According to the article, foreigners who invest $100,000 locally will be allowed permission to live and work in Sri Lanka for ten years.
Cash-strapped According to a source, Sri Lanka has stated that it will sell long-term visas in order to raise much-needed foreign currency as the island nation runs out of dollars to pay for food and fuel.
According to the AFP news agency, foreigners who invest a minimum of $100,000 locally would be granted permission to reside and work in Sri Lanka for ten years under the Golden Paradise Visa Program.
According to the government, the money should be kept in a local bank account for the duration of the stay.
“This initiative would assist Sri Lanka at a time when we are facing our biggest financial crisis since independence,” Nalaka Godahewa, the media minister, told reporters in Colombo.
Foreigners who spend at least $75,000 on an apartment on the island will be granted five-year visas, according to the administration.
Thousands of people camped outside President Gotabaya Rajapaksa’s oceanfront office to demand his resignation as a result of acute shortages of food, gasoline, and medicines.
The administration has expressed an interest in considering constitutional revisions that would limit the president’s power to nominate and dismiss ministers, judges, and public workers following his election in 2019.
His government also reversed democratic changes that gave the police, civil service, election commission, and judiciary legislative independence.
After the coronavirus pandemic decimated essential tourism and remittance money, Sri Lanka’s economic collapse became apparent.
Enormous daily blackouts have been imposed by utilities unable to pay for fuel imports, while long lines snake around service stations as residents queue for petrol and kerosene.
Hospitals are running out of life-saving drugs, the government has begged for donations from residents around the world, and record inflation has added to ordinary suffering. Sri Lankan officials arrived in the United States last week to talk to the International Monetary Fund about a bailout.