Sri Lanka grants first individual investor residence visa

Sri Lanka has issued its first residence visa under the Individual Investor Category, introduced under the amended Immigration and Emigration Regulations (Extraordinary Gazette No. 2360/24 dated 27 November 2023).

The visa was granted to Dr. Prey Drechsel, a German national, by Hon. Ananda Wijepala, Minister of Public Security and Parliamentary Affairs.

Under the scheme, foreigners can obtain a 5-year residence visa by investing US$100,000, or a 10-year visa for US$200,000, or the equivalent in foreign currency. Applicants are required to open a Visa Programme Foreign Currency Account (VPFCA) in a licensed Sri Lankan bank to deposit the investment.

The program is designed to attract foreign investment by providing a streamlined pathway for investors to live and invest in Sri Lanka.