Sri Lanka to give resident visas for large foreign depositors in banks

ECONOMYNXT – Sri Lanka will give a 5-year resident visa for foreign individuals who deposit $300,000 in banks and rights to lease land for those investing over $1.5 million, Finance Minister Ravi Karunanayake said.

The visa will be immediately available through an administrative order, but it could be legislated later in the year, he said.

"Let’s say it is from the Maldives, or the USA or North Korea; they can bring it here and invest," he said.

Giving permanent residence is also a possibility for larger investors, he said. Those who deposit $1.5 million may also be allowed to lease land, Karunanayake said.

The funds have to come through legal banking channels and they should not have been acquired through illegal means, he said.

He said Sri Lankans who hold money abroad are also encouraged to bring them back to the country. (Colombo/Jan12/2017-Update II)

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