Sri Lanka has reintroduced the Investor Visa program, allowing foreigners to gain long-term residency by investing in condominium units. Starting June 1, 2024, non-Sri Lankans can apply online, making it easier than ever to invest in the island’s real estate market.
What is the Investor Visa Program?
The Investor Visa enables foreigners to reside in Sri Lanka for extended periods by purchasing approved condominium properties. The program simplifies the process with online applications, reducing the need for physical visits.
Investment Thresholds:
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US $100,000 → 5-year renewable visa
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US $200,000 → 10-year renewable visa
Requirements:
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Deposit funds into an Inward Investment Account (IIA).
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Invest in approved condominiums, including off-plan or under-construction units.
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Provide bank statements and a developer confirmation letter.
Benefits of the Investor Visa
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Long-Term Residency: Secure a renewable visa for 5 or 10 years.
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Economic Opportunity: Supports Sri Lanka’s real estate and construction sectors.
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Convenience: Online applications streamline the process for investors.
Steps to Invest in Sri Lankan Property
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Set Your Investment Goals: Choose between residential, commercial, or leased properties.
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Understand Foreign Ownership Rules: Foreigners can buy apartments but not land; long-term leases (up to 99 years) are allowed.
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Engage a Local Real Estate Agent: Work with agents experienced in foreign investment. Colombo Realtors can connect you with trusted professionals.
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Research Locations: Focus on high-demand areas like Colombo, Galle, and Negombo.
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Legal Due Diligence: Hire a local attorney to verify ownership, approvals, and compliance.
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Negotiate and Complete Purchase: Work with your agent and lawyer for smooth property transfer and registration.
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Post-Purchase Management: Consider property management for rentals and understand visa renewal requirements.
Why Invest in Sri Lanka?
With its strategic location, growing property market, and attractive Investor Visa program, Sri Lanka is becoming a prime destination for foreign investors. By investing in approved properties, foreigners can enjoy both residency benefits and potential returns from the real estate market.
Colombo Realtors can guide you through every step, from selecting properties and legal verification to completing the purchase and managing your investment. Start your journey toward long-term residency and smart property investment in Sri Lanka today.
