SL looks to lure foreign nationals with long-term residence visa

12 November 2022 05:09 am - 32 - {{hitsCtrl.values.hits}}

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Investment Promotion State Minister Dilum Amunugama (centre) and BOI Director General Renuka M. Weerakone (extreme left) at long-term residency scheme launch alongside other ministry and Immigration Department senior officials

Scheme launched by BOI, Immigration and Emigration Dept. and Defence Ministry
Condominium property purchasing individuals and companies will be granted 5-10-year residence visas based on investment remitted and property value
New system launched to curb inconveniences faced by investors and enterprises and to strengthen further digital transformation of work with respective line agencies and ministries.
Says apart from local investors, several countries have also shown interest in investing in SL condominium projects and real estate developments
Shares there is a present trend of purchase of condominium units by dual citizens and foreigners

Sri Lanka launched this week the long-term residence visa scheme for condominium property holders in Sri Lanka, an effort towards luring foreign nationals to invest in the island nation.

The scheme was launched by Sri Lanka’s investment promotion agency, the Board of Investment (BOI), in collaboration with the Immigration and Emigration Department and Defence Ministry.

Under the new visa scheme, the condominium property purchasing individuals and companies will be granted a long-term residence visa, depending on the investment remitted and value of purchasing the property. Accordingly, the individuals investing US $ 200,000 in an urban area condominium are eligible for a 10-year long-term visa scheme while those who invest US $ 150,000 in an urban area condominium are eligible for the five-year visa. The investors investing US $ 75,000 in suburban area condominiums are also eligible for the five-year visa.

Furthermore, the companies that invest US $ 500,000 in an urban or suburban area condominium will be eligible for a five-year long-term visa scheme.

In a statement to the media, the BOI said the objective of the new system is to curb the inconveniences the investors and enterprises face, while further strengthening the digital transformation of work with the respective line agencies and ministries.

At present, Sri Lanka has around 30,000 apartment blocks, including private apartments and government servants’ housing schemes. Around 7,750 apartment units are managed by 968 condominium management corporations registered under the Institute of Certified Management Accountants of Sri Lanka.

The number of apartment units completed by the BOI is approximately 5,000, ranging from low-cost units to semi-luxury to super-luxury.

The BOI shared that apart from the local investors, several countries have also shown interest in investing in the development of condominium projects and real estate developments in Sri Lanka. Majority of condominium buyers were Sri Lankan residents while there is a present trend of purchase of condominium units by dual citizens and foreigners, says the BOI.

Comments - 32

Hawkeye Saturday, 12 November 2022 08:00 AM

It is sad that these sick minded politicians never understand why anyone genuine want to invest in Sri Lanka when we have buffoons running the country. When someone wants to invest US$200K they are going to see if there are no other better place? as an example how do you think anyone will go past Malaysia where food is yummy and no fuel shortage and everything is in plenty. Get these buffoons to take a dip in ice cold water to bring there sense.

Sudda Saturday, 12 November 2022 08:45 AM

Ha ha ha!!!

Wixie Saturday, 12 November 2022 09:30 AM

More incentives and indcement needed, Entertainment, better Shopping etc , Clean piblic utilities., follow Diana Gamage's ideas.

Wrong, Wrong wrong Saturday, 12 November 2022 10:06 AM

Overseas persons who come in would be fools not investors if they can't figure out a way to get their dollars out of the country before they bring their dollars. The Central Bank exchange controls is what is preventing investors bring in money, because once they bring in dollar, they can't legally get it out, due to limits to sending out.

Kingsley Wijesinhe Saturday, 12 November 2022 10:18 AM

Why does the Daily Mirror keep using the term "lure" in connection with foreign investors, tourists etc.? Far better to say "attract". The term "lure" has a bad connotation as if deceiving people to come here with false promises .

