Long-term visa program for investors announced

IMPACT – MEDIUM

The Sri Lankan government has announced it approved a new long-term visa program for investors.

Key Points:

• Sri Lanka authorities plan to implement a long-term visa program for investors, including three new visa categories.
• Under the program, foreign nationals who deposit US$100,000 in a Sri Lankan bank account will receive a visa for as long as the account maintains at least US$50,000. Such individuals will not be able to withdraw money from the account for the first year.
• Companies who invest US$75,000 in condominium property will be eligible for visas for five to 10 years for its directors and their dependents.
• Foreign nationals over the age of 60 and who have a monthly income of at least US$20,000 will be eligible to apply for a ten-year visa.

Additional Information: Sri Lankan authorities have yet to finalize the implementation process of the new long-term visa program. More information regarding the visa program is expected to be published in the coming weeks.

BAL Analysis: Once the program is finalized and implemented, foreign nationals who meet the investment requirements of the new program will be eligible to apply for a long-term visa. BAL will provide updates as information becomes available.

This alert has been provided by the BAL Global Practice group. For additional information, please contact berryapplemanleiden@bal.com.

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