1. What is the process of obtaining citizenship by investment in Sri Lanka?

To obtain citizenship by investment in Sri Lanka, individuals must follow these steps:

1. Choose an eligible investment option: The first step is to choose one of the eligible investment options, including investing at least $400,000 in government bonds or securities, making a significant contribution towards an approved government development project, or investing at least $2.5 million in a business venture.

2. Meet eligibility requirements: Applicants must meet the eligibility requirements set by the Board of Investment (BOI) and the Immigration Department of Sri Lanka. This includes being over 18 years of age, having a clean criminal record, and possessing good health and character.

3. Submit application: Applicants must submit their completed application along with all required documents to the BOI.

4. Pay processing fees: Once the application is submitted, applicants must pay a non-refundable processing fee of $7,500 for single applicants or $15,000 for families.

5. Undergo due diligence checks: All applicants are subject to due diligence checks conducted by the BOI and other relevant authorities.

6. Obtain permanent resident visa: Upon approval of the application, applicants are granted a permanent resident visa allowing them to reside in Sri Lanka for three years.

7. Apply for citizenship: After residing in Sri Lanka for five consecutive years as a permanent resident, applicants can apply for citizenship.

8. Take oath of allegiance: Upon approval of the citizenship application, applicants must take an oath of allegiance to Sri Lanka before becoming a citizen.

9. Receive certificate of citizenship: Applicants will receive a certificate of citizenship and can then apply for a Sri Lankan passport.

2. What are the benefits of obtaining citizenship by investment in Sri Lanka?

– Visa-free travel: As a citizen of Sri Lanka, individuals from eligible countries can travel freely without requiring a visa to many countries around the world.
– Dual citizenship: Sri Lanka allows dual citizenship, meaning individuals do not have to renounce their current citizenship to obtain Sri Lankan citizenship.
– Tax advantages: Sri Lanka has a territorial tax system, meaning citizens are only taxed on income earned in Sri Lanka, not worldwide income.
– Property ownership: As a citizen, individuals have the right to own land and property in Sri Lanka without any restrictions.
– Business opportunities: Citizenship allows individuals to invest and engage in business activities in Sri Lanka without any restrictions.
– Social security benefits: Citizens of Sri Lanka are eligible for social security benefits such as healthcare, education, and retirement benefits.
– Legacy for future generations: Citizenship can be passed down to future generations through descent.

2. What are the main benefits of obtaining citizenship through investment in Sri Lanka?

1. Ease of process: Obtaining citizenship through investment in Sri Lanka is a relatively simple and transparent process. The government has established clear guidelines and criteria for qualifying investments, making it easier for individuals to understand the requirements and complete the necessary steps.

2. Fast-track process: The entire application process can be completed within 3-4 months, which is significantly faster compared to other countries that offer citizenship by investment programs. This allows for a quick transition to obtaining Sri Lankan citizenship and all the associated benefits.

3. Permanent residency for family members: Along with obtaining citizenship, investors can also obtain permanent residency for their family members, including spouse, children under 18 years old, and parents over 55 years old.

4. Visa-free travel: Sri Lankan citizens can travel visa-free or with a visa on arrival to over 40 countries around the world, including most European countries and popular tourist destinations such as Singapore, Malaysia, and Thailand.

5. Business opportunities: As a strategic location in South Asia with a rapidly growing economy, becoming a citizen of Sri Lanka opens up opportunities for business growth and expansion in the region.

6. Dual citizenship: Sri Lanka allows dual citizenship, so individuals can maintain their original citizenship while also enjoying all the benefits of being a Sri Lankan citizen.

7. Low investment threshold: The minimum investment amount required for obtaining citizenship in Sri Lanka is significantly lower compared to many other countries offering similar programs.

8. Tax benefits: As a tax resident of Sri Lanka, investors may benefit from favorable tax policies such as low corporate taxes and exemptions on foreign-sourced income.

9. Quality of life: With its tropical climate, diverse culture, delicious cuisine and stunning landscapes of beaches and mountains, living in Sri Lanka offers a high quality of life at an affordable cost.

