There is a provision of permission to live and work in Sri Lanka for 10 years under the ‘Golden Paradise Visa Program’ after depositing a minimum of USD100,000 in Sri Lanka
PRAVASISAMWAD.Com
Cash-strapped Sri Lanka has found a novel method to boost its financial health. It has started a special visa for foreigners. Foreigners who deposit a minimum of USD100,000 locally will be granted permission to live and work in Sri Lanka for 10 years under the “Golden Paradise Visa Program”, according to the government.
Experts however have cautioned that the income from the scheme will not be able to diminish the scale of the current crisis facing the country. There is acute shortage of food, fuel and medicines.
While thousands have been protesting outside President Gotabaya Rajapaksa’s seafront office to demand his resignation, recently the Colombo Stock Exchange saw trading stopped three times as prices plunged, with the blue-chip S&P index closing down 9.75 percent.
The government also approved the granting of five-year visas to any foreigner spending a minimum of USD75,000 to buy an apartment on the island
Fuel prices have almost doubled since December and the government recently announced an 81 percent increase in the price of cooking gas. Cement, soap and detergents went up by between 17 and 100 percent.
Under the ‘Golden Paradise’ visas programme, the money payable will need to be deposited in a local bank account for the duration of the visa, the government said in a statement. “This scheme will help Sri Lanka at a time when we are facing the worst financial crisis since our independence,” Nalaka Godahewa, Media Minister, told reporters in Colombo some time ago.
The government also approved the granting of five-year visas to any foreigner spending a minimum of USD75,000 to buy an apartment on the island.
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