Currently, condominium development projects have been identified as one of the fastest-growing industries in Sri Lanka. For the growth of this industry, a program to provide long-term visas for foreigners who purchase these luxury houses was introduced at the Sri Lanka Investment Board Auditorium.
The approval of the Cabinet has also been received for the implementation of these measures to provide long-term visas in accordance with a long-standing request from the government and the Sri Lanka Investment Board by the builders of condominium units (luxury apartments) and the buyers of those houses.
By providing long-term visas, it is expected that more foreign direct investment will flow into the country, as well as encouraging investors in the development of luxury apartments and foreigners buying those houses.
There are about 30,000 luxury apartments in Sri Lanka, of which about 5,000 are under Sri Lanka Board of Investment projects. The issuance of these long-term visas for all these projects will be implemented according to this program.
This will expand the opportunities for foreigners from any country to buy and invest in condominiums in this country.
Under the new scheme, visas are issued in categories of 5 and 10 years. 10-year visa rights are available to owners who purchase condominiums in an urban area with an investment of US$ 2 lakh. 5-year visas are available to those who buy houses worth USD 1,50,000 in an urban area. Also, the 5-year license is available to a maximum of 4 directors and their family members of companies that purchase housing units valued at 5 lakh USD.
Investors from countries like China, India, Pakistan, Korea, Russia and Iran have invested heavily in this field. Also, these projects will be implemented in Galle, Kandy, Nuwara Eliya, Kurunegala and Ambalangoda areas outside the capital.
Registration of Condominium Housing Project Companies under the Department of Immigration was done today and this program is carried out jointly by the Sri Lanka Board of Investments, the Department of Immigration and the Ministry of State Security.