Channel News Asia: 26 Apr 2022

Cash-strapped Sri Lanka announced on Tuesday (Apr 26) it would sell long-term visas to attract desperately needed foreign currency after the island nation ran out of dollars to pay for food and fuel.

Foreigners who deposit a minimum of US$100,000 locally will be granted permission to live and work in Sri Lanka for 10 years under the “Golden Paradise Visa Program”, the government said.

The money should be locked in a local bank account for the duration of the stay, the government said in a statement.

“This scheme will help Sri Lanka at a time when we are facing the worst financial crisis since our independence,” media minister Nalaka Godahewa told reporters in Colombo.

The government also approved the granting of five-year visas to any foreigner spending a minimum of US$75,000 to buy an apartment on the island.

Acute shortages of food, fuel and medicines have triggered widespread protests, with thousands of people camped outside President Gotabaya Rajapaksa’s seafront office to demand his resignation.

The government has signalled a willingness to consider constitutional reforms that could pare back the authority of the president, who gave himself sweeping powers to appoint and sack ministers, judges and public servants after his 2019 election.