The Government has decided to grant one-year visas to tourists and 10-year visas to foreigners who invest US$ 250,000 in Sri Lankan condominium properties.
The Government will provide condo investment opportunities to boost the tourism industry. In keeping with this decision, a foreigner who invests US$ 150,000 will be given a five-year visa.
A foreigner who invests US$ 75,000 in a condominium property outside Colombo city will be granted a visa that could be extended up to five years.
Steps will be taken to issue 10-year “Golden Paradise Residential Visas” to foreigners who deposit US $100,000 in any commercial bank recognised by the Central Bank of Sri Lanka as part of its Golden Paradise initiative. Tourist arrivals have increased in the first seven months of this year compared to last year, generating US$ 840 million in revenue.
The Cabinet has also approved measures to simplify the Visa fee collection system.