BOI launches long-term residence visa program for investors

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The Board of Investment (BOI) yesterday launched the five-year residence visa program dedicated to investors, stakeholders and BOI enterprises.

Issuing long-term visas for investors has been the practice as per the international standards. On par with matching the international benchmark in respect of ease of doing business, the BOI has decided to launch this program to attract more investors to the country.

The long-term visa program, a long-felt need, primarily aims to facilitate the investors who wish to embark on a journey with the BOI.

The BOI annually issues 7,500-8,000 visa recommendations for investors, employees and dependents.

The BOI has granted visas for foreign nationals from 109 countries such as India, the UK, Japan, Korea, Malaysia and Pakistan which represent the most applicants based on last year’s statistics.

Addressing the gathering, Investment Promotion Minister Dhammika Perera said: “The happiness on the faces of those investors present at the occasion, implies that the newly launched visa residence scheme is a success.”

“Before the implementation of this program, they had to go through a long documentation process every year to get these visas,” he pointed out. “Having understood the prime need to provide a seamless and convenient service for investors, we have launched the new program albeit I have not officially assumed duties as the Investment Promotion Minister,” Perera highlighted.

BOI Director General Renuka M. Weerakone said: “It is certainly a pleasure to see all our long-standing investors on this special day of launching the long-term residence visa program for investors. You all have been the contributors towards 65% of export earnings to Sri Lanka and have stood by us even in times of difficult periods that our country faced, which we wish to acknowledge with great gratitude.”

“As far as the new program is concerned, the visa application process can be accessed online and the BOI is also using an online facility for Defence clearance and plans to introduce the same mechanism with the Department of Immigration and Emigration,” Weerakone explained.