Sri Lanka Dream Home Program | A Complete Guide
What is retirement visa?
Retirement visas are a type of passive income visa that has been popular worldwide since the 1980s. Typically, they are issued to retirees who have sufficient retirement funds or stable income.
In general, global retirement visas have the following characteristics:
1. Applicant Qualifications: Typically, retirement visas require applicants to be retirees, reach a certain age, or have retirement funds.
2. Restrictions on Employment: Visa holders are usually not allowed to work locally.
3. Path to Permanent Residency: After residing in the destination country for a certain period, retirement visa holders can often apply for permanent residency or even citizenship.
If you’re interested in retirement visas or passive income visas, you might want to read our informative article: ‘Global Passive Income Visa | An Incomplete Guide‘.
Sri Lanka Dream Home Program:
The Dream Home Program is a special retirement visa offered by the Sri Lankan government. It’s designed for individuals who have already secured legal residence in Sri Lanka and possess strong financial backing.
To be eligible for this program, you generally need to satisfy three core conditions:
1. Hold Valid Legal Residency：This program is exclusively for those already living legally in Sri Lanka with a valid visa. So, your first step is to ensure you meet this foundational requirement.
2. Meet Age, Conduct, and Employment Criteria：Applicants are typically required to be 55 years of age or older, have no criminal record, and commit to not working in Sri Lanka. While 55 is the general age guideline, the Sri Lankan government can be flexible if you demonstrate substantial financial resources.
3. Fulfill Financial Requirements：You’ll need to maintain a deposit of $15,000 in a local Sri Lankan bank account. Additionally, you must transfer a minimum of $1,500 into your Sri Lankan bank account each month.
If you plan to include secondary applicants, the main applicant’s monthly transfer requirement will increase by $750 for each additional person.
Application Process:
The Sri Lanka Dream Home Program application process is managed entirely by the local Department of Immigration & Emigration in Colombo. The visa application itself can be broken down into three main steps:
1. Establish Legal Residency:
As mentioned, this retirement visa is exclusively for foreign nationals who already hold legal residence in Sri Lanka. Therefore, to apply, you must first enter and reside in Sri Lanka with a valid visa.
2. Submit Your Visa Application:
Eligible retirement visa applicants can take all required documents to the Department of Immigration & Emigration in Colombo for an in-person visa application.
The documents needed for this program include:
- Applicant Identification: This covers valid passports for all primary and secondary applicants, along with two passport-sized photos.
- Completed Application Forms: You can either fill out the application form in person at the Sri Lanka Department of Immigration & Emigration in Colombo, or you can download and complete it online.
- Proof of Financial Capability/Income: You’ll need to provide various supporting documents, including bank statements, to prove your ability to meet the deposit or income requirements.
- Police Clearance Certificate: All adult primary and secondary applicants must provide a police clearance certificate issued by the law enforcement agency in their passport’s country of origin, dated within the last six months.
- Medical Report: All primary and secondary applicants must undergo a medical examination at the IOM Sri Lanka Migration Health Assessment Centre and obtain a report.
The processing time for the Sri Lanka Dream Home visa is approximately two weeks, and the visa fee is $150.
3. Make Your Deposit:
Successful applicants will receive a Provisional Visa Approval Letter. With this letter, you can open an account at a local bank and either make the required deposit or sign a commitment letter promising to transfer over $1,500 into the bank account each month.
Once your deposit is complete and relevant proof is provided, you will receive your two-year Dream Home visa.
Dependents:
For the Sri Lanka Dream Home Program, the main applicant’s spouse and children under 18 years old can also reside in the country as secondary applicants.
Visa Validity:
The Sri Lanka Dream Home Program issues visas with a validity of two years, and these can be renewed indefinitely under the original conditions upon expiration.
Sri Lanka does not offer a permanent residency option, and holders of the retirement visa are also unable to apply for naturalized citizenship in the country.
Useful Links:
Sri Lanka Dream Home Visa Program: https://www.immigrationlanka.com/Info-2-7.html