10. Access to education & healthcare: Citizens have access to quality education at numerous international schools and universities in Sri Lanka. They also have access to free or low-cost healthcare through the government’s universal healthcare system.

3. How much is the minimum required investment for citizenship in Sri Lanka?

The minimum required investment for citizenship in Sri Lanka is currently USD $500,000.

4. Are there any residency requirements for citizenship through investment in Sri Lanka?

Yes, in order to apply for citizenship through investment in Sri Lanka, the individual must have resided in the country for at least five (5) years preceding the date of application. Additionally, the applicant must also meet other criteria such as having a minimum net worth and making a qualifying investment in the country. These requirements may vary depending on the type of investment program being applied under.

5. What types of investments are accepted for citizenship in Sri Lanka?

The following types of investments are accepted for citizenship in Sri Lanka:

1. Investment in government bonds: Investors can obtain citizenship by investing a minimum of $500,000 in government bonds.

2. Investment in real estate: Investors can obtain citizenship by investing a minimum of $250,000 in approved real estate projects.

3. Investment in a business venture: Investors who invest a minimum of $400,000 through the Board of Investment-approved business venture can obtain citizenship.

4. Deposit in fixed deposit accounts: Investors can obtain citizenship by depositing a minimum of $500,000 into an approved fixed deposit account for at least five years.

5. Contribution to the National Development Fund (NDF): Investors can obtain citizenship by making a non-refundable contribution starting from $100,000 to the NDF.

6. Investments in economic infrastructure development projects: Investors can obtain citizenship by investing a minimum of $10 million in large-scale infrastructure development projects approved by the Cabinet of Ministers.

7. Government securities or treasury bills: Investors can obtain citizenship by purchasing government securities or treasury bills worth at least $1 million and holding them for at least three years.

8. Listed equities on the Colombo Stock Exchange (CSE): Investors can obtain citizenship by purchasing shares worth at least $2 million listed on the CSE and holding them for at least three years.

9. Venture capital funds or unit trusts: Investors can obtain citizenship by investing at least $3 million into venture capital funds or unit trusts registered with the Securities and Exchange Commission of Sri Lanka and holding them for at least three years.

6. Is dual citizenship allowed in Sri Lanka?

No, dual citizenship is not allowed in Sri Lanka. The country’s Citizenship Act only recognizes single citizenship, and those who obtain a second citizenship automatically lose their Sri Lankan citizenship.

7. Are there any language or cultural requirements for obtaining citizenship through investment in Sri Lanka?

There are no specific language or cultural requirements for obtaining citizenship through investment in Sri Lanka. However, applicants must show a basic understanding of the country’s history, government, and culture during the naturalization process.

8. Do I need to have a job offer or business plan to qualify for citizenship by investment in Sri Lanka?

No, you do not need to have a job offer or a business plan in order to qualify for citizenship by investment in Sri Lanka. The investment options available for citizenship are specifically designed for individuals and families looking to invest in the country’s economy, without requiring a detailed business plan or a job offer. However, applicants may be required to show that they have a source of funds for their investment.

9. Can my family members also obtain citizenship through my investment in Sri Lanka?

Yes, dependent family members may be able to obtain citizenship through your investment in Sri Lanka. This may include spouses, children under the age of 21, and parents who are financially dependent on you. Each applicant must meet the eligibility requirements and go through the application process for citizenship by investment.

10. What is the timeline for obtaining citizenship by investment in Sri Lanka?

The timeline for obtaining citizenship by investment in Sri Lanka may vary depending on a number of factors, including the type of investment and the efficiency of the application processing. However, it typically takes anywhere from 6 months to 2 years to complete the entire process and receive approval for citizenship. This timeline may be longer if additional documentation or information is requested by the government.

11. Can I invest in any industry or sector for citizenship purposes in Sri Lanka?

No, the Sri Lankan government does not offer citizenship through investment programs. To be eligible for citizenship in Sri Lanka, you must meet certain criteria and go through the naturalization process after residing in the country for a specified period of time. Investment is not a requirement for obtaining citizenship in Sri Lanka.

12. Is there a limit on the number of people granted citizenship by investment each year in Sri Lanka?

Yes, there is a limit on the number of people granted citizenship by investment each year in Sri Lanka. The exact number varies based on government policies and resources but it typically does not exceed a few hundred applicants per year. This limit helps ensure that the country can effectively process and screen all applicants for citizenship.