Spartacus Saturday, 12 November 2022 10:37 AM

Yes yes, they will come in droves because this is such an honest country and so many opportunities are simply waiting, other than watching the balls of 225 parliamentarians.

sacre blieu Saturday, 12 November 2022 10:44 AM

we will be aliens in our own country knowing how such laws and programs work out, and be edged ikn to the sea. Our peoples savings have been destroyed and they have been driven to abject poverty, and certainly cannot afford house snd property what with this hyperinflation . This little island with its exploding proposition and the most severest of the economic crisis will implode destroying everything around to dust. Only the "Honda Salli Karayo"will remain.

Reformist Saturday, 12 November 2022 12:21 PM

Where do they get that much money to buy these? Secondly, why would foreigners/expatriates spend US$ 200,000 in a country with crapy systems, with no power, no clean consistent water supply and no decent and inexpensive places to eat, no decent and inexpensive bars/pubs to have a beer? No decent public transport either. Have they travelled the world? People need to check their head before investing their hard earned dollars in SL. As if there are no better places elsewhere in the world?

Marlin Saturday, 12 November 2022 12:29 PM

Why would you invest in a country that is corrupt

Zak Gelfe Saturday, 12 November 2022 12:38 PM

Stupid policies again. All they have to do is offer free dual citizenship to all of the Sri Lankans living abroad. Period !

Zak Gelfe Saturday, 12 November 2022 12:38 PM

Stupid policies again. All they have to do is offer free dual citizenship to all of the Sri Lankans living abroad. Period !

Zak Gelfe Saturday, 12 November 2022 12:38 PM

Stupid policies again. All they have to do is offer free dual citizenship to all of the Sri Lankans living abroad. Period !

Ganesh M Saturday, 12 November 2022 12:55 PM

I am a Sri Lankan married to my indian wife for 30 years. But she can get only 30 days visa. After 3 months continuous stay( can’t even go to see her mother in India within 30 days , otherwise three months to start again) then they will give one year visa. After that 70 year old man (me) has to go from Kandy where I live to Colombo for interviews for extension. Stupid laws in a failed country. This is in spite of remitting thousands of dollars over 32 year period.

Salgadu Fernando Saturday, 12 November 2022 01:48 PM

try to have proper condominium law in Sri Lanka to protect owners and investors. There is Dual citizen who has invested in Sri Lanka. some do not have deeds for the last 15 to 20 years because the builder ran away but people live in these buildings without deeds with sales agreements. when owners not in residence who live in these condominiums get together and make their own laws. No proper system to manage them

“ The Lansi Burgher Gent “ Saturday, 12 November 2022 01:48 PM

Good on these idiots. Now watch all these property prices shoot up, should foreigners start buying here, which would make it almost unthinkable for a local to own even a small apartment in a decent location around Colombo. The next step will allow diversification into housing units and residential property. The property market is seriously overpriced as it is and will only get worse in time to come. The mark ups are simply ridiculous, here. A smart minded foreigner, would steer well clear of this mess and invest his money elsewhere.

Cherath Saturday, 12 November 2022 03:24 PM

Why would a foreigner invest such large sums to live here? SL doesn't even have basic comforts and amenities. Colombo is a hell hole with tin boxes for buses, ramshackle accommodation at sky high prices to go with the unbearable heat and dust. AC is not a standard facility here. When Thailand offers spotless AC rooms with silk bed linen and free breakfast for $25, SL offers unkempt rooms with noisy AC and faulty plumbing for $75.

Nish Sunday, 13 November 2022 05:34 AM

You are spot on! An expensive crapy paradise whose rulers live in a fantasy land

Punchi Saturday, 12 November 2022 03:31 PM

There is an expectation that we propose things and everyone will fall into place. There is no benefit of extended visas in our failed Buddhist paradise unless one is a criminal hiding from authorities from their home country. I personally have invested my foreign employment earnings in Australian property which is a safe country and have seen significant capital gain and also significant rental increases.

