Migration Allowance

1. Eligibility

1.1The following individuals are eligible to open and maintain Capital Transaction Rupee Accounts (CTRAs) in respect of transfer the migration allowance:

  1. An individual Sri Lankan, Permanently Residing outside Sri Lanka
  2. A Sri Lankan dual-citizen
  3. Sri Lankan origin foreign national
  4. A minor resident outside Sri Lanka who are nationals of Sri Lanka or of Sri Lankan origin

1.2 The above individuals are eligible for the migration allowance as follows:

  1. An initial migration allowance of USD 200,000 per individual aged 18 years and above
  2. An annual migration allowance of USD 30,000 after 12 months from the full utilization of the initial migration allowance

1.3 The migration allowance includes proceeds realized from the sale of movable and immovable property, tangible and intangible assets owned by the emigrant and gifts received by the emigrant from the spouse and parents. Assets may include the value of precious stones, precious metals, personal jewellery and other assets held in Sri Lanka including estates inherited as beneficiaries.

2. Procedure to Obtain the Migration Allowance

In issuing the migration allowance, the following information/documentation shall be submitted to the Authorized Dealer, applicants are requested to contact any Licensed Commercial Banks (LCBs) in this regards:

  1. A formal request from emigrant (ADs are advised to maintain a format).

  2. Documents to prove the PR, Citizenship (if any) and Dual Citizenship (if any).

  3. Valid documents to prove the sources of funds (Gifts from applicant’s parents or spouse can be accepted as sources of funds provided that the applicant submits the consent letter signed by the grantor along with the certified copies of birth certificate or marriage certificate, as applicable).

  4. A Original tax clearance certificate from the Commissioner General of Inland Revenue Department of Sri Lanka for the amount to be remitted.

  5. An affidavit duly stamped and attested by a Justice of Peace/ Commissioner of Oaths/ solicitor, declaring that no transfers has been made or will be made in excess of the initial allowance of USD 200,000 and the annual allowance of USD 30,000 as applicable. If any migration allowance has been availed prior to the date of declaration, it should be declared.

  6. Copies of all pages of the emigrant’s Sri Lankan passports which were used at the time of obtaining PR and subsequently held to date.

  7. A copy of one way air ticket (at the initial departure).

  8. A copy of emigrant’s power of attorney (where applicable).

  9. A duly filled Form 4 (all the information shall be dully filled in this regard).

  10. Other than above Authorized Dealers may obtain any document in order to adhere their internal procedures.

Notes  

  1. All copies of the supporting documents regarding migration allowance are required to be certified by a Justice of Peace/Commissioner for Oaths as true copy of original.
  2. If an applicant is unable to submit any Sri Lankan passport that he/she had at the time of obtaining PR and held to date, he/she will not be eligible for initial migration allowance of USD 200,000 and only be eligible for the annual allowance of USD 30,000.

Special Notes to Applicants

  1. Current income (including interest, rent, dividends, lease rentals, profits, pension) and superannuation benefits (EPF, ETF, and gratuity) of the emigrant shall be credited to the CTRA and could be transferred apart from the migration allowance without obtaining prior approval of the Director-Department of Foreign Exchange to an account maintained outside Sri Lanka.
  2. When a resident makes the decision to migrate on a PR, he/she should surrender and cancel the Electronic Fund Transfer Cards issued to him by the banks in Sri Lanka (including debit cards and credit cards).
  3. At the time of obtaining the migration allowance, the emigrants shall convert all his/her Rupee accounts into NRBAs and/or a MBA, as applicable.
  4. Ensure that you secure all your Sri Lankan passports held from the time of migration, as they are essential in applying for the migration allowance.
  5. In addition to the above mentioned documents/procedures, DFE may require other documents/procedures, in certain instances.