Resident visas from two to five years would be granted to foreigners who would make a minimum investment of US $ 300 000 in Sri Lanka, Finance Minister Ravi Karunanayake said.
The Finance Minister added that the government will also grant tax concessions and extension of visas to foreigners who invest over US$ 1.5 million in the country.
“New regulations would be introduced to increase the concessions and facilities granted to Foreign Direct Investment,” he said.
Karunanayake stressed that the government will relax exchange control regulations though a regulatory mechanism will be in place when foreign exchange is taken out of the country in bulk form. The minister was addressing a media briefing yesterday, at the Finance Ministry.
Minister Karunanayake added that these measures are aimed at attracting more foreign investments to Sri Lanka and creating more employment avenues for Sri Lankans.
He also said that these measures will help reduce debts and increase investments and thereby to market Sri Lanka as an ‘Investment destination’.
“The ultimate aim would be to implement a ‘win-win strategy’ and to reduce tax burdens borne by the public, Minister Karunanayake added.
The minister said,“Worldwide investors including Sri Lankans should be attracted to invest in the Colombo Stock Exchange (CSE), Commercial Banks,Government’s Treasury Bills and Treasury Bonds.”
Many projects would be implemented through-out the country and thereby generating a massive number of job opportunities,” Karunanayake said.