13. What level of due diligence is conducted when applying for citizenship through investment in Sri Lanka?

As a general rule, the due diligence process for citizenship through investment in Sri Lanka is not as strict as in other countries. The government agency responsible for processing and approving citizenship applications, the Department of Immigration and Emigration, may conduct background checks on the applicant to ensure they meet all eligibility criteria. However, this process may vary depending on the individual’s circumstances and the specific investment program they are applying under.

Generally, applicants will need to submit a variety of documents to support their application, such as proof of their investment, criminal record checks from their home country or any countries lived in for a significant period of time, medical certificates, and evidence of financial stability.

In addition, applicants may also be required to provide character references from prominent individuals in Sri Lanka who can attest to their good character and reputation.

It is important for applicants to note that any false or misleading information provided during the application process can result in denial of citizenship. Therefore, it is crucial to ensure all information provided is accurate and verifiable.

Overall, while there is some level of due diligence conducted during the citizenship by investment process in Sri Lanka, it may not be as rigorous or comprehensive as in other countries with similar programs.

14. Are children born to citizens through investment automatically granted citizenship?

No, children born to citizens through investment are not automatically granted citizenship. They must still go through the normal process of applying for citizenship and meeting all the necessary requirements.

15. Are there any restrictions on which countries can apply for citizenship by investment in Sri Lanka?

Yes, there are restrictions on which countries can apply for citizenship by investment in Sri Lanka. The government of Sri Lanka maintains a list of restricted nationalities and individuals from these countries are not eligible to apply for citizenship by investment. Additionally, applicants must fulfill all requirements set by the government, including a minimum stay requirement in Sri Lanka.

16. Does receiving citizenship through investment grant me voting rights and access to government services?

Yes, receiving citizenship through investment typically grants you voting rights and access to government services. However, this may vary depending on the country you are receiving citizenship in. It is important to research the specific regulations and laws of your chosen country before making any investment decisions.

17. Is it possible to lose my newly acquired citizen status if I fail to maintain my initial investment?

Yes, it is possible to lose your newly acquired citizenship status if you fail to maintain your initial investment. Each country has its own specific requirements and conditions for maintaining citizenship through investment. It is important to carefully review and understand these requirements before making any investments. Failure to fulfill these requirements could result in revocation of citizenship.

In addition, some countries have provisions in place for revoking citizenship if it is acquired through fraudulent means or if the individual poses a threat to national security. It is important to conduct due diligence and follow all legal procedures when acquiring a second citizenship through investment to avoid any potential risk of losing it in the future.

18. Can I include dependents such as parents or siblings on my application for citizenship by investment in Sri Lanka?

No, you can only include your spouse and children under 21 years of age on your application for citizenship by investment in Sri Lanka. Parents and siblings are not eligible for this program.

19. Does holding another passport affect my eligibility for gaining full citizen status through investing in Sri Lanka?

No, holding another passport does not affect your eligibility for gaining full citizen status through investing in Sri Lanka. As long as you meet the investment criteria and fulfill all other requirements, you can apply for citizenship through the investment route regardless of your other passports.

20. Are there any tax implications associated with gaining economic residency and/or full nationality through investing in Sri Lanka?

There may be tax implications associated with gaining economic residency and/or full nationality through investing in Sri Lanka. It is recommended to consult a tax professional for specific advice on your individual situation. Some potential considerations may include:

– Investment income or dividends earned from the investment may be subject to income tax in Sri Lanka.
– If the investment results in owning property or assets in Sri Lanka, there may be applicable property taxes.
– Depending on your country of origin, you may also have tax obligations related to foreign investments or foreign income.
– Upon gaining full citizenship, you may become subject to Sri Lankan income tax laws and could be required to declare global income for taxation purposes.
– Additionally, there may also be potential implications for inheritance and estate taxes upon acquiring economic residency or citizenship.

It is important to thoroughly research and understand any potential tax implications before making an investment decision. Consulting with a tax professional can help ensure compliance with all applicable laws and regulations.