https://eservices.immigration.gov.lk/golden-paradise-visa.htmlanyone has more info regarding tax implications etc.?
10 years visa Sri Lanka
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I don't think this is (and even was) an issue... but let's hear the voice of somebody with real experience
@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.
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This is the probably the answer to your question.
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.
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This is the probably the answer to your question.
Very interesting. @fardreamed could tell us more.
https://www.offshorecorptalk.com/th...potential-of-sri-lanka-an-introduction.44609/It also seems that foreign income kept in foreign currency is not taxed.
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https://www.offshorecorptalk.com/th...potential-of-sri-lanka-an-introduction.44609/It also seems that foreign income kept in foreign currency is not taxed.
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@JohnnyDoe ”“ Your #1 Source for Guidance in Different Offshore Fields
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.
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@JohnnyDoe ”“ Your #1 Source for Guidance in Different Offshore Fields
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
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.
thank you, sometimes you have to be there to be able to tell people what is going on.
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