Sri Lanka, Oct. 2 -- Sri Lanka has issued its inaugural residence visa under the recently updated "Individual Investor" category.

The new rules were officially implemented in November 2023.

The Ministry of Public Security and Parliamentary Affairs confirmed that the very first visa was granted yesterday (02) to German national Dr. Pay Drechsel.

The investment programme is designed to encourage foreign direct investment by offering long-term residency to those who commit capital to the nation.

Under the scheme, foreign nationals can secure a five-year residence visa with an investment of at least USD 100,000. Alternatively, an investment of USD 200,000 or more qualifies the applicant for a ten-year residence visa.

Prospective investor...