My Dream Home Visa Program (Golden Visa for Golden Island)
My Dream Home Visa Program is a retirement program induced by the Sri Lankan government to encourage migrants to retiree and reside in Sri Lanka. This program is also known as Sri Lankan Retirement Visa. The visa is valid for 2 years and welcomes self-supporting retirees that meet the criteria to enjoy the benefits of retiring in this golden island, Sri Lanka. You are also permitted to bring your family members (spouse/unmarried children under 18) with you.
Eligibility Requirements for Sri Lanka Retire Visa
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Migrants 55 years of age and above.
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You should deposit $15,000 or the equivalent in an approved foreign currency and install the amount in a fixed deposit account in a bank located in Sri Lanka.
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You should withdraw a monthly payment of $1,500 or the equivalent of this amount in an approved foreign currency and $750 for each spouse and the dependent child (if they accompany you) in a saving account in a bank in Sri Lanka.
Terms and Conditions for Sri Lanka Retirement Visa
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Applicants must have a valid medical insurance policy valid in Sri Lanka.
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You have to deposit an amount of $15,000 to a fixed deposit account. You can later withdraw the fixed deposit at any time but must obtain approval from the Controller of Exchange first. You can withdraw funds through the Controller General of Immigration Emigration Sri Lanka.
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Migrants should present a clear police record.
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Migrants cannot be involved in any type of criminal activity.
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You must refrain from any political activity in the Sri Lanka or any activity that might be considered sensitive to Sri Lanka and its people.
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You cannot take a paid or unpaid job while staying in Sri Lanka.
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Retirement visa holders are bound by Sri Lanka’s laws and might be required to pay relevant taxes.
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Entrant must submit a bank statement of the last six months related to fixed deposit and savings accounts to the Controller (Visa) of the Department of Immigration and Emigration.
What Documents do I Need?
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Residence Visa Application Form along with 2 passport size photographs. Application is available in the Visa Division of the Department of Immigration Emigration or download it www.immigration.gov.lk
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A certified copy of Passport/ Travel document (All pages).
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Means of subsistence. A certified copy of latest Bank Statement / other related financial documents to indicate the financial capability to support an extended stay in Sri Lanka.
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Source of income (Pension / Superannuation) for monthly remittance for US$1,500 for the principal applicant and US$750 for each dependent.
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Police clearance certificate not later than 6 months from the country of abode.
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Marriage certificate to claim Residence Visa for spouse.
How Can I Apply?
01. Visit the department of immigration and emigration or a Sri Lankan consulate near you to complete the visa application form.
02. Complete the application form by filling all the necessary fields and attach all the needed documents to it.
03. Submit the application a form along with documents to the Department of Immigration and Emigration in Colombo or the Consulate for processing.
04. Payment has to be done for the application process. ($150 has to be paid for each, yourself and your dependents)
05. *You will receive a Provisional Approval Letter to open a fixed deposit account and savings account for $1500 for living expenses and an instruction letter to the Operational Manager of the Bank (after two weeks of the date of application submission if applicant is successful)
06. 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.
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Residence visa is valid for two years, which is renewable, will be granted to the applicant and dependents.
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Residence visa fee (USD 200 per year for each applicant, spouse and the dependent children over 16 years of age)
Sri Lanka Retirement Visa Fee
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The processing fee for your visa application is $150 for each applicant and their dependents. Fees for Sri Lanka retirement visas issued at the consulate vary based on the mutuality and change from one country to another.
What’s the Legal Duration?
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The legal duration issued for Sri Lanka Dream House Visa is two-years, and you can prolong it once it expires. The application for a retirement visa renewal is done at the Department of Immigration and Emigration.
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*Once migrants visa is renewed, it will be issued to you and your dependents as well.
Can I extend my Sri Lanka Retirement Visa? And How?
Absolutely Yes, you can extend your retirement visa after two years from the issuing date of your current retirement visa. To apply for the renewal of your retirement visa, you must visit the Department of Immigration and Emigration in Colombo to get the application form for visa renewal.
To renew your visa, the following documents will be required:
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A residence visa form A
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A copy of your passport
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Renewal notice of fixed deposit and savings bank accounts
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Renewal notice of medicine insurance
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A police clearance certificate from Sri Lanka
* Your intended stay in Sri Lanka should end at least two months before the expiry date of your travel document.
How’s the Living cost in Sri Lanka?
Sri Lanka is one of the most affordable destinations in Asia not only for visiting but living as well. As a retiree, you will find it easier to find a good and comfortable accommodation place for an affordable price, and you will not have to spend much on food either since the food prices in markets are comparatively cheap. Here are some details about some expenses:
Accommodation and Monthly cost
*Apartment (1 bedroom) in City Centre - $130 - *Apartment (1 bedroom) outside of Centre - $60
*Apartment (3 bedroom) in City Centre - $280 - *Apartment (3 bedroom) outside of Centre $140
Utilities and Monthly cost (85m2)
*Electricity, water, heating, cooling, garbage $23
Food cost
*Milk $0.80 - *Rice $0.50 - *Egg $0.90 *Potato $0.70 *Tomato $0.60 *Apples (kg) $2
Why choose Sri Lanka?
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Visa permitted for two years, (can be extended for life).
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Family members (spouse/child) can be accompanied.
Delightful
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Excellent hospitality (Sri Lankans are well known for their hospitality so you will feel welcomed by the locals and live in a safe environment)
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Serene climate
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Exotic culture
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Enjoy a range of natural resources such as the warmth of “Sunlight” all year around, quality “Air”, enjoy different seasons and different climates etc...
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Over 1700 km coastline around the island with some of the most beautiful beaches seen on earth.
Facilities
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A plethora of recreational centers- pubs, clubs, golf, tennis, swimming, public parks for relaxation etc.
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Modern shopping malls and availability of all international brands of goods and services.
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Luxurious furnished affordable houses or flats for very reasonable rates, on the tropical coastal belts. In the scenic central highlands, or in the main cities.
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English speaking community.
Wellness Programs
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Advanced medical care
Sri Lanka has a free and universal health care system. The public healthcare system is sponsored by the government and has accessible facilities for every citizen and expats. Public hospitals are well equipped with modern appliances and qualified staff which is almost free of charge.
However, patients have to wait for long periods and stay in queues to get their medical services, which is why most of them choose private healthcare services.
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World class medical care in private hospitals and much more.
Private healthcare facilities offer more luxurious services but are more expensive than public hospitals. Sri Lanka has a large number of private hospitals, due to the demand for private healthcare services.
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Ayurvedic wellness programs
Sri Lanka has its own originating medicine via its traditional system. Ayurvedic medical hospitals are all across the island as Sri Lanka is rich with plenty of rare herbs which plays a significant role in individuals health.
Economics
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Low cost of living comparatively to most of the other Asian countries.
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Dependable and internationally acclaimed banking services.