Sri Lankan government announced on Tuesday it would sell long-term visas to combat the foreign currency shortage in the island nation.

Under the 'Golden Paradise Visa Program', foreigners who deposit a minimum of USD 100,000 locally will be granted visa to live and work in Sri Lanka for 10 years, the government announced.

The government statement read that the money should be locked in a local bank account for the duration of the stay, stating that this scheme will aid in the financial crisis faced by the country.

The government has also approved a 5-year visa for foreigners buying apartments in Sri Lanka for USD 75,000.

Food, fuel, and medicine shortages amidst the financial crisis in Sri Lanka has led to multiple protests from citizens calling for the resignation of the president.