Sri Lanka My Dream Home Program – Your Ticket to Long-Term stay in the Island

 

A beach in Sri Lanka
View of a beach in Sri Lanka

After the civil war ended in May 2009, Sri Lanka has suddenly seen a surge in interest from foreign nationals wanting to make the country their home. And why not! The country has endless beaches, welcoming people, timeless ruins, cheap prices, famous tea, flavorful food and a climate that will put to shame most of the tropical destinations of Asia.

In the next couple of articles we will bring to you all the legalities of living in Sri Lanka, laws surrounding buying a property here and the premier locations for expats to settle and enjoy the beautiful locals of the country.

SRI LANKA MY DREAM HOME PROGRAM:

But, first the ‘Sri Lanka My Dream Home Program.’ This program is promoted by the Sri Lankan government to allow foreign nationals who fulfill certain criteria, to stay in Sri Lanka as long as possible on a Long Term Resident Visa. This program allows applicants to bring with them their spouses, and children who are unmarried and below the age of 18. It is the perfect visa for foreign citizens to enjoy long-term stay in Sri Lanka.

Key benefits:

  • Unlimited period of stay in the country with Multiple-Entry Visa
  • Invest and own businesses in Sri Lanka
  • Enjoy a luxury lifestyle at a fraction of the costs
  • World Class medical facilities at a fraction of the costs including traditional Ayurvedic medicine
  • Retain your citizenship and all its privileges in your own country 
  • Come and go as you wish
  • No restrictions on stay and traveling.

Requirements:

(i) Applicant should remit US$15,000 or the equivalent in an approved foreign currency and deposit them in a fixed deposit account in an approved Commercial Bank in Sri Lanka.

(ii) And a monthly remittance of US$ 1500 or the equivalent in an approved foreign currency for the principal applicant and US$ 750 or the equivalent in an approved foreign currency for each spouse and dependent child for their upkeep (if accompanied by spouse/children) in a savings or current account in an approved.

Documents Required:

  • Residence Visa Form with 02-passport size photographs. Application is available in the Visa Division of the department of Immigration & Emigration or the Department’s Website www.immigration.gov.lk
  • A certified copy of Passport/ Travel document (All pages)
  • A certified copy of latest Bank Statement / other related financial documents to indicate the financial capability to support stay in Sri Lanka
  • Source of income (Pension / Superannuation) for monthly Remittance for US$1500 for principal applicant and US$750 for each dependent
  • Police clearance certificate not later than 06 months from country of domicile
  • Marriage certificate of claim Residence Visa for spouse.

Other Conditions:

  • This scheme is open to all foreign nationals who are over 55 years of age. Applicant is allowed to bring his/her spouse and under 18 years unmarried dependent children
  • To qualify for the scheme, applicants required to remit US$ 15,000.00 and deposit them in a fixed deposit account in an approved Commercial Bank in Sri Lanka
  • In addition to the above, US$1500 for the applicant and US$750 for each spouse and dependent children for their upkeep
  • Applicants under this scheme may withdraw their entire fixed deposit anytime should they decide to terminate their stay in Sri Lanka. However, they must obtain prior approval from the Controller of Exchange in Sri Lanka through the Controller General of Immigration & Emigration
  • Interest gain from the fixed deposit can be withdrawn and utilized for the applicant’s upkeep
  • Should possess a valid medical insurance policy, which is applicable in Sri Lanka
  • Should submit a police clearance certificate from country of domicile. A police clearance certificate from Sri Lanka at the time of renewal of the residence visa
  • Not involved in any type of criminal activities
  • Should not involve in any type of political activities in Sri Lanka and not participate in any activities that can be considered as sensitive to the local people and a threat to the security of the country
  • No paid or unpaid employment while staying in Sri Lanka
  • Applicants are bound by the rules and regulations of taxes of Sri Lanka and they are liable to pay relevant taxes
  • Every applicant is expected to submit with half-year bank statement related to the fixed deposit and savings account to the Controller (Visa) of the Department of Immigration & Emigration
  • Should inform the Controller (Visa) of the Department of Immigration & Emigration any changes in visa status, personal information is changed.

Application Process:

  • The applications are accepted and processed only at the Department of Immigration & Emigration in Colombo
  • Applicant will be notified the position of his/her application in writing within two weeks of the submission of application
  • Successful applicant will be issued a “Provisional Approval Letter” to open up a fixed deposit foreign Currency account and a savings account for US$ 1500 for living expenses and instruction letter to the Operational Manager of the Bank
  • Applicant should submit with the Bank Statement for fixed Deposit of US$15,000 and US$1500 for monthly remittance to the Competent Authority. Also US$ 750 for each dependent if applicable
  • Residence visa valid for two years, which is renewable, will be granted to the applicant and dependents.

Visa Fees:

  • Application processing fee of US$ 150 for each applicant and dependent
  • Residence visa fee and tax -SLRS 20,000.00 per year for each applicant, spouse and over 16 years age of dependent children.

More Information:

For more information on the ‘Sri Lanka My Dream Home Program’ and to apply one can contact: The Controller (Visa), Visa Division, Department of Immigration & Emigration, No.41, Ananda Rajakaruna Mawatha, Colombo 10 or call their office at +94-11-5329300.