Country Profile:

Sri Lanka, an island nation situated off the southeastern coast of the Indian subcontinent in South Asia, boasts an economy that primarily revolves around the export of gems and agriculture. It is celebrated as the “Pearl of the Indian Ocean.” However, from 2016 up to the end of 2023, the country faced a skyrocketing debt crisis, pushing its economy to the verge of collapse.

Capital: Colombo

Population: 22,037,000 (2022, 60th)

Ethic Group: 74.9% Sinhalese, 11.2% Sri Lankan Tamils, 9.2% Sri Lankan Moors, 4.2% Indian Tamils

Area: 65,610.2 km² (120th)

Offical Language: Sinhala & Tamil

Currency: Sri Lankan rupee  (1 LKR = 0.0033 USD, Last updated Mar 29, 2024)

GDP per Captial: $14,234 (2023, 101th)

How To Become A Resident In Sri Lanka:

Sri Lanka offers a Resident Guest Scheme (RGS) option for foreigners, which requires a minimum deposit of $250,000, as well as a Dream Home Visa Program option that requires a minimum monthly income of $1,500.

Resident Guest Scheme:

Sri Lanka’s Resident Guest Scheme (RGS) visa program is designed to provide a pathway for long-term residency to foreigners who can make an economic or social contribution to Sri Lanka.

To qualify for RGS, applicants must either deposit $250,000 in a local bank or invest the same amount in a business venture endorsed by the local government. For each additional family member included in the application, an extra $35,000 is required.

Family members such as the primary applicant’s spouse, children, parents, and in-laws are eligible to reside in Sri Lanka as dependents under this scheme.

The RGS is valid for 5 years and can be renewed indefinitely. The entire visa application process must be completed in person at a Sri Lankan consulate abroad. Required documents include: passport, six passport-sized photos, proof of relationship for the main applicant and additional applicants, proof of the main applicant’s investment plan, etc.

Dream Home Visa Program:

Sri Lanka offers retirees a Dream Home Visa Programme. It is a renewable two-year visa, to apply, you must be at least 55 years old, deposit at least $15,000 into local bank, prove a monthly income of $1,500 (750 dollars per month for each dependent).

The deposited money can be withdrew after the visa is issued.

The whole application process is very straightforward, The applications are processed only at the Department of Immigration Emigration in Colombo.

Foreign nationals planning to apply for this retirement visa may enter the country by applying for a 30 day tourist visa through the ETA service (online visa).

After arrival, an application can be lodged to be processed at the Department of Immigration, who will notify the applicant of their decision in writing two weeks after submission.

If your application is successful, you will receive a Provisional Approval Letter to open a fixed deposit account, and savings account for $1,500 for your living expenses, and an instruction letter to the Operational Bank Manager. 

This program allows applicants to bring their spouses, and children who are unmarried and under 18 with them.

Required documents includes: Residence Visa Form with 01 passport sized photograph. A certified copy of Passport/Travel document (Data page and visas) – certified by the respective Embassy/High Commission/Consulate A certified copy of latest Bank statement / other related financial documents to confirm the financial capability to support stay in Sri Lanka Source of income (Pension/Superannuation) for monthly remittance for US$ 1,500 for the principal applicant and US$ 750 for each dependent. Police clearance certificate from the country of domicile (not later than 06 months) Marriage certificate, if applicable. (Applicant should inform the Controller (Visa) of the Department of Immigration and Emigration of any changes in civil status and personal information)

Naturalization:

Sri Lanka does not have a permanent residency visa application pathway, but the RGS program offers a route through which visa holders can legally reside for 5 years and then apply for local citizenship.

Passport Power:

Sri Lanka recognizes dual citizenship, allowing its nationals free passage to 43 countries and regions worldwide (as of March 29, 2024).

Useful Links:

Sri Lanka Resident Guest Scheme: https://www.immigration.gov.lk/pages_e.php?id=20

Sri Lanka Dream Home Visa Program: https://www.immigrationlanka.com/Info-2-7.html