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LEGAL INSIGHTS

Migration Allowances granted to Sri Lankan resident overseas – New Exchange Control Regulations

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Author
DDesaram
Category
Blog
Published
January 30, 2018
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Sri Lankan nationals who have obtained PR or Citizenship in another country, including dual citizenship are eligible for migration allowances (Migration Allowance) which include proceeds realized from sale of movable and immovable property, tangible and intangible assets owned by them.

The migration allowances are subject to the following prescribed limits (Prescribed Limits):

    1. An initial migration allowance of USD 200,000 per individual aged 18 years and above
    1. An annual migration allowance of USD 30,000. The first such annual allowance is transferable after a lapse of 12 months from the full utilization of the initial allowance of USD 200,000.

Interest income, dividends, pension, lease rentals, profits and superannuation benefits can be repatriated as Migrations Allowance subject to the Prescribed Limits.

Migration Allowance is required to be repatriated through a Capital Transaction Rupee Account (CTRA) established by such person with a licensed Commercial bank.

Migration Allowance can be transferred from a person’s CTRA to his/her Personal Foreign Currency Account and/or Inward Investment Account (IIA) in Sri Lanka or transferred to his/her bank account maintained outside Sri Lanka.

Learn more about Foreign Exchange Law in Sri Lanka

Further Context

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