SRI LANKA (Commonwealth union)_The Board of Investment (BOI) introduced a long-term residency visa plan for condominium property owners in Sri Lanka on Thursday, in partnership with the Department of Immigration and Emigration and the Defence Ministry. The official launch was held at the BOI auditorium, and was attended by State Minister of Investment Promotion Dilum Amunugama, BOI Director General Renuka M.Weerakone, the Controller General of the Department of Immigration, and other relevant officials.
Individuals and companies who purchase condominium property will be awarded a long-term resident visa based on the amount of money invested and the value of the property purchased under the new visa programme. This initiative will promote the sale of condominiums/apartments to foreign people seeking to live in Sri Lanka.
Individuals who invest US$ 200,000 in an urban area condominium are eligible for a 10-year long-term visa programme, while those who invest US$ 150,000 in an urban area condominium are eligible for a 5-year long-term visa scheme. Furthermore, investors who invest $75,000 in suburban area condominiums are eligible for a 5-year tax break. Companies that invest US$500,000 in an urban area condominium, on the other hand, are eligible for a five-year long-term visa scheme, while companies that invest US$500,000 in a suburban area condominium are also eligible.
Sri Lanka currently has over 30,000 apartment blocks, which include private apartments, government officials’ housing programmes, and so on. 968 condominium Management Corporations established with the Institute of Certified Management Accountants of Sri Lanka handle approximately 7,750 apartment units (CMA). Furthermore, the BOI has finished 5,000 housing units ranging from low-cost to semi-luxurious to super-luxurious.
Aside from local investors, several countries have expressed interest in participating in the development of condominium buildings and real estate developments in Sri Lanka.
Furthermore, the majority of condominium buyers were Sri Lankan residents, despite the current trend of dual citizens and foreigners purchasing condominium units. The BOI hopes that the new system will alleviate the inconveniences that investors and businesses are experiencing and will further strengthen the digital transformation of work with the respective line agencies and ministries.
