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.