Sri Lanka to grant resident visa to large foreign depositors

The Sri Lankan government said on Thursday that foreigners investing a minimum 300,000 U.S. dollars in the island country would be granted a resident visa of two to five years.

Finance Minister Ravi Karunanayake said foreigners investing over 1.5 million dollars would also be given rights to lease land.

The minister added that the funds would have to come through legal banking channels.

The visa will be immediately available through an administrative order but it could be legislated later in the year.

There is also possibility of giving permanent residence to larger investors, Karunanayake said.

He also encouraged Sri Lankans holding money overseas to bring it back home. Enditem

Source: Xinhua/NewsGhana.com.gh