Long-term residence visas for big-time investors in stocks, Treasury bonds and other ventures

Long-term visas are to be granted for foreigners who invest in the Colombo Stock Exchange, Treasury Bonds, condominium apartments, and other local investments, bringing in US dollar investments or deposits to the country, the Cabinet has decided.

Those applying for this Residence Visa scheme will be required to obtain Defence Ministry clearance in addition to having a police clearance report from their respective countries.

The processing of the applications will be handled by the Department of Immigration and Emigration with the assistance of the Defence Ministry to ensure that the facility is not misused, a senior official from the Department said.

Four different proposals to grant visas have been approved and three of them are to be implemented immediately with one more to be implemented in the future.

One of the proposals is known as the ‘Golden Paradise Visa’ scheme. Under this, US$ 200,000 needs to be deposited in a commercial bank recognised by the Central Bank of Sri Lanka for the investor to be entitled for a 10-year Residence Visa.

However, the depositor could withdraw up to US$ 100,000 after one year of obtaining the visa.

If US$ 300,000 is deposited, the investor, the spouse, dependents, and associated staff will be granted Residence visas for five years while those investing US$ 500,000, their family members and staff will be entitled to Residence Visas for 10 years.

Under another category, those investing US$ 200,000 in condominium apartments in urban areas will be entitled to a 10-year Residence Visa for the investor, spouse and dependents while for an investment of US$ 150,000, the investor, spouse and dependents will be entitled to a five-year Residence Visa which could be extended.

Those investing in Treasury Bonds and Treasury bills for amounts of US$ 250,000 and US$ 400,000 will also be eligible for Residence Visas for five years and 10 years respectively, but the proposal will be introduced later after Treasury approval.

Under another scheme, those investing US$ 100,000 and US$ 200,000 in the Stock Exchange will be entitled to Residence Visas for five years and 10 years respectively for the investor, spouse and dependents.