Over 14,000 visas issued to foreign nationals on Port City Commission recommendations

Approximately 14,300 visas have been issued to foreign nationals on the recommendation of the Colombo Port City Economic Commission, prompting the Committee on Public Finance to question how effectively their activities can be monitored.

The issue was raised when the Committee met in Parliament on 8 October under the chairmanship of Dr Harsha de Silva to review investment progress, businesses operating in Colombo Port City and the status of condominium projects.

According to the Committee, visa recommendations for foreign workers and the monitoring of their activities were discussed after it was informed that around 14,300 visas had been issued on the Commission’s recommendation. Members considered the practical feasibility of keeping track of those foreign nationals.

The Committee also stressed the need to strengthen regulatory safeguards to prevent illegal activities within Port City and protect Sri Lanka’s international reputation.

Officials of the Colombo Port City Economic Commission told the Committee that nine land plots valued at a total of US$1.12 billion had already been leased, while plans were under way to lease another six plots valued at US$1 billion.

The Commission is also preparing to bring four government-owned land plots to the market. These represent about one-seventh of the total land allocation. Officials said that, so far, only land belonging to CHEC Port City Colombo (Pvt) Ltd had been leased. E

The plots have been leased for 99 years at an average value of about US$3,000 per square metre. The Commission has so far received Rs. 398 million, equivalent to 1% of total lease payments, officials said.

The Committee also examined mechanisms to identify the beneficial owners of companies investing in Port City, improve transparency in foreign investment and prevent money laundering and terrorist financing.

Members further raised concerns over the protection of pre-sale deposits paid by investors buying units in condominium and residential developments. Particular attention was given to the use of escrow accounts to ensure that money received from foreign investors is used only for the relevant projects and remains protected.

The Committee also sought information on the actual volume of foreign investment received by Port City, the operational status of approved businesses and whether the employment opportunities expected from those businesses had materialised.