The measure is aimed at attracting foreign investment, especially from Japanese and Maldivians who are residing in the country temporarily but are unable to invest owing to current restrictions.
Moreover, it is also directed at people of Sri Lankan origin who lost their citizenship after acquiring that of another country.
The move has also been taken in a bid “to encourage expatriate Sri Lankans who have invested abroad to invest in Sri Lanka,” Karunanayake said at a press conference, adding that the country’s economy is stable and the price of the Sri Lankan rupee will stabilize in two months.
The minister furthermore said that foreigners investing $1.5 million will have the right to lease property for more than one year, which had been prohibited until now.
The country’s complex immigration law did not allow dual nationality between 2011 and 2015, stating that Sri Lankans who obtained permanent residence or citizenship in any other country would automatically lose their one of origin.
Until now, Sri Lanka had only issued foreigners residence visas valid for a maximum of two years.
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