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).
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.
The Golden Paradise Visa
The Golden Paradise Visa (GPV) is a long term resident visa program dedicated to investors to enjoy the benefit of the paradise island while contributing and reaping the benefits of the blooming economy. Investors and their families will enjoy the lasting benefits of this visa program. GP visa holders can Invest, Live and Study in Sri Lanka
According to the Immigration department, a ten year long term residence visa will be issued to foreigners who invest a large sum of money. The visa fee is USD 200 per year.
- Bank deposit: USD 100,000 (10 years)
- Direct Investments: USD 300,000 (5 year visa) / USD 500,000 (10 year visa)
- Share market : USD 100,000 (5 years)
- Real Estate: USD 75,000 to USD 250,000
1. Real Estate
| Minimum Investment | Period | Allowed Persons | |
| Individuals Condominium property (Urban areas) |
USD 250,000 | 10 years | Applicant, Spouse & Dependents |
| Condominium property (Urban areas) |
USD 150,000 | 5 years and Extendable | Applicant, Spouse & Dependents |
| Condominium property (Suburbs areas) |
USD 75,000 | 5 years and Extendable | Applicant, Spouse & Dependents |
| Applicant Company Condominium property (Urban areas) |
|
5 years | 4 Directors and their Spouses and Dependents |
| Condominium property (Suburbs areas) |
Two or more condominium units, each valued above USD 75,000 and total should be minimum of USD 500,000 |
5 years | 4 Directors and their Spouses and Dependents |
2. State Bonds
| Minimum Investments | Period | |
| Treasury Bonds, Treasury Bills, Sri Lanka Development Bonds | USD 250,000 | 5 years |
| USD 400,000 | 10 years |
Brochure
Download Official brochure – Download pdf
How to Apply
- Open a Golden Paradise Foreign Currency Account (GPFCA) and deposit minimum of USD 200,000 in a local bank licensed by the Central Bank of Sri Lanka (Investor may withdraw up to 50% of the minimum investment amount after completion of the first year from the date of issuance of visa).
- Deposit proof documents confirm the fund transfer
- Police clearance report obtained by the country of domicile within 6 months
- Medical report from an authorized local hospital, clearing all applicants off of Malaria, Filariasis, Tuberculosis and HIV/AIDS
- A copy of the Bio Data Page of the passport
- For the spouse and dependents, Marriage Certificate, Police Clearance reports obtains from the country of domicile of the spouse and birth certificates of dependents.
- Completed Residence Visa application ( click here to download the application)
- Completed Personal Particular Form( click here to download the form)
2. Investor category
The Resident Guest Scheme is also 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.
Citizenship
Investors are given a path to become a citizen of Sri Lanka. As per the existing rules, any other foreigner who holds a residence visa valid for at least five years and have been admitted into the Resident Guest Scheme by the government may also acquire citizenship by registration.
Dual citizenship is legally permitted.
