The Sri Lankan Cabinet under the current government has approved proposals for a new “golden paradise” visa program to attract more foreign investments from international investors. This comes at a crucial time Sri Lanka is facing its worst economic crisis in 70 years, weakened by pandemic. The ongoing economic crisis has resulted in the collapse of currency, rising inflation, and a humanitarian crisis due to severe shortage of essentials (food, gas, medicines).
1. Golden Paradise Visa
According to the government, long term residence visa will be issued to foreigners who invest a large sum of money.
- Bank deposit: USD 100,000 (10 year visa)
- Property investment: USD 75,000 (5 year visa for buying apartments)
2. Investor category
The Resident Guest Scheme is open for all foreign nationals. Any foreign investor or professional who could contribute to the economic and socio-cultural enrichment of the country can apply for visas under this scheme.
The Immigration office also issues residence permit under investor category for foreigns
A potential foreign investor under this Scheme should remit a minimum of US $ 250,000 or an equivalent amount 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. If an investor intends to commence any investment project jointly with another foreign partner or partners, each such person should invest a minimum of US $ 250,000 or an equivalent amount in any convertible foreign currency. A further sum of US $ 35,000 should be deposited for each dependent accompanying the investor. Interest will be paid on any unutilized balance held in deposit at such rates as are determined by the Central Bank of Sri Lanka from time to time. Documentary evidence to confirm the remittances to Sri Lanka should be furnished.
Investors can bring in your spouse, dependent children and parents or parents of your spouse.
With effect from 1st January 2012, all Holiday or Business travelers to Sri Lanka must have Electronic Travel Authorization (ETA) for entering in to Sri Lanka. Please visit http://www.eta.gov.lk for more information.
Why Invest in Sri Lanka?
Sri Lanka is a multinational state, home to diverse cultures, languages, and ethnicities. The country is strategically located at the crossroads of major shipping routes to South Asia, the Far East, and the continents of Europe and America. Sri Lanka’s proximity to the Indian sub-continent positions the country as a gateway to a market of 1.9 billion people in South Asia alone. Home to one of the Top 25 Container Ports in the World, the country is a key port of call for shipping lines and airfreight services.
Sri Lanka is also one of the most liberalized economy 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 in to Double Taxation Avoidance Agreements with 44 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, providing a protection to foreign investments within the country.