Connect with us

News

Long-term visas for foreigners buying condominiums in SL

Published

on

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

Indian-owned ship held in Colombo after oil spill; travel ban imposed on captain

Published

on

By

The Marine Environment Protection Authority (MEPA) has taken custody of a ship which had caused an oil spill while anchored at the Colombo Port.

A spokesperson of the MEPA stated that legal action has been initiated against the company that owns the ship and the relevant insurance company regarding the oil spill. Under the Marine Environment Protection Authority Act, the MEPA is seeking compensation for the incident, the authority revealed.

The ship, owned by an Indian company, had recently arrived at the Port of Colombo for maintenance activities. A special investigation conducted by MEPA had revealed a leak of hydraulic oil from the ship. The company’s owner has admitted to the incident and agreed to provide compensation, according to the MEPA.

Furthermore, the Colombo Magistrate Court has imposed a travel ban on the captain of the ship preventing him from leaving the country, as per a request made by the Colombo Port Police.

(This story, originally published by adaderana.lk has not been edited by SLM staff)

Continue Reading

News

5 companies fined Rs. 1,243 Mn. for illegal gold imports

Published

on

By

State Finance Minister Dr. Ranjith Siyambalapitiya said that five companies have been identified for illegally importing gold into Sri Lanka during the past few years, and fines of Rs.1,243 million have been imposed on those companies.

The Minister said that one of the related companies was ordered to pay Rs.179 million as fines.

Emphasising that from now on, all licensed institutions carrying out import of gold goods should avoid these illegal acts, the Minister said that the relevant institutions will also be charged fines for the gold purchased by even third parties considering the production reports.

He said the efforts to stabilise the state revenue of the country are currently being carried out by closing all the loopholes related to the loss of state revenue gradually.

Certain parties who import gold goods have turned this into a big racket and therefore there is a mafia around it.There were various challenges and threats when the government tried to curb this mafia initially.

The Minister further said that there were various levels of threats, pressure and intimidation, and the government did not waver in the face of all these challenges and moved to the second step.

(dailynews.lk)

(Except for the headline, this story, originally published by dailynews.lk has not been edited by SLM staff)

Continue Reading

News

Teachers & Principals launch TU action

Published

on

By

Teachers and principals in schools across the island will engage in trade union action today.

Convenor of the National Collective Against Teachers’ and Principals’ Salary Disparities Venerable Ulapane Sumangala Thero, says teachers and principals will report sick today.

The decision has been made due to the lack of solutions provided to issues related to salary anomalies.

In a statement yesterday, the Ministry of Education confirmed that schools will operate as usual today and tomorrow.

Meanwhile, The strike initiated by non-academic employees of state universities continues for the 29th consecutive day.

Continue Reading

Trending

Copyright © 2024 Sri Lanka Mirror. All Rights Reserved