Sustainability

Investor & Foreign Buyer -Condominium Investments in Sri Lanka

1. 1 Can non-citizens invest in real estate in Sri Lanka?

   Yes. Sri Lanka allows eligible foreign nationals and overseas Sri Lankans to invest in qualifying condominium properties, subject to applicable laws and regulations. Condominiums are one of the most popular and practical investment options for international buyers.

2. 2 Is there a minimum investment requirement for non-citizens?

   Yes. Under Sri Lanka’s Investor Residence Visa framework, eligible non-citizens are required to make a minimum qualifying investment of USD 100,000. Real estate, including condominium property, is one approved investment category.

3. 3 Does buying a condominium automatically give me residency?

   Property ownership alone does not automatically grant residency. However, eligible investors may explore residence options under Sri Lanka’s Investor Residence Visa framework, subject to approval by the Department of Immigration & Emigration.

    

4. 4 Why do many overseas investors choose condominiums?

   Condominiums offer several advantages for international buyers, including:

   • Legal ownership structures under condominium law
   • Prime city and resort locations
   • Lower maintenance compared to standalone properties
   • Strong rental demand in key areas
5. 5 Why should I invest with Prime Lands Residencies PLC?

   Prime Lands Residencies PLC has over 30 years of experience and more than 70 completed developments, including over 50 condominium projects. We are trusted by both local and overseas buyers for our compliant project structures, clear titles, and strong focus on long-term value.

    

6. 6 What types of investments are accepted under the investor framework?

   Qualifying investments may include:

   • Condominium property acquisitions (subject to regulations)
   • Equity investments in Sri Lankan companies
   • Term deposits with licensed banks
   • Government and Central Bank securities
   • Approved business ventures

   Many investors choose real estate as a stable, tangible long-term investment.

7. 7 Are there special banking procedures for foreign investors?

   Yes. All qualifying investments must be made using inward foreign remittances and routed through prescribed banking channels in Sri Lanka.

    

   The process is as follows:

   • First, funds must be remitted from overseas into an Inward Investment Account (IIA) opened with a licensed commercial bank (LCB) in Sri Lanka.
   • Thereafter, the funds are transferred from the IIA into a Visa Programme Foreign Currency Account (VPFCA), through which the qualifying investment is made.

    

   Bank confirmation of these accounts and fund transfers is required as part of the visa application process.

   Prime may introduce licensed banks to assist with account opening, upon request.

8. 8 Can my family be included under an Investor Residence Visa?

   Typically, the main applicant, spouse, and eligible dependents may be included, subject to immigration approval.

9. 9 How long is the Investor Residence Visa issued for?

   Indicatively:

   • A minimum qualifying investment of USD 100,000 may allow visa issuance for up to five (5) years.
   • A minimum qualifying investment of USD 200,000 may allow visa issuance for five (5) years with an official extension for a further five (5) years, subject to approval.

   Visa durations and renewals are determined by authorities and depend on ongoing compliance.

10. 10 Does Prime handle visa applications?

    Prime does not submit visa applications and does not provide legal or immigration services. However, Prime may introduce licensed legal and immigration professionals who can guide investors through the application process.

11. 11 How is the investment monitored after the visa is issued?

    The Department of Immigration & Emigration may review the investment project every two years to ensure continued compliance with visa conditions.

12. 12 What happens if my personal or investment details change?

    Visa holders are required to inform the Department of Immigration & Emigration in writing within two months of any material changes to personal or investment details.

13. 13 Can I sell my property or exit my investment later?

    Yes. Investors may exit their investment subject to regulatory requirements. Authorities must be notified in advance, and fund transfers must comply with foreign exchange regulations.

14. 14 Are visa fees payable?

    Yes. As per current guidelines, the annual visa fee is USD 200 per person, payable by the main applicant, spouse, and each dependant. Fees are subject to change by authorities

15. 15 Is the Investor Residence Visa permanent residency or citizenship?

    No. The Investor Residence Visa provides temporary residence and does not automatically lead to permanent residency or citizenship.

16. 16 Can I combine property with other investments to meet the threshold?

    In some cases, investors may combine approved investment categories to meet qualifying thresholds, subject to regulatory approval.

17. 17 How does Prime support overseas investors?

    Prime supports investors throughout the property investment journey by:

    • Presenting suitable condominium options
    • Supporting the purchase and documentation process
    • Introducing licensed banks and professional advisors when required
    • Assisting with rental and resale through our Realty services

    Our goal is to make your investment experience smooth, transparent, and secure

18. 18 Who should I contact to get started?

    You can begin by speaking with Prime’s overseas investment team, who can guide you on suitable condominium investment options and introduce trusted professionals where needed.