Crisis-hit Sri Lanka to sell long-term ‘golden’ visas: Report | Migration News

Foreigners who deposit $100,000 domestically will likely be granted permission to stay and work in Sri Lanka for 10 years, says the report.

Money-strapped Sri Lanka has introduced it might promote long-term visas to draw desperately wanted international foreign money, says a report, because the island nation runs out of dollars to pay for meals and gas.

Foreigners who deposit a minimal of $100,000 domestically will likely be granted permission to stay and work in Sri Lanka for 10 years underneath the Golden Paradise Visa Programme, the federal government mentioned on Tuesday, based on the AFP information company.

The cash needs to be locked in a neighborhood checking account during the keep, the federal government mentioned in a press release.

“This scheme will assist Sri Lanka at a time when we face the worst monetary disaster since our independence,” media minister Nalaka Godahewa instructed reporters in Colombo.

The federal government additionally accepted the granting of five-year visas to any foreigner spending a minimal of $75,000 to purchase an house on the island.

Acute shortages of meals, gas and medicines have triggered widespread protests, with hundreds of individuals camped exterior President Gotabaya Rajapaksa’s seafront workplace to demand his resignation.

Sri Lanka protests
Sri Lankan Muslims break their Ramadan quick whereas protesting close to the president’s workplace in Colombo [Ishara S Kodikara/AFP]

The federal government has signalled a willingness to contemplate constitutional reforms that would pare again the authority of the president, who gave himself sweeping powers to nominate and sack ministers, judges and public servants after his 2019 election.

His authorities additionally rolled again democratic reforms that gave statutory independence to the police, civil service, election fee and the judiciary.

Sri Lanka’s financial collapse started to be felt after the coronavirus pandemic torpedoed very important income from tourism and remittances.

Utilities unable to pay for gas imports have imposed prolonged day by day blackouts to ration energy, whereas lengthy traces snake round service stations as folks queue for petrol and kerosene.

Hospitals are wanting very important medicines, the federal government has appealed to residents overseas for donations and report inflation has added to on a regular basis hardships.

Sri Lankan officers arrived in america final week to barter a bailout with the Worldwide Financial Fund.