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Sri Lanka launches ‘Golden Paradise Visa Scheme to attract investors ’

A new visa scheme for foreign investors to invest, live and study in Sri Lanka was launched today.The launching ceremony of the ‘Golden Paradise Visa Scheme’ was held under the aegis of Central Bank Governor Dr. Nandalal Weerasinghe and Defence Secretary General Kamal Gunaratne at the Department of Immigration and Emigration, Battaramulla on May 30.

A website dedicated to the Golden Paradise Residence Visa programme was also launched.This is dedicated to investors to enjoy the benefit of Sri Lanka while contributing and reaping the benefits of the booming economy, the Ministry of Defence said.

Addressing the gathering, Defence Secretary Kamal Gunaratne they they are hoping to evaluate this programme in due course and make necessary improvements, if required,” he added.

The Department of Immigration and Emigration has begun promoting the issuance of long-term residence visa issuance mechanism online in a bid to attract foreign inflows.

The long-term resident visa program titled ‘Golden Paradise Visa’ enables the issuance of residence visas for 10 years for foreigners who deposit a minimum of $ 100,000 in a commercial bank recognised by the Central Bank of Sri Lanka.

The foreigners are eligible to withdraw $ 50,000 after the first year but should maintain a minimum balance of $ 50,000 for the rest of the granted timeline.

A long-term resident visa program dedicated to investors to enjoy the benefit of the paradise island while contributing and reaping the rewards of the booming economy. Investors and their families will enjoy the lasting benefits of this visa program,” the Department said on its official website.

On 25 April, the Cabinet of Ministers gave its nod to issue 5 to 10-year residence visas for foreigners and directors, their spouses, and their dependents of foreign companies who invest a minimum of $ 75,000 or above in condominium properties in Sri Lanka. 

The move was to further simplify the issuance of a residence visa for foreign investors under the new methodology, which was endorsed by the Cabinet of Ministers on 7 March. 

As per the Department of Immigration and Emigration website (eservices.immigration.gov.lk/golden-paradise-visa.html), the investors willing to obtain a Golden Paradise Residence Visa can apply for it via four steps which include; submitting application, review information, payment options, and ETA confirmation.

The Golden Paradise Visa application should then be submitted online to  goldenparadise@immigration.gov.lk upon the notification of the Department.
The Department of Immigration and Emigration is also charging a visa fee of $ 2,000 for the 10-years. 

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