Sri Lanka: new Investor Visa for property buyers

This new initiative for buyers outside Sri Lanka interested in buying condominium units (holiday apartments) started on 1 June 2024.

The Investor Visa program ensures a simplified and efficient procedure for non-Sri Lankans looking to invest in the country’s fast-growing real estate market allowing visa applications to be handled entirely online, making it easier for potential investors.

A notable feature of the new process is that foreigners staying in Sri Lanka will no longer have to exit the country to apply for a visa.

This notable improvement is expected to draw in additional investors to support Sri Lanka’s economic progress and flourishing construction and property development industry.

Applicants must provide:

1. Confirmation from a bank regarding the deposit of foreign currency into an IIA account.

2. A statement from the investor specifying the purpose of the investment, whether to purchase a unit or units from a condominium development project in the country.

For investments exceeding USD 100,000, applicants will receive an immediate 5-year visa, which can be renewed.

Investments over USD 200,000 will be eligible for a 10-year renewable visa, both necessitating a maximum of five days for ministerial approval.

By opening its doors wider to international investors, Sri Lanka is not only improving its economic prospects but also laying the foundation for sustainable growth in its property development sector.

In addition to the direct and obvious benefits mentioned earlier, foreign investments in real estate have been proven to generate multiple streams of both short and long-term inflows.

The nature of investing in Real Estate is characterized by long-term commitments and substantial investments, which in turn contribute to the country’s overall development.

The attractions of Kandy

The gateway to the misty hills, famous blue train carriages, and tea plantations of Sri Lanka’s emerald-clad heartland is Kandy – the City of Kings.

Although many travelers come for the island’s white-sand beaches and epic surf, Kandy lies at the center of the country’s spiritual, charming hill country.

As the capital of culture and Sri Lanka’s second city, Kandy was the last stronghold of independent Ceylon, using its remote location to withstand colonization by the Portuguese and Dutch through the 1500s and 1600s.

This allowed Kandy to maintain the unique customs, culture, and arts that had been suppressed in other parts of Sri Lanka, until the city finally fell to British rule in 1815.

Kandy preserves its rich cultural heritage through numerous historic sites that make it a fascinating destination.

The city’s top attraction is the Temple of the Tooth, the most sacred Buddhist shrine housing a relic of Buddha.

However, Kandy offers much beyond this renowned temple.  Its bustling streets, ancient temples, colonial buildings, aristocratic gardens, and the scenic Kandy Lake together create delightful chaos amidst Sri Lanka’s lush hills.  With its array of sights, Kandy deserves several days to experience its history, culture, and natural beauty.

The Temple of the Sacred Tooth in Kandy is Sri Lanka’s most important Buddhist site, drawing locals and visitors alike to venerate a single decayed molar.  This elaborate temple was constructed to house and honor what’s believed to be Buddha’s actual tooth, brought to the island in the 4th century.  For centuries, Sri Lankans have journeyed to the golden-roofed shrine to pay respects to the sacred relic, considered so holy that most make the pilgrimage at least once in their lives.

Royal Botanic Gardens of Peradeniya: these gardens were once reserved exclusively for Kandyan royalty until the British transformed them into the Royal Botanic Gardens in 1821.  Today, the gardens are open to the public and spread across 60 hectares, home to over 10,000 trees showcasing Sri Lanka’s native flora as well as species from around the tropics.  We recommend visiting the impressive avenue of royal palms, a tree-lined pathway in the gardens’ interior.  Other highlights are the famous Orchid Garden and otherworldly Cannonball tree, planted during King George and Queen Mary’s 1901 visit.  When finished exploring, relax on the expansive lawns and escape the heat.

Kandy Cultural Dance Show: the artistic performance dazzled with spectacular costumes, dances, acrobatics, and fire walking, captivating us from start to finish.   We experienced various traditional Sri Lankan dances like Magul Bera, Puja Natuma, and Devol Natuma, unique regional styles passed down through generations that offer insights into Sri Lanka’s rich cultural history.  The dances vividly depicted animals with graceful elephant walks, colourful peacock dances and mystical cobra movements.   The show begins daily at 5:30 pm by Kandy Lake at the Kandy Lake Club.

3 Temple Loop: the Temple of the Sacred Tooth relic may be the most renowned of Kandy’s temples, but it is just one of many temples worth exploring in this historic city.  Escape the hustle and bustle of downtown by tuk-tuk and head to the lush countryside of Gampola, home to numerous well-preserved Kandyan-era Buddhist temples and shrines overlooking peaceful fields and lanes. Three of these rural temples – Gadaladeniya Viharaya, Embekke, and Lankathilaka – comprise the scenic and culturally rich ‘Three Temple Loop’, offering an enlightening glimpse into Sri Lanka’s deep Buddhist heritage and skilled artisanship through the centuries.

The Bahirawakanda Buddha statue, a 27-metre-tall white sculpture built in 1972, sits atop Bahirawa Kanda hill overlooking the city of Kandy.  From its perch, the beautiful statue seems to watch over the daily life of Kandyans below.  Bahirawakanda offers incredible panoramic views of the green and blue hues of Kandy, which are especially stunning at sunset when the city is bathed in a golden glow as the sun sinks behind the distant mountains. The statue is one of the tallest in Sri Lanka and is visible from nearly anywhere in Kandy.  As with all temple sites, be sure to remove your shoes and hat before entering the temple complex at Bahirawakanda.

Kandy to Ella by train: whether you sit in a crowded train doorway with feet dangling over the tracks or lean halfway out a window for the best views, winding through misty forests, vibrant tea fields, rushing waterfalls, and colourful towns will be one of your most memorable journeys.  Beyond the epic scenery, the convivial spirit makes this train ride special.  Expect warm smiles, groups singing or dancing, chai vendors weaving through, and every window and door crammed with tourists and locals alike, all awestruck by the views.  The train may be crowded, so respectfully push your way on (it’s accepted). Opt for third class – it’s cheapest and most social, filled with friendly locals happy to enhance your experience.  Tip: The most scenic stretch from Nanu Oya to Ella passes through thick Horton Plains forest, so get a window seat or stand in the doorways to fully soak in the sublime passing views.

Kandy Lake: at the heart of Kandy lies the serene Kandy Lake, surrounded by bustling roads yet providing a peaceful backdrop to the city’s top attractions.  This artificial lake was built in 1807 by Sri Wickrama Rajasinha, the final ruler of the Kandy kingdom, who sought to construct a waterway across the valley.  However, his brutal suppression of local protests marred its creation.  After completion, Rajasinha used the lake’s island for his personal harem before the British claimed it as an ammunition depot in the early 1800s.  Now a wildlife haven, the idyllic lake lets visitors get their bearings in Kandy.

The market streets of Kandy Old Town: the old town of Kandy, nestled between Sri Delada Veediya Road and Colombo Street, features a maze of market stalls selling textiles, incense and everything in between.  Its loud, chaotic streets teem with locals going about their daily business, offering visitors an authentic glimpse of life in Kandy.  Don’t miss top sights like the historic Giragama Walawwa, Kandy’s oldest former royal residence; the stunning Red Mosque of Kandy and the colorful Kataragama Devalaya Hindu temple.

Consent Preferences