10 years visa Sri Lanka

[void]

https://eservices.immigration.gov.lk/golden-paradise-visa.html

anyone has more info regarding tax implications etc.?

 

[wellington]

Do they have running power yet?

 

[void]

Do they have running power yet?

I don't think this is (and even was) an issue... but let's hear the voice of somebody with real experience

 

[Sols]

@wellington has a point. Not sure why you'd dismiss him. It's no secret that Sri Lanka has had major infrastructural problems. 2022—2023 was a very rough time period for the country. The country has had a economic crisis since 2019, struggling to stay solvent.

IIRC, the crisis was in part caused by major tax cuts which created a ballooning deficit. They tried to print money to make up for it. Add to that the pandemic and other global events and you have what led to fuel rationing and power grid issues.

Sri Lanka's exports are shrinking because companies that used to outsource for example textile works to Sri Lanka have shifted some of their orders to India, Bangladesh, and other places that don't have problems keeping the lights on.

There's more to it. You can find plenty of information that goes in much more detail than this oversimplified summary.

 

[JohnnyDoe]

Very interesting. @fardreamed could tell us more.

Exploring the Offshore Potential of Sri Lanka: An Introduction

Greetings OffshoreCorpTalk community, My name is Fardreamed, and I'm excited to delve into discussions surrounding the offshore potential of Sri Lanka. As a resident of this beautiful country, I've noticed a lack of dialogue regarding its suitability for offshore corporations, residential...

www.offshorecorptalk.com

It also seems that foreign income kept in foreign currency is not taxed.

 

[void]

unfortunately it seems there are still restrictions when it comes to freehold ownership of land and properties - long-term leasehold being the only option for non-citizens

 

[JohnnyDoe]

unfortunately it seems there are still restrictions when it comes to freehold ownership of land and properties - long-term leasehold being the only option for non-citizens

This is bad. However: A company incorporated in Sri Lanka with a foreign shareholding of 49% or less can purchase property provided that it maintains its foreign shareholding of 49% or less for a minimum period of twenty years. There are reporting obligations to enforce this requirement.
The local could be a trustee I guess.

 

[void]

This is bad. However: A company incorporated in Sri Lanka with a foreign shareholding of 49% or less can purchase property provided that it maintains its foreign shareholding of 49% or less for a minimum period of twenty years. There are reporting obligations to enforce this requirement.
The local could be a trustee I guess.

yep, I have the same information, however the local trustee is the tricky part - like everywhere else with this idiotic policy, same in Mauritius for instance

 

[polonieth]

@wellington has a point. Not sure why you'd dismiss him. It's no secret that Sri Lanka has had major infrastructural problems. 2022—2023 was a very rough time period for the country. The country has had a economic crisis since 2019, struggling to stay solvent.

IIRC, the crisis was in part caused by major tax cuts which created a ballooning deficit. They tried to print money to make up for it. Add to that the pandemic and other global events and you have what led to fuel rationing and power grid issues.

Sri Lanka's exports are shrinking because companies that used to outsource for example textile works to Sri Lanka have shifted some of their orders to India, Bangladesh, and other places that don't have problems keeping the lights on.

There's more to it. You can find plenty of information that goes in much more detail than this oversimplified summary.

Do they have running power yet?

There were no issues with power for me. And I was there a couple of days after that blackout in December.

I have nothing but positives about the island, but I was not involved in the bureaucracy. Maybe it would have been a nightmare.

But in terms of spending a couple of months a year there - great.

 

[myshufflemix]

I have nothing but positives about the island, but I was not involved in the bureaucracy. Maybe it would have been a nightmare.

thank you, sometimes you have to be there to be able to tell people what is going on.