Do you wish to visit Sri Lanka for investment purposes? You should learn more about the Sri Lanka investor visa. The Sri Lanka investor visa confers benefits other Sri Lanka visas do not to foreign investors who hold it. It encourages and attracts foreign investors and offers benefits ranging from investment privileges to automatic permanent residency.
The Sri Lankan government created an enabling environment for investors by offering preferential tax rates, constitutional guarantees on investment contracts, 100% profit repatriation, and exemptions from exchange controls. These benefits attached to the visa made investing in Sri Lanka an opportunity worth undertaking.
If you intend to apply for an investment visa, you should understand and learn what to do before and after receiving the investor visa. This article provides basic and additional information on the requirements for investing in Sri Lanka: the Sri Lanka investor visa.
In this article
- Sri Lanka investor visa
- Types of Sri Lanka investor visa
- Eligibility criteria for Sri Lanka investor visa
- Application documents that you need to acquire a Sri Lanka investor visa
- A copy of an international passport
- Investor visa application form
- Copies of passport photographs
- Civil documents
- Travel itinerary
- Proof of financial sufficiency
- Proof of accommodation
- Travel health insurance
- Complete medical examination reports
- Steps to applying for a Sri Lanka investor visa?
- Step 1: Contact the Sri Lanka local consulate,
- Step 2: The Sri Lanka application form
- Step 3: Submit your application form
- Step 4: Pay your Sri Lanka investor visa application fee
- Step 5: Receive a visa application reference number.
- Step 6: Schedule an interview
- Step 7: Receive Your Passport
- Frequently Asked Questions
Sri Lanka investor visa
The Sri Lanka investor visa enables high-net-worth foreign investors with substantial financial investments in Sri Lanka to live in Sri Lanka. Notwithstanding, you must renew your commitment on an annual basis or stand the risk of losing the privileges attached to the visa ownership.
The investor visa program aims to improve the economic worth of the country. Furthermore, the aim is to encourage foreign investors to consider investing in the country’s growing economy. The visa grants a long-term residency to investors who invest in the country’s economy through bank deposits, direct investments, share markets, or real estate.
For each method of investment comes a residency for a particular duration.
Types of Sri Lanka investor visa
The Sri Lanka embassy offers two types of investor visa programs to foreigners who wish to have an investment in the country. Both investor visa programs offer long-term residence access for foreign investors.
The types of Sri Lanka investor visas are as follows;
#1. The Golden Paradise Visa Program
The Golden Paradise visa program is the current investor visa program by the Sri Lanka government. It is available to foreign nationals who deposit at least $100,000 into a bank account in Sri Lanka or invest at least $100,000 in a condominium property through direct investments.
#2. The Resident Guest Scheme
The Residence Guest Scheme is an investor visa open to all foreign nationals who invest a minimum of $250,000 or its equivalence in Sri Lanka through direct investment, share market, or real estate. The amount of investment remains the same even if the investment is from an individual foreign investor or a joint investment by two foreign partners.
Foreign investors can bring in their spouse, dependent children, and parents or parents of your spouse. However, they must further deposit a sum of US$35,000 for each independent accompanying them.
Eligibility criteria for Sri Lanka investor visa
Notwithstanding, foreign investors who meet the Sri Lanka investor visa requirements are eligible to apply.
The eligibility criteria are as follows;
- Individual investors must open a “Golden Paradise” bank account and deposit at least $100,000. These individuals are eligible for a 10-year ‘Golden Paradise’ visa only if they retain and maintain at least a deposit of $50,000. Directors of companies must invest a minimum amount of $75,000 in condominium property in Sri Lanka. They are eligible for a five-year to ten-year residency if they maintain the invested amount. Non-Sri Lankan citizens over 60 years must have a monthly income of at least $20,000. They are eligible for a 10-year visa residence.
- The investor must be an adult who is over 18 years old.
- You must prove that the money you invest belongs to you. And so, you should present proof of bank deposit and a bank statement.
- You must prove that you acquired the money through legal means.
- You must have a bank account with Sri Lanka.
- You should prove that the fund has been with you for a minimum of two years and has been in a regulated financial institution.
- Send proof of their bank deposit, police negative criminal record within the last six months, a medical report from a licensed medical practitioner, and a copy of their passport biography page to the embassy.
- Complete the Sri Lanka residence permit application and the personal particulars form.
Application documents that you need to acquire a Sri Lanka investor visa
Every Sri Lanka visa application has a list of requirements the applicant must meet before requesting a visa. Consequently, it is not different in the case of the Sri Lanka investor visa.
Below are the required documents that every applicant for a Sri Lanka investor visa must possess before applying for an investor visa.
A copy of an international passport
The passport you should apply with must have an expiration date that is six months beyond the date of entry into Sri Lanka. It must have two unfilled pages and capture the pages containing the applicant’s information. Furthermore, it must be a passport issued within the past ten years.
Investor visa application form
You can access the application form online. Fill in the correct information on the application form, submit it and print it out. After printing out the application form, sign it and get a stamp from the Sri Lanka embassy on it before submission.
