Tuesday, February 7, 2023

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SL Government offers long term residence visa for condominium property buyers

Investors in condominium property are to be given long term residence visa in a new drive of the government to boost foreign reserves and attract foreign investment.

The Board of Investment (BOI) in collaboration with the Department of Immigration and Emigration and the Ministry of Defense launched the long-term residence visa scheme for condominium property holders in Sri Lanka.

The official function was held at the BOI auditorium under the patronage of State Minister of Investment Promotion Dilum Amunugama, BOI Director General Renuka M. Weerakone, Dept. of Immigration I. S. H. Controller General and other respective officials on Thursday.

Under the new visa scheme, the condominium property purchasing individuals and companies will be granted a long-term residence visa considering the investment remitted and the value of purchasing the property. This scheme will be targeted to promote the selling of condominiums/apartments to foreign nationals who wish to live in Sri Lanka.

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

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

At present, Sri Lanka has around 30,000 apartment blocks including private apartments, Government servants’ housing schemes, etc. Around 7,750 apartment units are managed by 968 condominium Management Corporations registered under the Institute of Certified Management Accountants of Sri Lanka (CMA).

Furthermore, the number of apartment units completed by the BOI is approximately 5,000 ranging from low-cost units to semi-luxury to super luxury.

It is also noteworthy that apart from the local investors, several countries have also shown interest in investing in the development of condominium projects and real estate developments in Sri Lanka. Besides, the majority of condominium buyers were Sri Lankan residents while there is a present trend of purchase of condominium units by dual citizens and foreigners.

In conclusion, the BOI hopes the new system will curb inconveniences the investors/enterprises face and further strengthen the digital transformation of work with the respective line agencies and ministries.

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