Steps have been taken to issue a 10-year residence visa to foreigners who deposit at least US $ 100,000 in a commercial bank approved by the Central Bank of Sri Lanka.
A Cabinet meeting on March 7, 2021 approved a new system to replace the long-term residence visa issuance system previously implemented in Sri Lanka.
The Cabinet approved the proposal made by the Minister of Defense, Gotabhaya Rajapaksa, to issue a specified long-term residence visa under this mechanism.
Foreigners and directors of foreign companies investing in joint ventures worth at least US $ 75,000 or more will be issued a long-term residence visa ranging from US $ 5 to 10 years, depending on the size of the investment and their spouse.
It has also been announced that a program called the ‘Golden Paradise Visa Program’ will be implemented to enable foreigners to deposit at least US $ 100,000 in a commercial bank approved by the Central Bank of Sri Lanka for a 10-year residence visa.