Things to Know Before Retiring to Sri Lanka

Retiring to Sri Lanka is an option that appeals to senior foreign citizens. The country’s tropical weather, vibrant culture, and affordable living attract many retirees. Spending your retirement in Sri Lanka is easy thanks to the retirement visa programme – My Dream Home. It even lets a senior citizen retiring as a foreigner in Sri Lanka bring their spouses and dependent children (below 18 years of age) to Sri Lanka!

Before you embark on this exciting new chapter, it’s essential to understand the key aspects of settling in this island paradise. There are several crucial aspects to consider, from understanding the cost of living to navigating the local healthcare system. You must understand the legal and financial matters to make your transition go smoothly when you are retiring as a foreigner.

One of the first steps is securing a retirement visa, which allows you to reside in the country long-term. Additionally, you’ll need to familiarise yourself with the local property market, healthcare options, and community resources.

Keep in mind that retiring in Sri Lanka means that the island’s rules and regulations apply to you. Before spending your retirement in Sri Lanka, please look into these laws and regulations.

These are the retirement visa requirements if you plan on retiring to Sri Lanka from your native country.

Retirement visa for people retiring as foreigners in Sri Lanka

Sri Lanka welcomes international senior citizens who wish to retire in Sri Lanka. However, they must meet certain criteria to be eligible.

The ‘My Dream Home’ Visa Programme issues a long-term resident visa for the applicants. The visa grants them to retire in Sri Lanka in two-year blocks. You can renew it if you want to continue retiring as a foreigner.

Foreign nationals retiring to Sri Lanka must pay a processing fee of US$ 150 when they apply for the My Dream Home programme. If their spouse also plans to retire in Sri Lanka, they must also pay the same amount. Additionally, if they wish to bring dependent children (below 18 years of age) each must pay the processing fee.

The retirement visa application is available at the Department of Immigration & Emigration, Colombo. Applicants planning on retiring in Sri Lanka can also request a copy from Overseas Sri Lankan Missions.

What are the requirements to be eligible?

If you are interested in spending your retirement in Sri Lanka, the My Dream Home programme is ideal for you. The Sri Lankan Government continuously improves the programme to support retired foreign citizens.

Citizens recognized by Sri Lanka are welcome to apply for a retirement visa. In addition to themselves, they can also bring their spouses and unmarried children under the age of 18 to live with them in Sri Lanka.

Those who plan on retiring to Sri Lanka:

• need to be over the age of 55 years of age.
• should make a Fixed Deposit account at an approved Sri Lankan bank to the value of US$ 15,000 or the equivalent in foreign currency.
• to deposit a monthly remittance for the upkeep of the main applicant and the dependents. Open a savings or current account in an approved Sri Lankan bank. Then, deposit a monthly remittance of US$ 1,500 or equivalent in another currency for the main applicant. US$ 750 or equivalent in another currency for each dependent.

Documents you need to submit

Spending your retirement in Sri Lanka can be rewarding. However, there is a process you have to go through to get your retirement visa. As with any official application, there are several documents you need to submit. Please get the following documents together so that retiring to Sri Lanka goes smoothly for you.

• A completed Residence Visa Form with two (2) passport-size colour photos attached. You can download the form or get a copy at the Visa Division of the Department of Immigration Emigration.
• A certified copy of your passport/ travel documents (all the pages).
• Proof of financial capability through a certified copy of your latest bank statement/ related financial documents.
• Source of income (pension/ superannuation) to deposit monthly remittance for the principal applicant and dependents (see above section).
• Police clearance from your country of origin (valid within six months).
• Marriage certificate of claim for the spouse if they are also retiring to Sri Lanka.

Terms and conditions

Even after retiring to Sri Lanka, there are several terms and conditions that you must keep in mind.

• You can withdraw the entire fixed deposit if you stop spending your retirement in Sri Lanka. However, you need prior approval from the Controller of Exchange in Sri Lanka through the Controller General of Immigration Emigration to withdraw the funds. Interest gained from the fixed deposit can be withdrawn and spent for the applicant’s upkeep.
• You need to apply for a medical insurance policy recognisable in Sri Lanka.
• When renewing the residence visa, submit a police clearance certificate from Sri Lanka.
• Abstain from participating in any political, or criminal activities. This also applies to activities sensitive to the local people or threaten national security.
• Do not engage in paid or unpaid employment after retiring to Sri Lanka during your stay.
• You have to pay the relevant taxes. Once you retire to Sri Lanka, you are bound by the rules and regulations of taxes of Sri Lanka.
• Submit a half-year bank statement related to the fixed deposit and savings account to the Controller (Visa) of the Department of Immigration Emigration.
• You should inform the Controller (Visa) of the Department of Immigration Emigration of any changes in visa status, or personal information.

Ready to start your retirement?

BSL has a range of tours that lets you experience the wonder of Sri Lanka. Join our Cultural Triangle Luxury Tour, or experience culture and wellness in one with our Sri Lanka Hill Country & Tea Trails. With BSL Tours, you’ll experience Sri Lanka as an insider and get an idea about if this is your retirement home.