BOI Launches Long-Term Residence Visa Program for Condominium Owners

November 11, Colombo: The Board of Investment (BOI), in collaboration with the Department of Immigration and Emigration and the Ministry of Defence, on Thursday launched the Long-Term Residence Visa Program for Owners of condominiums in Sri Lanka.

The official ceremony was held at the BOI Auditorium under the patronage of Minister of State for Investment Promotion Dilum Amunugama, BOI Director General Renuka M Weerakone, Comptroller General of Immigration Department ISH and other respective officials.

Under the new visa regime, individuals and companies who purchase a condominium property will be granted a long-term residency visa in consideration of the investment surrendered and the value of the purchase of the property. This program will aim to promote the sale of condominiums/apartments to foreign nationals who wish to live in Sri Lanka.

Thus, individuals who invest US$200,000 in a condominium in an urban area are eligible for a long-term visa regime of 10 years while those who invest US$150,000 in a condominium in an urban area are eligible for 05 years. Additionally, investors who invest US$75,000 in suburban condominiums are also eligible for 5 years.

On the other hand, companies investing USD 500,000 in condominium in urban area are eligible for 05 years long term visa regime, while companies investing USD 500,000 in condominium in suburban area are also eligible to a long-term visa of 05 years. long-term visa regime.

At present, Sri Lanka has about 30,000 apartment buildings, including private apartments, housing schemes for civil servants, etc. About 7,750 apartments are managed by 968 condominium management companies registered with the Institute of Certified Management Accountants of Sri Lanka (CMA).

Moreover, the number of apartments completed by the BOI is around 5,000, ranging from low-cost units to semi-luxury and super-luxury.

It should also be noted that apart from local investors, several countries have also shown interest in investing in the development of condominium projects and real estate developments in Sri Lanka. Also, the majority of condominium buyers were Sri Lankan residents while there is a current trend of purchase of condominium units by dual citizens and foreigners.

In conclusion, the BOI hopes that the new system will reduce the inconvenience faced by investors/companies and further strengthen the digital transformation of work with relevant agencies and ministries.