The Department of Immigration and Emigration has issued the first-ever ‘Golden Paradise Visa’ to Chai Yin Man from China for five years.

Man, is the Director of Baili Investments Lanka Ltd., a Board of Investment (BOI) approved Chinese company working on a 1,200-unit luxury apartment complex project in Rajagiriya with an investment of $ 60 million (over Rs. 22 billion).

The long-term residence visa issuance initiative was introduced last month in a bid to attract foreign inflows and boost foreign direct investments (FDIs) on a proposal made by newly appointed Investment promotion Minister Dhammika Perera before his appointment to this post.

Golden Paradise Visa scheme enables the issuance of residence visas for 10 years for foreigners who deposit a minimum of $ 100,000 in a commercial bank recognised by the Central Bank of Sri Lanka. The foreigners are eligible to withdraw $ 50,000 after the first year but should maintain a minimum balance of $ 50,000 for the rest of the granted timeline.

“A long-term resident visa program dedicated to investors to enjoy the benefit of the paradise island while contributing and reaping the rewards of the booming economy. Investors and their families will enjoy the lasting benefits of this visa program,” the Department said on its official website.

On 25 April, the Cabinet of Ministers gave its nod to issue five to 10-year residence visas for foreigners and directors, their spouses, and their dependents of foreign companies who invest a minimum of $ 75,000 or above in condominium properties in Sri Lanka. The proposal was tabled by President Gotabaya Rajapaksa in his capacity as the Defence Minister.

The move was to further simplify the issuance of a residence visa for foreign investors under the new methodology, which was endorsed by the Cabinet of Ministers on 7 March.

Cash-strapped Sri Lanka has announced it would sell long-term visas to attract desperately needed foreign currency, says a report, as the island nation runs out of dollar so pay for food and fuel.

Foreigners who deposit a minimum of $100,000 locally will be granted permission to live and work in Sri Lanka for 10 years under the Golden Paradise Visa Programme, the government said.

The money should be locked in a local bank account for the duration of the stay, the government said in a statement.

The government also approved the granting of five-year visas to any foreigner spending a minimum of $75,000 to buy an apartment on the island.