As Sri Lanka faces its worst economic crisis in decades, the government announced that foreigners who deposit $100,000 will be able to remain and work in the nation for ten years. The new employment policy is part of the ‘Golden Paradise Visa Programme’. Lankan Minister Nalaka Godahewa stated that the funds will assist Sri Lanka in dealing with its biggest financial crisis since independence.
The government recently announced that it has granted five-year visas for foreigners who invest $75,000 on a home in the nation. As a result of the country’s recent announcement that it will default on international obligations, Sri Lanka has been affected by gasoline and food shortages, as well as excessive inflation. The Rajapaksa regime had previously declared a state of emergency when protestors attempted to assault the president’s mansion in protest over price increases.
Sri Lanka’s economy began to deteriorate two years ago as a result of the coronavirus epidemic when revenues plummeted owing to a drop in tourism and foreign remittances. The administration has requested a bailout from the International Monetary Fund (IMF), with the government under pressure to restructure its debt. The Sri Lankan stock exchange fell over 13% on Monday due to the country’s economic crisis.
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