Sri Lanka re-launches “Investor Visa” Programme to spur property investment
View(s):In a strategic move to increase foreign investment in the real estate sector, the
Sri Lankan Department of Immigration and Emigration has reintroduced the “Investor Visa” programme.
This revamped initiative, aimed specifically at non-Sri Lankans interested in purchasing condominium units, was set to go live online on June 1st, 2024. The announcement followed a successful meeting held on May 22nd, 2024, at the Department’s headquarters, real estate developers said in a media release.
Spearheaded by Controller General Harsha Ilukpitiya, the Investor Visa programme promises a streamlined and efficient process for non-Sri Lankans seeking to invest in the country’s property market. The system will be fully operational next week, ensuring that visa applications can be processed entirely online, thereby simplifying the process for prospective investors.
One of the key highlights of the new process is that foreigners residing in Sri Lanka will no longer need to leave the country to apply for an Investor Visa. This significant change is expected to encourage more investors to contribute to Sri Lanka’s economic growth and provide a much-needed boost to the construction and property development industry.
During the meeting, which included key officials such as Indika Manthriratne, Controller Visa, and Ruwan Kannangara, Deputy Visa Controller, as well as representatives from the Condominium Developers Association of Sri Lanka (CDASL), the requirements for visa application were outlined. Applicants will need to provide:
1. Confirmation from a bank that foreign currency has been deposited into an IIA account.
2. A statement from the investor detailing the purpose of the investment, either to purchase a unit or units from condominium development projects in the country.
For investments of US$100,000 and above, applicants will be granted a five-year visa immediately, which can be renewed. Investments of $200,000 and above will qualify for a 10-year renewable visa, both requiring a maximum of five days for ministerial approval.
This investor-friendly policy is expected to significantly boost foreign direct investment, further integrating Sri Lanka into the global economy. By opening its doors wider to international investors, Sri Lanka is not only enhancing its economic prospects but also paving the way for sustainable growth in its property development sector.
Further to the direct and obvious benefits outlined above, foreign investments in real estate globally have proven to generate multiple/ parallel streams of both short and long term inflows.
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