Sri Lanka, Oct. 1 -- The first residence visa under the newly introduced 'Single Individual Investor Category', in accordance with regulations published in the Extraordinary Gazette No. 2360/24 dated November 27, 2023 has been issued to German National Dr. Pay Drechsel today (01).

The regulations were made under Section 52, read with Section 23 of the Immigrants and Emigrants Act.

Accordingly, the residence visa was granted to Dr. Pay Drechsel by the Minister of Public Security and Parliamentary Affairs, Ananda Wijepala.

Under this visa category, foreign nationals are eligible to apply for a residence visa under the following conditions:

A 5-year residence visa for an investment of USD 100,000 (or equivalent in foreign currency), or ...