Copies of passport photographs
For the Sri Lanka investor visa, you need two passport photographs. The photos must not have lasted more than six months. No headgears are allowed except for religious reasons. Moreover, the image dimension and size must follow the passport requirements stipulated by the Sri Lanka immigration office.
Your civil documents for the investor visa application are as important as the application. You should include the original copies of your birth certificate, marriage certificates (if married), and any other civil documents. You are to come along with the translated copies of these documents.
The travel itinerary is a stipulated plan for your travel. It is best to wait until the visa is out before proceeding with the travel plans. But in this case, the travel itinerary accounts for the applicant’s travel arrival date, flight ticket, and hotel reservation.
Proof of financial sufficiency
Proof of monetary sufficiency is a crucial part of the application process. The applicant, notwithstanding that they are investing a certain amount of money in the economy of Sri Lanka, must prove to the embassy that they are not likely to become a public charge. To this, they are to present evidence of property ownership or bank statement from a known national bank in their country. With these documents, the applicant should be able to demonstrate that they are responsible for their finance and sustenance.
Proof of accommodation
Evidence of hotel reservation tickets or a real estate property or investment is recognized proof that the applicant can submit.
Travel health insurance
The insurance certificate must include minimum insurance coverage of €30,000 obtained from a reputable insurance company.
Complete medical examination reports
The medical report should come from a reputable medical institution and physician. It should provide hands-on information about the applicant’s health.
Steps to applying for a Sri Lanka investor visa?
Before you receive a Sri Lanka investor visa, you must follow the following steps religiously;
Step 1: Contact the Sri Lanka local consulate,
The first thing you should do when you decide to get yourself a Sri Lanka investor visa is to contact the Sri Lanka embassy in your country. If there is none in your country, contact the nearest embassy and find out the list of requirements you need to produce for the visa application.
Step 2: The Sri Lanka application form
After inquiry, log on to the official website and download the application form. Then, like every other Sri Lanka visa, fill out the form and upload every required document.
Step 3: Submit your application form
Once you have uploaded the required documents, click the submission button to submit your application form.
Step 4: Pay your Sri Lanka investor visa application fee
You will be redirected to the visa payment portal once you submit the application form. Enter your credit card data and pay for your application. After payment, download the confirmation of fee payment. It is an important document you will submit to the embassy as your application progresses.
Step 5: Receive a visa application reference number.
After the payment, you will receive a visa application reference number. The reference number can be sent through your email or issued at the embassy. The embassy will notify you once your visa application processing has kicked off.
Step 6: Schedule an interview
Immediately after the embassy notifies you of accepting your application, you should schedule an interview. You are to attend the interview with the embassy in person. Your attitude at the interview counts. You should also answer all questions aptly and exhibit no questionable character.
Step 7: Receive Your Passport
The embassy will contact you whenever your visa is ready. You should go to receive your passport once the embassy gets back to you.
Frequently Asked Questions
How much does the Sri Lanka investor visa cost?
It costs about $200 to acquire a Sri Lanka investor visa. The investor visa cost depends on the minimum amount deposited to any Sri Lanka commercial bank or invested in properties.
Does the Sri Lanka investor visa bear multiple re-entry facilities?
Yes, the Sri Lanka investment visa bears multiple re-entry facilities. You can re-enter the country if the investor visa is still valid.
However, you must stay in the country more often until the visa expires.
How long does it take to process a Sri Lanka investor visa?
The processing time for a Sri Lanka investor visa depends on the foreign investor and the Sri Lankan embassy. Usually, it takes an average minimum duration of four weeks. However, it can vary from two weeks to four months.
How long can a Sri Lanka investor visa last?
The duration of the Sri Lanka investor visa depends on the investor visa program. Also, it is a question of the condominium you purchase. Despite the investor program you requested, the duration can vary from 5 to 10 years.
However, if you stop maintaining your investment, it stops being valid.
Can one extend their Sri Lanka investor visa?
Yes, you can extend your investor visa if it expires. However, you must have adhered to the principles which put the country on good outlook. Also, you must retain the minimum investment amount.
You should apply for a visa extension from within the country at least two to three months before your visa expires. But that notwithstanding, it is advisable to apply for a new investor visa altogether. Moreover, to be on the beneficial angle, you should request citizenship since you have stayed for more than five years with an investor visa.
Can the investor’s dependents benefit from the Sri Lanka investor visa?
Yes, the spouse, children, or any other dependent can benefit from the privileges of possessing the investor visa. However, this is only applicable if the investor maintains their investment.
What requirements do I need to renew the Sri Lanka investor visa?
To renew the Sri Lanka investor visa, you need to do nothing but retain the initial investment and stick to the investment conditions.
Can Sri Lanka investor visa holders work or study in Sri Lanka?
Yes, as an investor in Sri Lanka, you can live, work and study in the country. However, you may not work as a professional in some areas, such as a doctor, health worker, sportsperson, or sports coach, unless you meet specific requirements like having a work permit.
Sri Lanka is one of the most liberal economies existing in South Asia. It is home to diverse cultures, languages, and ethnicities. The investment policy data listed by the Sri Lanka government provides an enabling ground for foreign investors. Investing in the country will be beneficial only if you know and stick to the regulation of the country’s visa and investment policies.