This article was originally published on 3 May 2022 and was updated on 2 June 2022 to reflect new information.
2 June 2022 Update: The government of Sri Lanka published additional clarification on eligibility for a long-term residence category for foreign national investors, known as the Golden Paradise visa, which was launched on 28 April 2022. Eligible applicants must meet the following requirements:
- Open a Golden Paradise specific bank account and deposit a minimum of USD 100,000 in a local bank that is licensed by the Central Bank of Sri Lanka. Applicants will be eligible to withdraw USD 50,000 after the first year if a minimum balance of USD 50,000 remains in the account.
- Submit all documents to Sri Lanka’s official Immigration Office via email.
- Obtain police clearance from their country of domicile within six months of submitting the initial application.
- Obtain a medical certificate.
- Submit a copy of the Biographic Page of their passport.
- Spouses and dependents of the primary applicant must also submit a marriage certificate and proof of police clearance.
For additional information on document requirements and the application process, check here.
Introduction of new long-term residence options for foreign national investors
On 28 April 2022, the government of Sri Lanka approved new long-term residence categories for foreign national investors. These new visa types are as follows:
- The Golden Paradise Visa Program: available to foreign nationals who deposit at least USD 100,000 into a bank account in Sri Lanka; or
- The Long-Term Residence Visa: available to foreign nationals who invest USD 75,000 or more in condominium properties in Sri Lanka.
Status under this new program will be issued for a period of five to ten years.
What are the Changes?
The government of Sri Lanka announced a new program that will be open to foreign national investors. Applicants will need to ensure that they adhere to the conditions of each visa type.
Information on the application process is expected to be introduced in the coming weeks. Continue to check the government of Sri Lanka’s website and Envoy’s website for the latest updates and information.
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Content in this publication is for informational purposes only and not intended as legal advice, nor should it be relied on as such. For additional information on the issues discussed, consult an attorney at one of the two U.S. Law Firms working with the Envoy Platform or another qualified professional. On non-U.S. immigration issues, consult an Envoy global immigration service provider or another qualified representative.