Sri Lanka

About Sri Lanka Citizenship and Residency

Sri Lanka offers a unique scheme for foreign investors. The scheme is known as Resident Guest Scheme Visa Program (RSVP) which is open to all foreign nationals. The scheme requires investors contribute to the economic and socio-cultural development of the country. The RGS investor category visas issued will be valid for five years and can be renewed thereafter. Sri Lanka permits dual citizenship, foreigners can naturalize for citizenship after ten years of living.

One of the important conditions for investors is they must contribute to economic development, and cannot participate in political activities or security threats to the country.

There are two categories available for foreigners:

Investor Category

Under this scheme, foreign investors must make the following investment

• Bank account deposit – USD 250,000
• Economic investment – USD 250,000

For additional family members, the investment increases to USD 35,000

The Bank deposit can be in any convertible foreign currency and deposit the funds in a special account in any commercial bank approved by the Central Bank of Sri Lanka.

The Economic investment can be made in the following ventures approved by the Board of Investment

• Startup ventures
• Existing or new companies
• Shares listed in the Colombo Stock Exchange

Professional Category 

The professional category requires no investment but $2000 per month for expenses and $1000 per month for every family member has to be deposited in a special bank account for foreigners. This category is also suitable for retirees.

Golden Paradise Visa

The Golden Paradise Visa is a special category of Residence visa which is a permit for foreigners to obtain residence facilities to invest in a government-approved bank. The spouse and the dependents or the primary applicant will also be eligible to apply for the same visa.

Requirements

• Open Golden Paradise Foreign Currency Account (GPFCA) in a commercial bank recognized by the Central Bank of Sri Lanka and deposit a minimum of USD100,000 (10-year visa).
• A minimum account balance of USD 50,000 should be maintained from the 2nd year onwards throughout the visa granted period.
• Property Investment (5-year visa for buying apartments) minimum investment of US$75,000

Facts about Sri Lanka

• Sri Lanka is also one of the most liberalized economies in South Asia. Investors are provided with preferential tax rates, constitutional guarantees on investment agreements, exemptions from exchange control, and 100% repatriation of profits.
• Sri Lanka offers a spectrum of experiences, cultures, and places for those who enjoy diversity and variety. The country’s expansive beaches, rolling hills, rain forests, and cosmopolitan cities with no shortage of restaurants and cafes, abundant nightlife, theater, and art experiences make Sri Lanka an eclectic experience for all.
• Relief from double taxation for foreign investors, Sri Lanka has entered into Double Taxation Avoidance Agreements with 39 countries to eliminate or mitigate the incidence of juridical double taxation.
• Sri Lanka has entered into 28 Bilateral Investment Promotion and Protection Treaties (BITs) so far, protecting foreign investments within the country.

Benefits Of Sri Lanka Residency By Investment Program

• Unlimited period of stay in the country with Multiple entry visa
• You can own a business in Sri Lanka
• You can enjoy a luxury lifestyle at a fraction of the costs
• World-class medical facilities at a fraction of costs including traditional Ayurvedic medicine
• There is no restriction on your stay and traveling ”you can come and go”

Benefits of Golden Paradise Visa

Applicant can invest, Live and Study in Sri Lanka

The applicant can:

• Purchase a condominium property in Sri Lanka
• Purchase Sri Lanka Development Bonds
• Engage in any other government-approved investments
• Obtaining lands and buildings on a lease basis (Sri Lanka Government rules and regulations will be applicable)

Sri Lanka Residency Requirements And Qualifications

Investor Category

• Application
• Photocopies of the passport
• Six (06) Photographs (6cm x 5cm)
• Photocopy of Marriage Certificates (if married)
• Documentary evidence of Educational Qualification and Experience
• Medical report
• Police Clearance Report
• Details of the project in which the investment is to be made
• RGFCA Bank Account (Resident Guest Foreign Currency Account) in Sri Lanka

Applicant – US$ 250,000 (minimum)

Dependent – US$ 35,000 (minimum)

Professional Category

• Application
• Request letter of the applicant
• Photocopies of the passport
• Six (06) photographs (6cm x 5cm)
• Photocopy of Marriage Certificate
• Proof of educational professional and work experience locally and internationally
• Project proposal
• Medical Report
• Police Clearance Report
• Commendations
• Awards
• Bank Account in Sri Lanka (confirm documentary evidence)

Applicant – US$ 2000

Dependent – US$ 1000

Steps And Timeline

Step 1: You have to contact the nearest embassy or consulate of Sri Lanka.

Step 2: Complete the Sri Lanka application form and submit it to the embassy or consulate along with the visa fee, your passport, and the required documents.

Step 3: The embassy/consulate will forward your application to the Sri Lankan Department of Immigration and Emigration (DI&E).

Step 4: You will receive a visa application reference number. The embassy/consulate will notify you when your application has been processed. This usually takes about three working days.

Step 5: You go back to the embassy/consulate and receive your passport with the Sri Lanka visa attached.

Our Services

Privacy World offers its services to anyone, not only looking to obtain residency and/or citizenship processes but our experts figure out legal ways to:

• Find the best solution for your needs.
• Identify and deploy a strategy to help you accomplish your goals.
• Activate our network of people in the country where you need help without having you search for the best solution or lawyer. We only work with licensed people in every country whom we carefully vet and pass the guidelines and principles of privacy we stand for.
• Focus on cutting through the red tape and expedite your process.
• Provide proper communication with you about your case.
  …. and above all: Offer you legal strategies to provide additional layers of privacy for your identity, while obtaining your residency or citizenship!

Privacy World can also help you with incorporating your company in Sri Lanka, assisting in getting you settled in the country, and coordinating with you so that this experience will be less of a hassle.

Want Privacy World to handle your case? Have any questions? Contact us!

FAQ’s