(MENAFN- NewsIn.Asia) Colombo, Jan 12 (newsin.asia) - The Sri Lankan cabinet has given its nod to grant long term resident visas to foreign investors and their foreign employees, Daily FT reported on Friday.
A proposal was made this week to the Cabinet by the Ministry of Internal Affairs, Wayamba Development and Cultural Affairs to allow a five-year resident visa to be granted to employees of the Board Of Investment approved projects, while a 10-year residence visa will be granted for those who confirm a remittance of US 500,000 dollars.
Those who invest an amount of US 300,000 dollars will be granted a five year residenct visa if the relevant ministry declares them eligible.
The government has also decided to offer applicants the option of paying visa fees in US dollars or Sri Lankan rupees. Currently the regulation allows charges to be paid only in Sri Lankan rupees.
The Ministry of Internal Affairs, Wayamba Development and Cultural Affairs will also be amending the existing law to grant a five-year resident visas to foreign spouses of Sri Lankans based on 'their continued married life for five years."
Further, a spouse of a deceased Sri Lankan citizen will be granted a two-year resident visa for employment after being charged a visa fee of $ 200.
The same visa will be granted to any spouse of a living Sri Lankan citizen who has been married for 10 years and has children below the age of 18.
The Ministry has also received approval to amend the law to grant resident visa to ex-Sri Lankans who are not entitled to obtain dual citizenship at a fee of US 1,500 dollars for the main applicant and US 500 dollars for the spouse and children.
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