18.9 C
Gold Coast
Tuesday, September 29, 2020

The Resident Guest Scheme (RGS) of Sri Lanka

Sri Lanka Department of Immigration and EmigrationThe Resident Guest Scheme (RGS) was introduced by the Sri Lanka Government to encourage potential foreign investments in the country. The Sri Lankan government encourages foreign investment in high-tech industries, such as infrastructure, information technology, electronics, light engineering, textile, garments and fashion, accessories, rubber, agriculture, mining and processing, gems and jewelry, tourism and recreation and leisure services.

The Resident Guest Scheme (RGS) which is open to all foreign investor/ professionals who can contribute to the economic and socio-cultural enrichment of the country is sometimes also known as the resident visa for professionals.

A professional intending to reside in Sri Lanka under this scheme is required to remit, to a Special Bank Account in Sri Lanka for living expenses, a minimum of US$ 2,000 per month for himself and US$ 1000 per month for each of his dependents, including her/ his spouse.

DOCUMENTS FOR THE RESIDENT GUEST SCHEME (RGS):
  • Photocopies of relevant pages of Passport (or Travel Document) that contain particulars of the applicant and dependents.
  • Photocopy of the marriage certificate or marriage contract (if applicable)
  • Six photographs of 6 cm x 5 cm
  • Details of educational and professional qualifications and experience (if any) may be indicated in a separate sheet in quadruplicate.
IMPLEMENTING AGENCY OF THE RESIDENT GUEST SCHEME VISA:

The Implementing Agency of the RGS consists of Senior Officials of the Relevant Government Agencies. The Office of the Implementing Agency is located at the Department of Immigration Emigration, 41, Ananda Rajakaruna Mw, Colombo 10, Sri Lanka.

REMITTANCE LIMITS UNDER THE RESIDENT GUEST SCHEME (RGS):

Investor Category: 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.

In addition to the initial deposits, an investor should remit regularly sufficient funds for the upkeep of himself and his dependents.

Professionals: A professional intending to reside in Sri Lanka under the scheme is required to remit, to a Special Bank Account in Sri Lanka for living expenses, a minimum of US$ 2,000/- per month for himself and US$ 1000/- per month for each of his dependents, including spouse.

Investments: Funds remitted to Sri Lanka by any foreign investor should be invested in an approved project. If no satisfactory progress is made by the applicant in making investment in the country within the first two years of his residence in Sri Lanka, the Implementing Agency may cease to make any further payments of interest on the credit balance in the Special Account of the investor.

FEES FOR THE RESIDENT GUEST SCHEME VISA:

In addition to the resident visa fees and taxes, a sum of US $25 or an equivalent amount in any convertible currency should be paid to the Implementing Agency.

Related Articles

Letter 3: Buying at the right price

This is the third in the series of emails on Investing in Real Estate by Roshan D’Silva, founder of Tripvillas - one of the...

In Conversation with Abhishek Dalal, developer of Mangalyam Meadows

During this interview, we are joined by Abhishek Dalal,...

An overview of the Estonia Startup Visa

Estonia is one of the best places in the world to start and operate a company. The Estonia Startup Visa takes advantage...

Stay Connected

11,512FansLike
919FollowersFollow
4SubscribersSubscribe
- Advertisement -

Latest Articles

Letter 3: Buying at the right price

This is the third in the series of emails on Investing in Real Estate by Roshan D’Silva, founder of Tripvillas - one of the...

In Conversation with Abhishek Dalal, developer of Mangalyam Meadows

During this interview, we are joined by Abhishek Dalal,...

An overview of the Estonia Startup Visa

Estonia is one of the best places in the world to start and operate a company. The Estonia Startup Visa takes advantage...

Prata Riverside Villas, Lisbon – An Overview of VIC Properties new project in Portugal

About Portugal: If you are looking to invest or settle...

L2: Becoming a Landlord

Landlords grow rich in their sleep. – John Stuart Mill The above quote is insightful and should wake up...