The Sri Lankan government, which is currently embroiled in food, energy, financial and constitutional crises, this week approved the introduction of an investment residence permit.
Requirements. The Cabinet of Ministers approved the proposal of President Gotabaya Rajapaksa to issue a residence permit for a period of five or ten years based on an investment of $75,000 in condominiums or a deposit of $100,000 in a recognized commercial bank in Sri Lanka. The deposit must remain in the bank for the entire ten-year validity period of the "golden visa". It is not yet clear whether the deposit will bring interest, and whether the visas will be renewable.
According to reports in the Sri Lankan business newspaper Daily FT, Nalaka Godahewa, co-representative of the Cabinet and Minister of Mass Media, described the program as a great opportunity for Sri Lanka to attract foreign currency through spacious apartments in Colombo.
The Sri Lankan government is under intense pressure in a number of areas: food prices have risen sharply (by 30% in March alone), inflation reached 19% last month, crucial tourism revenues almost dried up during the pandemic, and the government has run out of foreign currency needed to import fuel.
Quote. "This scheme will help Sri Lanka at a time when we are facing the worst financial crisis since our independence," Nalaka Godahewa said.
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Source: Investment Migration Insider