Sri Lanka is a relatively investment-friendly destination and welcomes overseas investment.Overseas Sri Lankans, expats and foreigners looking to buy property, second homes, holiday homes or villas in Sri Lanka may find our complimentary guide to Buying Property in Sri Lanka helpful.
Many leading international and local banks, including Standard Chartered Bank and the Commercial Bank of Ceylon offer an Inward Investment Account (“IIA”), designed to allow transfers of funds into and out of Sri Lanka. We have referral arrangements with these banks and would be happy to make the relevant introduction. IIA accounts can be for single individuals, joint accounts or company accounts and can be denominated in US Dollars, British Pounds, Euro and Australian Dollars, in addition to Sri Lankan Rupees (“LKR”).
We have referral arrangements with several leading property lawyers who have considerable experience in assisting investors to purchase property in Sri Lanka. We have helped set up standardised off-the-shelf documentation and negotiated pre-agreed fee arrangements and would be happy to make the relevant introductions.
We offer a villa rental service to residents who may wish to travel for extended periods and may want to rent out their villas at such times.
We are mindful of our residents’ wishes to live independently, happily and securely in an exclusive community of like-minded people. We also recognize that a high number of transient guests may detract from an environment that our residents value.
We seek to balance these requirements by managing our residents’ villa rentals to a minimum rental duration of two weeks and a maximum of six months, with a maximum of six rentals in any twelve month period.
Rental guests will be accommodated in keeping with our country club membership criteria and code of conduct.
Residents who are not Sri Lankan citizens or dual citizens are eligible for a two year renewable resident visa under the government’s My Dream Home programme. This is available to non-Sri Lanka citizens aged over 55 years who can;
(i) invest USD 15,000 (or equivalent in a major currency) in a fixed deposit with a bank in Sri Lanka for the duration of their visa, and
(ii) remit USD 1,500 each month (or equivalent in a major currency) to support their upkeep
Dependents require an additional USD750 per person per month.
Details of the My Dream Home programme can be found on the Sri Lanka Department of Immigration website; http://www.immigration.gov.lk/web/index.php?option=com_content&view=article&id=156&Itemid=199&lang=en
The current government has frequently issued statements about encouraging investment into Sri Lanka by expanding this programme – please watch this space or contact us for further details.