Five-year visa facility to boost FDI

19 June, 2022
Controller of Immigration and Emigration Sarath Rupasiri presents the special visa to Baili Investments Director Chao Yin Man

The Board of Investment of Sri Lanka (BOI) proposal to grant a five-year visa facility to investors was approved by the Cabinet in March.

The five-year visa facility for investors is aimed at boosting foreign exchange in the country by encouraging foreign investors.

The move would help the country to smoothen the initial investment and implementation process and in turn build confidence among foreign investors.

Director, Baili Investments Lanka (Pvt) Ltd, Chau Yin Man, obtained the first five-year residence visa facility under this scheme.

Baili Investments Lanka, a Chinese company owns a 1,200 luxury unit condominium project in Rajagiriya valued at  $ 60 million (Rs. 22,000 million approximately). The company plans to offer half of the apartments in the proposed luxury apartment complex to local, foreign, medium-sized investors and professional regular travellers.

CEO of the company, Chen Manhai said the Government and the Board of Investment of Sri Lanka have provided special visa facilities to investors in their housing projects, with Chinese investors seeking to promote Sri Lanka’s tourism industry throughout the Southeast Asian region.

– Sunday Observer Sri Lanka

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