News

Long-term visas for foreigners buying condominiums in SL

Published

1 year ago

November 11, 2022

editor

A long-term residence visa scheme for foreigners buying condominium property in Sri Lanka was launched at the Board of Investment (BOI) auditorium yesterday (10).

Condominium Development Projects have been identified as one of the fastest growing industries in Sri Lanka at present.

The approval of the Cabinet has also been received for the implementation of the scheme to provide long-term visas in accordance with a request made by the builders of condominium units (luxury apartments) and the buyers from the government and the BOI.

By providing long-term visas, more foreign direct investment is expected to flow into the country and it will also encourage the investors in the development of luxury apartments and foreigners buying these houses.

Accordingly, individuals who invest US$ 200,000 in an urban area condominium are eligible for a 10-year long-term visa scheme while those who invest US$ 150,000 are eligible for 05 years. Further, investors who invest US$ 75,000 in suburban area condominiums are also eligible for 5 years.

On the other hand, companies that invest US$ 500,000 in an urban area condominium are eligible for a 05-year long-term visa scheme while companies that invest US$ 500,000 in a suburban area condominium are also eligible for a 05-year long-term visa scheme.

Speaking at the event, Minister of State for Investment Promotion Dilum Amunugama said that there are about 30,000 luxury apartments in Sri Lanka, of which about 5,000 are BOI investment projects. He said that long-term visas will be issued for all these projects under the scheme.

“This will expand the opportunities for foreigners from any country to buy and invest in condominiums in Sri Lanka. Investors from countries like China, India, Pakistan, South Korea, Russia and Iran have already invested heavily in this field. These projects will also be implemented in Galle, Kandy, Nuwara Eliya, Kurunegala and Ambalangoda,” the state minister said.

Registration of Condominium Housing Project Companies under the Department of Immigration and Emigration was done today and this programme is carried out by the BOI in collaboration with the Department of Immigration and Emigration and the Ministry of Defence.

News

Prof. Nalin de Silva no more

Published

8 hours ago

May 2, 2024

editor

Philosopher, intellectual and academician Professor Nalin de Silva has passed away at the age of 79. Prof. de Silva initially served as a professor in the Department of Mathematics and later as the Dean of the Faculty of Science at the University of Kelaniya.

He was also a former member of the University Grants Commission (UGC).

In addition to his academic pursuits, de Silva also worked as a former Sri Lankan Ambassador to Myanmar.

News

‘Company issuing visa at BIA not Indian or Indian based’

Published

12 hours ago

May 2, 2024

editor

The Indian High Commission in Colombo has issued a statement over reports of Indian companies taking over visa issuance at Bandaranaike International Airport (BIA) in Katunayake.

The statement notes “companies referred to in these reports are not India based or Indian and are headquartered elsewhere. Any reference to India in this context is unwarranted.”

News

Chaos at BIA raises questions (Video)

Published

14 hours ago

May 2, 2024

nipuni

Questions have been raised after chaos at the Bandaranaike International Airport (BIA) in Katunayake last night (May 01) has sparked widespread outrage.

This is with regard to a controversial takeover of the on-arrival visa issuance process at BIA by an Indian company – VFS Global since yesterday evening.

It is learnt that the company has levied an extra $25 alongside the standard $75 fee.

Long lines of frustrated travellers were also seen at the airport for several hours, which is a stark difference to the procedure smoothly managed in a matter of mere minutes by the Immigration and Emigration Department in the past.

Footage of a Sri Lankan citizen expressing outrage over Indian nationals deciding visa matters for fellow Sri Lankans, has also been making rounds on social media.

Although 10 Sri Lankan and Indian officers had commenced work from 5.00pm yesterday, the lines remained well over 9.00pm. Amid tensions, higher officials of the BIA and security forces had also arrived at the premises.

At 11.30pm the company officials temporarily suspended issuing visas and left the BIA with the money collected, reports say.

Upon the directive of the Controller General of Immigration and Emigration – Harsha Ilukpitiya, Immigration officers have commenced their usual duties with no issues since then, enabling the previous process to continue smoothly.

Concerns have been raised over the lack of transparency in this arrangement.