Authorities in Sri Lanka have announced that they plan to introduce its Golden Visa Program in order to bring to the country a large number of internationals.
At present, Sri Lanka is facing the worst economic crisis; thus, the country has unfolded its plans to introduce such a program to help the country recover from the current situation VisaGuide.World reports.
Through the Golden Visa Program, internationals who invest a minimum of $100,000 and meet specific conditions are eligible to live and work in this country for ten years, following the Paradise Visa Program.
Such a decision has been confirmed by the country’s government.
In this regard, Lankan Minister Godahewa has stressed that money will help the country in its fight against the worst financial crisis since its independence.
“This scheme will help Sri Lanka at a time when we are facing the worst financial crisis since our independence,” minister Godahewa pointed out in this regard.
In addition, the government also approved granting of five-year visas to any international who spends at least $75,000 to buy an apartment on the island.
Authorities in Sri Lanka recently requested emergency financial help from the International Monetary Fund (IMF)
“[The] Minister of Finance has made a request for a Rapid Financing Instrument (RFI) with the IMF. IMF has subsequently informed Minister Sabry that India had also made representations on behalf of Sri Lanka for an RFI,” the country’s finance ministry pointed out in a statement.
In order to help Sri Lanka get out of the current situation, the World Bank agreed to allocate a total of $600m in financial assistance to help meet payment requirements for essential imports, according to the Sri Lankan president’s media division.
“The World Bank has agreed to provide $600 million in financial assistance to address the current economic crisis,” the media division pointed out.
The Golden Visa Program is famous in many countries worldwide, and it brings a significant amount of money to the economies of countries that run such programs.
This program is very famous in European countries as well, especially in the EU countries.
However, despite the fact that a large number of internationals chose the Golden Visa Program in European countries that run such schemes, the Commission of the European Union has often criticized the program for being involved in unlawful affairs such as money laundering and corruption.
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