The first residence visa under the newly introduced ‘Single Individual Investor Category’, in accordance with regulations published in the Extraordinary Gazette No. 2360/24 dated November 27, 2023 has been issued to German National Dr. Pay Drechsel today (01).
The regulations were made under Section 52, read with Section 23 of the Immigrants and Emigrants Act.
Accordingly, the residence visa was granted to Dr. Pay Drechsel by the Minister of Public Security and Parliamentary Affairs, Ananda Wijepala.
Under this visa category, foreign nationals are eligible to apply for a residence visa under the following conditions:
A 5-year residence visa for an investment of USD 100,000 (or equivalent in foreign currency), or
A 10-year residence visa for an investment of USD 200,000 (or equivalent in foreign currency).
The Ministry of Public Security and Parliamentary Affairs noted that in order to apply, the investor must open a Visa Programme Foreign Currency Account (VPFCA) at any licensed commercial bank in Sri Lanka and deposit the relevant amount.
This residence visa category is expected to promote foreign direct investment in Sri Lanka by providing a streamlined and facilitative process for foreign individuals wishing to invest in the country, the Ministry added further.
