Technical article
A 2017 Residency Proposal, and Why a Proposal Is Not a Rule
Is it a rule today, or only a plan that was once published?
Picture a couple named Paul and Diane. They find an old article about a ten-year Sri Lankan residence visa for people who deposit money in a local bank. It sounds like what they want. Is it a rule today, or only a plan that was once published?
I went to the government's own pages to see. The short answer is that one official document shows the plan clearly, and no official page showing that it became a rule was found.
What the 2017 bill said
The Special Deposit Account Bill appeared in the Government Gazette on 26 May 2017. It was ordered by the Minister of Finance. It was a bill, which means a draft law.
| Item | What the bill said |
|---|---|
| Minimum deposit | "not less than United States Dollars five hundred thousand" (US$500,000) |
| Visa length | "a maximum period of ten years from the date of opening the Account" |
| Spouse | An extra "not less than United States Dollars three hundred thousand" (US$300,000) |
| Children | Visas linked to the holder's, until age 18 or the visa's end |
| Currencies | Pound, euro, Australian dollar, yen, Singapore dollar, Canadian dollar, Swiss franc |
| If the minimum falls below the line | The visa is cancelled after a grace of no more than one calendar month |
By my arithmetic, a couple would have needed US$800,000 on deposit (US$500,000 plus US$300,000).
What the official pages show today
I found two later official pages. Neither confirms the bill as it was written.
The Central Bank published Directions No. 21 of 2021 on Special Deposit Accounts, dated 7 April 2021. It says accounts had to be opened within "twenty four months period from 08 April 2020". It sets a minimum term of six months and extra interest of one percentage point on six-month deposits and two on twelve-month deposits. It states no minimum amount. It does not mention residence visas.
The Department of Immigration and Emigration fee page was last updated on 9 October 2026. It lists a "Residence Guest Scheme" as "extension only". It does not describe a ten-year visa tied to a US$500,000 deposit.
What is left open
- Whether the 2017 bill was passed in the form published. No official page that says was found so.
- Whether any visa with a ten-year term and a US$500,000 deposit is open today.
- What the "Residence Guest Scheme" requires. The fee page names it but gives no terms.
Two readings fit what I found. The bill may have changed before it became law, or it may not have become law. I cannot tell which from official pages.
You could…
- Ask the Department of Immigration and Emigration which residence visas accept new applications today.
- Ask the Central Bank's Department of Foreign Exchange whether the 2017 bill's terms apply to any current account.
- Ask a lawyer in Sri Lanka who works with foreign residents to confirm the current law.
When you find a scheme online, what date would you want on the page before you rely on it?
Figures are estimates for planning, based on public data. Date read: 10 October 2026.
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