and to foreigners who deposit US $ 100,000 in a local bank.
Foreigners who deposit US $ 100,000 in a Sri Lankan commercial grade bank will be issued a visa for a period of 10 years, under a program known as the ‘Golden Paradise Visa Program’.
The press release issued by the Cabinet Office in this regard is as follows.
Approval was given at the Cabinet Meeting held on 07th March 2021 to introduce a new system to replace the previous system of issuing Long Term Residence Visas.
Under the same procedure, the Cabinet approved the proposals made by His Excellency the President in his capacity as the Minister of Defense to issue long term residence visas and it is as follows.
- Issuance of long-term visas of 5 to 10 years, depending on the amount of US dollars invested to foreigners and directors of foreign companies, their spouses and dependents who invest at least US $ 75,000 or more in condominium property.
- Implementation of a program called ‘Golden Paradise Visa Program’ to enable foreigners to deposit a minimum of US $ 100,000 in a commercial grade bank recognized by the Central Bank of Sri Lanka and to obtain a residence visa for a period of 10 years.