Sri Lanka, a small island country in South Asia, has announced it will soon be offering long-term residence to foreign condominium property holders, according to the Sri Lankan Board of Investment, which collaborated with the country’s Department of Immigration & Emigration and the Ministry of Defense to issue the new residency-by-investment program.
The program has many categories, and can be applied to by individuals or companies and businesses. The visa can be issued for five or 10 years, depending on the amount of the real estate investment and its location in the country.
For individuals, an investment of $75,000 in a property in a suburban area would qualify them for a five-year residency, while in urban areas it would set them back a minimum of $150,000. If it’s a 10-year-residency they’re seeking, they need to purchase property for at least $200,000 in an urban area.
Companies, alternatively, have a steeper price to pay. Companies are only eligible for the five-year visa, and to get they need to invest at least $500,000 in an urban or a suburban area, with the minimum unit price of their investment being $150,000 in an urban area and $75,000 in a suburban one.
It’s worth noting that the Sri Lankan Board of Investment is also actively engaged in building and selling housing units and luxury properties across Sri Lanka, with local media reporting that ‘the number of apartment units completed by the Board of Investment is approximately 5,000,’ in its attempt to attract dollars into the cash-stripped economy as well as meet the local market’s demands.
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