10-year Golden Visa for foreigners launched

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The Government activated the Golden Paradise Visa on 9 May 2022, a special category of residence visa for 10 years that allows foreigners to obtain residency to open a Golden Paradise Foreign Currency Account (GPFCA) in a commercial bank recognised by the Central Bank of Sri Lanka with a minimum deposit of USD 100,000.

The Golden Visa holder must have a minimum account balance of USD 50,000, which must be maintained from the second year onwards throughout the period the visa is granted. The Golden Visa holder is eligible to invest, live, and study in Sri Lanka, as well as purchase a condominium property in Sri Lanka.

However, upto now, there have been no takers for the Golden Visa, a spokesman for the Department of Immigration and Emigration told Ceylon Today.

The visa holder also can purchase Sri Lanka’s development bond and engage in any other government approved investments as well as obtain land and buildings on lease based on the government’s rules and regulations. The validity is 10 years and USD 200 per year. The total visa fee for 10 years should be paid upfront.

The Department of Immigration and Emigration will issue a letter to open the GPFCA and after receiving bank account details and CBSL relevant commercial bank confirmation for the remittance and payment of the visa fee, the Visa will be issued.

If an applicant wants to cancel the Visa, the cancellation request must be submitted to the Department and the deposited funds could be withdrawn after the cancellation of the visa.

The applicant should provide police clearance reports from the home country  or country of domicile within a period of six months.

They also should provide a medical report from a government or government registered private hospital or a medical institution confirming the non-contamination status for malaria, filaria, tuberculosis and HIV/AIDS and also a copy of the CV, passport and marriage certificate. In this case, the dependents of the primary applicant will also be eligible to apply for same.

By Sulochana Ramiah Mohan