Peacemaker Saturday, 12 November 2022 03:49 PM

Living long term in SL??? Everyone is fleeing the country, we should scan the brains of these morons

Premalal Perera Saturday, 12 November 2022 05:13 PM

All assistance and incentives will be given to foreigners while citizens will be taxed the sh*t out.

Intiquab Saturday, 12 November 2022 05:44 PM

First the purchase stamp fee should be same for a dual citizen could encourage.

Shelly Belly Saturday, 12 November 2022 06:05 PM

Why would anyone want to dump money in Sri Lanka when there is no way to take it back out if they need to? Whether locking it in a condo or not. Remove this remittance restriction and the dollars will flow in and out freely. Right now many overseas are enticed to buy a condo or make foreign currency deposits in Sri Lanka but the only thing stopping then is that they cannot take the money out if needed.

Disgusted Saturday, 12 November 2022 06:24 PM

Super suggestion that will bring in crooks that can dump ill gotten money in property and money laundering. Also drug lords could buy properties and use as a base to operate, with the many corrupt placed in high positions and the sea around us easy for distribution to south eastern countries and onwards. Intelligent and honest investors would choose to invest in the several other countries around the world, as why would anyone want to invest in a country where the political system is unstable, corrupt thus bringing the country to crawl on its belly. No one has been held accountable their past actions and the band plays on, while the masses are suffering and unable to get the basics one needs to survive and live with dignity. Sri Lanka will need a miracle and believe me I have doubts that miracle will arrive, until each and everyone responsible for bringing the country to its belly are put before a court of law and HELD accountable. A Independent commission must be established.

Mil Saturday, 12 November 2022 06:31 PM

This will be only good for the Indian toilet cleaners

KSM Monday, 14 November 2022 01:29 AM

AND YOUR MOM IS SLEEPING WITH THESE INDIAN TOILET CLEANERS IN GULF COUNTRIES AND SENDING YOU MONEY BACK SO THTA YOU CAN BUY A NET PACK AND COMMENT HERE.

joshua Saturday, 12 November 2022 09:14 PM

Only fools will invest in this land of political rogues. Just try your luck

Syed Saturday, 12 November 2022 11:04 PM

@ Mil. My toilet cleaner is also not interested. I explained in detail and confirmed Sinhalese plan to lure.

Gamini Saturday, 12 November 2022 11:55 PM

Palaces in the sky. Only theory and imagination is left. Foolish politicians and economists that live like frogs in a well ought to consult some expatriates to weigh pros and cons of these ideas. They assume expatriates/foreigners swim in money. Also it is the old that look for cheaper retirements. Health care, entertainment, ease of living have to be taken into account. Good luck the bunch of fools!

Pradeep Silva Sunday, 13 November 2022 02:50 AM

Me, many family and friends, have properties in SL and parents live, but we won't even put one step there, even if you give us multiple free tickets and life time visa. SL is the most vicious racist, tribalist and religious bigots of entire world. You all know if you travel 120 countries with an open mind.

Ajith Sunday, 13 November 2022 05:16 AM

Unfortunately, most of the comments are by haters of SL. True, there is corruption, but the country is doing what is needed to attract investors. There are some folks still want to live and invest in SL or buy properties for different reasons. Give them a break!

Gunawathies Apalangedara Sunday, 13 November 2022 08:07 AM

These people are still misleading poor SL people!! Many people are going through boats to escape! Now you are telling foreigners are coming to replace theM??? Ponnaya will believe with Myna and Kaputa Aprasasanna Kappama!!

Jonathan David Monday, 14 November 2022 04:38 AM

Many of these condo developments are a blight on the beautiful Sri Lankan environment, which most foreigners want to see preserved! They are often poorly designed, cheap to build and unsustainable. This policy is an unashamed attempt to prop up the ill-conceived short-sighted projects of self-interested developers.

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SL looks to lure foreign nationals with long-term residence visa

Comments - 32

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