Sri Lanka: New Long-Term Visa Programs for Investors Introduced
June 17, 2022
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At a Glance
The Sri Lankan government has introduced various new long-term visa programs for the following foreign nationals:
- Individual investors who deposit at least USD 100,000 in a Sri Lankan bank account, who will be eligible for a 10-year ‘Golden Paradise’ visa if they maintain at least a USD 50,000 deposit in their bank account;
- Directors of companies and their dependents who invest at least USD 75,000 in condominium property in Sri Lanka, who will be eligible for a five to 10-year visa; and
- Foreign nationals over the age of 60 who have a monthly income of at least USD 20,000, who will be eligible for a 10-year visa.
The situation
The Cabinet of Ministers of Sri Lanka has approved various new long-term visa programs for investors.
A closer look
- Golden Paradise Visa. Investors will be able to apply online for a 10-year visa after opening a ‘Golden Paradise’ bank account and depositing at least USD 100,000 in a local commercial bank licensed by the Central Bank of Sri Lanka (CBSL). Investors may withdraw from the fund after one year but must maintain an amount of at least USD 50,000 in the account for the remainder of their visa’s validity. Although the Sri Lankan government is already calling for foreign nationals to apply for the Golden Paradise Visa, the CBSL is still finalizing requirements for the Golden Paradise bank account.
- Other long-term visa options for investors. The following foreign nationals will be eligible to apply for new long-term visas in Sri Lanka:
- Directors of companies and their dependents who invest at least USD 75,000 in condominium property in Sri Lanka will be eligible for a five to 10-year visa; and
- Foreign nationals over the age of 60 who have a monthly income of at least USD 20,000, who will be eligible to apply for a 10-year visa.
Impact
Individual investors benefit from new long-term visa options in Sri Lanka without the need for employer sponsorship. When the other new visa programs become available, companies and eligible foreign nationals will benefit from the ability to apply for a long-term visa in Sri Lanka, where the standard work permit usually only provides a two-year validity.
Background
The new visa program is in line with the government’s goal of supporting the local economy by attracting foreign investment and promoting foreign exchange in Sri Lanka. In October 2021, new Digital Nomad Visas and tourist visas with extended validity were also introduced to attract foreign nationals.
Looking ahead
It is likely that the Sri Lankan government will introduce more visa options for foreign nationals seeking to visit and work in the country with streamlined requirements and longer durations to help boost the local economy.
This alert is for informational purposes only. If you have any questions, please contact the global immigration professional with whom you work at Fragomen or send an email to [email protected].
