Knowledge Centre
Glossary
Short, precise definitions of every term that matters in the Golden Visa process, each self-contained, each linked to its full guide.
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- AML (Anti-Money Laundering)
- The compliance framework banks apply before accepting large deposits. For the Golden Visa, AML review means documenting where your USD 200,000 comes from: sale contracts, salary history or investment statements. Clean, traceable transfers from accounts in your own name pass fastest; split or third-party transfers trigger the questions that stall applications.
- Full guide
- Applicant
- The person who qualifies for the visa by making the GPFCA deposit and meeting the published requirements. The primary applicant’s deposit covers the whole family: the spouse and dependants apply under the same programme without additional investment, though each provides their own documents and medical clearance.
- Full guide
- Central Bank Licence
- The authorisation that decides which banks can hold a GPFCA. The Central Bank of Sri Lanka publishes the list of licensed commercial banks; only these institutions qualify. If a bank is not on that list, it cannot hold the qualifying deposit, which makes the licence the first thing to check before opening any account.
- Full guide
- Condominium
- The established freehold property route for foreigners in Sri Lanka. Condominium units are owned outright under a registered condominium plan, unlike land, where foreign freehold is generally restricted. Supply concentrates in Colombo and along parts of the coast. Purchase is a privilege of the visa, never a requirement.
- Full guide
- Dependant
- A family member included under the primary applicant’s visa, typically children, documented with birth certificates. The current official programme page publishes no age limit for dependants; earlier third-party summaries referenced 16 and below. For older children, written confirmation from the Department is strongly recommended before planning around inclusion.
- Full guide
- Deposit Proof
- The bank’s formal confirmation that the qualifying USD 200,000 transfer has cleared into the GPFCA. It is a required application document, which places bank compliance on the critical path of every application. Request it as soon as the transfer settles, and keep both digital and physical copies.
- Full guide
- Due Diligence
- The verification work done before money moves: independent title checks through a lawyer, developer track record, permits in writing, and lease terms reviewed line by line. In property transactions, careful due diligence protects the buyer; relying on the seller’s own paperwork alone carries clear risk.
- Full guide
- DTAA (Double Taxation Agreement)
- A treaty allocating taxing rights between two countries so the same income is not fully taxed twice. Sri Lanka maintains DTAAs with a number of countries. Whether one covers you, and how it treats pensions, dividends and capital gains, is central to planning any move.
- Full guide
- Exchange Control
- Sri Lanka’s foreign-exchange regulations governing how money enters and leaves the country. The GPFCA exists precisely to keep the qualifying capital inside a compliant framework, which is also what protects the published rights to withdraw 50% after year one and repatriate the deposit on cancellation.
- Full guide
- Freehold
- Outright ownership of property. In Sri Lanka, foreigners can generally hold condominium units freehold, while freehold ownership of land is restricted. This distinction shapes every foreign property strategy on the island: condominiums for ownership, long-term registered leases where land is involved.
- Full guide
- Golden Paradise Residence Visa
- The official name of the Sri Lanka Golden Visa: a 10-year residence visa for foreign investors who deposit at least USD 200,000 in a GPFCA. Launched April 2022 at USD 100,000, raised to USD 200,000 in October 2022. Covers the investor, spouse and dependants; permits holders to invest, live and study.
- Full guide
- GPFCA
- The Golden Paradise Foreign Currency Account: the dedicated account at a Central Bank-licensed bank that holds the qualifying deposit. The bank’s deposit proof forms part of the visa application. Up to 50% of the minimum investment may be withdrawn after the first year; the full amount is released on cancellation.
- Full guide
- Leasehold
- Property rights held for a defined term under a registered lease, the standard structure for foreigners where land is involved. The commercial value lives in the details: term length, renewal rights, transferability, registration, and what happens to improvements at expiry. Legal review before signing is strongly advisable.
