Sri Lanka’s $75,000 Real Estate Investment-Based Long Term Residence Visa Launches
In April this year, we reported that the Sri Lankan government had approved plans for an investment migration program that would allow investors to obtain long-term visas in the country in exchange for acquiring condominiums in the country.
The country’s Board of Investment, in collaboration with the Department of Immigration and the Ministry of Defense, formally opened the program on Friday, with the following terms, according to Sri Lanka’s Daily News:
- Individuals who invest US$200,000 in an urban area condominium are eligible for a 10-year visa;
- Individuals who invest US$150,000 in an urban area condominium are eligible for a 5-year visa;
- Individuals who invest US$75,000 in a suburban area condominium are eligible for a 5-year visa.
- Companies (it is not clear whether the visa applies only to company directors) that invest US$500,000 in an urban or suburban area condominium are eligible for a 5-year visa.
Reports did not specify whether the visas would be renewable if the investment is maintained, but such practices are common in Asia’s long-term-visa-for-investment programs.
Speaking at last week’s launch event, Dilum Amunugama, the Minister of State for Investment Promotion, commented that Sri Lanka had about 30,000 luxury apartments, of which about a sixth were Board of Investment projects, all of which will be eligible under the long-term visa program.
“This will expand the opportunities for foreigners from any country to buy and invest in condominiums in Sri Lanka. Investors from countries like China, India, Pakistan, South Korea, Russia and Iran have already invested heavily in this field. These projects will also be implemented in Galle, Kandy, Nuwara Eliya, Kurunegala and Ambalangoda,” remarked Amunugama.
Other recent stories on new residence by investment programs in Asia:
- Indonesia Introduces “Second Home” Program: 10-Year Visa for Those With Savings of US$129,000 or More
- In Astonishing Claim, Malaysian Govt. Says Premium Visa Program Got 20,000 Applications on First Day
- Thailand’s Low-Tax “Long Term Resident” Visa Opens Next Month: How Does it Compare to Elite Residence?
- Cambodia Launches $100,000 Golden Visa With 5-Year Path to Citizenship