Residency visa for foreigners who remit $300,000

10 August 2016 06:15 pm - 10 - {{hitsCtrl.values.hits}}

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A proposal made by the Finance Ministry to grant residency visas of 10 years for foreigners who remit 300,000 USDs was approved by Cabinet.

Cabinet Spokesman Minister Rajitha Senaratne said it was a proposal in the 2016 Budget to grant residency visa to foreign individuals who bring a large amount of foreign exchange into the country.

“It is essential to introduce the Special Deposits Account Act to implement this proposal. Finance Minister Ravi Karunanayake made the proposal to direct the Legal Draftsman to draft the proposed Act,” he said.

Under the proposed Act, an individual who remits 300,000 USDs will be granted 10 years residency visa and the minimum balance of 300,000 USDs should be maintained throughout the 10 years.

However, these visa holders would not be entitled to be employed in Sri Lanka.

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Comments - 10

jj Wednesday, 10 August 2016 05:59 PM

black money via DM iOS App

Selvyn Wednesday, 10 August 2016 06:19 PM

Its a most welcome proposal to pump money into the country via DM Android App

Martin Milton Wednesday, 10 August 2016 06:53 PM

Is this for real?? Is the GOSL so bankrupt? Is this man out of his mind? Any person with a miniscule of intelligence will know this will be open season to all illicit persons to enter Sri Lanka for subversive purposes. MM

Ranjan Fernando Wednesday, 10 August 2016 07:03 PM

As if there are no subversive Srilankans there at present? At least this will bring white money.

Hitapangmachan Wednesday, 10 August 2016 07:06 PM

stupid who will com n deposit via DM iOS App

Gamini Wednesday, 10 August 2016 07:16 PM

Those with black money will come. Most honest citizens anywhere do not have this much of money unless they sell the house just to live in Sri Lanka where everything is very expensive along with the poor quality of services and consumables. Somebody with this much of money can find better places to live in the world. Also what is the interest rate? $300,000 will be over $600, 000 after 10 years if one invested this in the stock market elsewhere.

ziyard Wednesday, 10 August 2016 08:08 PM

Not practical,malaysia grants 15 year visa for a deposit of MYR 300,000(USD 80,000) the money can be withdrawn after 3 years with interest,what does the finance minister think ?is sri lanka new USA ?

moodayoo Wednesday, 10 August 2016 08:12 PM

haloo. i think, you have forgotten to take three zero's away.. correct figure is 300 bucks, not 300K.. you can get resident visa for for malaysia just for 35K bucks..

Daya Thursday, 11 August 2016 06:14 AM

Proposal in good faith. However need amendment to motivate individuals to bring the money in. If they not allowed to work or do business and to maintain money at bank actually make no gain to the individual.

Maya Thursday, 11 August 2016 05:06 PM

For that money, one can live peacefully and happily in the west.

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Residency visa for foreigners who remit $300,000

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