- Full guide
- Medical Certificate
- The report from an authorised local hospital in Sri Lanka clearing an applicant of Malaria, Filariasis, Tuberculosis and HIV/AIDS. Every applicant takes it, family members included. It is naturally scheduled near submission, since it is completed in-country at an authorised facility.
- Full guide
- Police Clearance
- A criminal-record certificate from the applicant’s country of domicile, required for the main applicant and spouse, and valid only if issued within six months of use. Because turnaround varies from days to months by country, its validity window is the deadline that actually binds most application timelines.
- Full guide
- Residence Visa
- The Sri Lankan visa category granting the right to reside long-term, as opposed to visit visas. The Golden Paradise programme issues a single residence visa valid for 10 years, applied for on the official Residence Visa form and submitted to the Department’s Head Office in Battaramulla.
- Full guide
- Security Clearance
- The government-side background review every Golden Visa application passes. It is opaque by design and sits outside the applicant’s control. The launch circular provides that if clearance fails after a visa is granted, the visa is cancelled and the deposit becomes withdrawable, so the capital is protected either way.
- Full guide
- Source of Funds
- The documented origin of the qualifying capital: sale contracts, salary history, investment statements or similar evidence. Banks require it under AML rules before activating the GPFCA. Preparing this file in advance, before opening the account, can shorten the banking phase considerably.
- Full guide
- Sri Lanka Development Bonds
- Government debt instruments open to foreign investors and one of the four published investment activities for visa holders, and the most passive. Sovereign credit risk is real: Sri Lanka restructured its debt in recent years, so current issuance and terms should be confirmed with the Central Bank before planning around bonds.
- Full guide
- Bio Data Page
- The passport page carrying your photo, name, number and validity dates. Copies of this page for every applicant, main applicant, spouse and each dependant, are part of the standard document set. Check that passport validity comfortably covers the period ahead before you submit.
- Full guide
- Board of Investment (BOI)
- The Sri Lankan government agency that approves and facilitates foreign investment projects. Relevant if you choose the government-approved investment route: approval status of any project should be confirmed in writing within the BOI framework before funds move.
- Full guide
- Certified Translation
- An official English translation of a foreign-language document, marriage or birth certificates most commonly, certified by the relevant mission or a recognised translator. Self-made translations are not accepted. Translations have no expiry, so ordering them early removes the classic late-stage delay.
- Full guide
- Inland Revenue Department (IRD)
- Sri Lanka’s tax authority and the source for current tax residency rules, rates and filing obligations. Rates have changed repeatedly in recent years, which is why this site publishes no rate tables: the current position always lives with the IRD and your advisor.
- Full guide
- KYC (Know Your Customer)
- The identity-verification process banks run before opening any account: passports, proof of address and, for large deposits, source-of-funds evidence. For the GPFCA, thorough KYC preparation before the first bank meeting often shortens the whole application timeline.
- Full guide
- Sovereign Risk
- The risk that a government cannot or will not honour its financial obligations. It matters for Sri Lanka Development Bonds specifically: the country restructured its debt in recent years, so current issuance, terms and standing should be confirmed with the Central Bank before planning around bonds.
- Full guide
- Visa Issue Date
- The date the 10-year visa is granted, and the date that starts the clock on the 50% withdrawal right, which becomes available after completion of the first year. Note it the day the visa arrives; counting from the deposit date instead is a common and costly confusion.
- Full guide
- Withdrawal Right
- The published rule that up to 50% of the minimum investment may be withdrawn after the first year from the visa issue date, with the full deposit released if the visa is cancelled on written request. Together these make the Sri Lankan programme unusually capital-preserving.
- Full guide
- Tax Residency
- A status determined by physical presence and personal circumstances under each country’s tax law, separate from holding a visa. A Golden Visa holder is not automatically Sri Lankan tax resident, and moving abroad does not automatically end tax residency at home. The two systems run on their own rules.
- Full guide
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