Exploring the Offshore Potential of Sri Lanka: An Introduction

[fardreamed]

Greetings OffshoreCorpTalk community,
My name is Fardreamed, and I'm excited to delve into discussions surrounding the offshore potential of Sri Lanka.

As a resident of this beautiful country, I've noticed a lack of dialogue regarding its suitability for offshore corporations, residential visas, and tax advantages.

Despite past economic challenges, Sri Lanka offers a wealth of opportunities that often go unnoticed. Over the years, I've witnessed a growing influx of digital nomads, businesses, and tourists taking advantage of the relaxed regulatory environment here.

However, amidst the rumors and misconceptions, I believe it's time to shed light on the true potential of this hidden gem.

Contrary to popular belief, establishing a foreign-owned business, obtaining residency without hefty investments, securing bank accounts, and enjoying low-income tax rates are not only feasible but also relatively cheap to obtain if you know how..

I'm eager to share my insights, dispel myths, and connect with like-minded individuals who are interested in exploring the untapped potential of Sri Lanka's offshore landscape.

Looking forward to engaging discussions and fruitful exchanges.

Best regards,

Fardreamed

 

[jafo]

Welcome!

Please, go on... we're listening

 

[Nomado]

Welcome man.
Very interesting, I went to Sri Lanka and enjoyed the vibes there, quite a diverse country.
When I visited the idea of becoming resident actually accured to me. Could you tell us how it happened for you?

 

[Frank in Bangkok]

Ceylon culture is what? mostly Hindu, or mostly Buddhist?
And some Moslem mixed in, or not?
So they will NOT have a foundation of careful planning and logical reasoning that we expect and assume in Western and semi-Western countries.

When I moved to Thailand, I was not at all prepared for that huge difference in culture.
And it hit me hard on many occasions until I figured that "they" think very differently than "we" do.

Have you experienced anything similar in Ceylon.
Or not yet?
(If not yet, I predict you will, especially in your business dealings, and I hope you'll write here about what happens.)

 

[fardreamed]

Thanks y’all for sharing your thoughts and inquiries regarding Sri Lanka.

Becoming a resident in Sri Lanka was a relatively smooth process for me due to the fact that I knew the right people.

The country offers various visa options, but since I was not willing to invest 100k USD and get them converted into LKR rupies I went for a different route.

Personally, I found the process streamlined and accessible, especially with the assistance of knowledgeable professionals. Just keep in mind, things work by favours and knowing the right people.

In terms of culture, Sri Lanka is predominantly Buddhist, with a rich tapestry of cultural influences that make it truly unique. However, it's important to note that doing business here differs significantly from Western norms. Communication often takes place through platforms like WhatsApp rather than email, and relationships play a crucial role in business dealings.

Networking and personal connections can sometimes outweigh formalities, which can be a “refreshing” change but also require adjustment.

In my experience by running an online marketing agency for the European market from Sri Lanka, I've learned to navigate these cultural nuances while appreciating the country's stunning landscapes and vibrant beaches.

I hope reading between the lines is understandable.

 

[polonieth]

Thanks y’all for sharing your thoughts and inquiries regarding Sri Lanka.

Becoming a resident in Sri Lanka was a relatively smooth process for me due to the fact that I knew the right people.

The country offers various visa options, but since I was not willing to invest 100k USD and get them converted into LKR rupies I went for a different route.

Personally, I found the process streamlined and accessible, especially with the assistance of knowledgeable professionals. Just keep in mind, things work by favours and knowing the right people.

In terms of culture, Sri Lanka is predominantly Buddhist, with a rich tapestry of cultural influences that make it truly unique. However, it's important to note that doing business here differs significantly from Western norms. Communication often takes place through platforms like WhatsApp rather than email, and relationships play a crucial role in business dealings.

Networking and personal connections can sometimes outweigh formalities, which can be a “refreshing” change but also require adjustment.

In my experience by running an online marketing agency for the European market from Sri Lanka, I've learned to navigate these cultural nuances while appreciating the country's stunning landscapes and vibrant beaches.

I hope reading between the lines is understandable.

Is ChatGPT available to the Sri Lankan market?

 

[fardreamed]

Is ChatGPT available to the Sri Lankan market?

404 error - can’t reply to this message due to insufficient context.

 

[jafo]

Just keep in mind, things work by favours

So for free?

The original meaning of favour/favor has always been WITHOUT remuneration. Is it really free? They expect NOTHING in return?

Becoming a resident in Sri Lanka was a relatively smooth process for me due to the fact that I knew the right people.

Are you promoting your connections or will you provide these services and take responsibility for them?

knowing the right people

So, how does a member on OCT go about "knowing the right people?"

 

[privacyinc]

Sri Lanka sound very interesting, especially with new european laws regulating crypto. So might be good to have an home base outside of europe. Do you have any experience with crypto and can you explain a little bit more on how you obtained the residency in sri lanka?

 

[fardreamed]

Is ChatGPT available to the Sri Lankan market?

404 error - can’t reply to this message due to insufficient communication

So for free?
View attachment 6506

The original meaning of favour/favor has always been WITHOUT remuneration. Is it really free? They expect NOTHING in return?


Are you promoting your connections or will you provide these services and take responsibility for them?


So, how does a member on OCT go about "knowing the right people?"

As everyone sees, I’m a new Member and didn’t buy the Gold Rank. So obviously I can’t openly discuss services.

On a serious note, if someone is interested in Sri Lanka as a Corporate/Residency hub I’m eager to answer all questions, without publicly name dropping for obvious reasons.


Regarding the question of Service, I can in alignment wit T&Cs of this Forum provide services and be responsible for them.

First, I would like to discuss the options and Interest in this forum regarding this.
In alinement wit T&Cs of this Forum obviously.

So for free?
View attachment 6506

The original meaning of favour/favor has always been WITHOUT remuneration. Is it really free? They expect NOTHING in return?


Are you promoting your connections or will you provide these services and take responsibility for them?


So, how does a member on OCT go about "knowing the right people?"

Knowing me.

 

[polonieth]

404 error - can’t reply to this message due to insufficient communication

As everyone sees, I’m a new Member and didn’t buy the Gold Rank. So obviously I can’t openly discuss services.

On a serious note, if someone is interested in Sri Lanka as a Corporate/Residency hub I’m eager to answer all questions, without publicly name dropping for obvious reasons.


Regarding the question of Service, I can in alignment wit T&Cs of this Forum provide services and be responsible for them.

First, I would like to discuss the options and Interest in this forum regarding this.
In alinement wit T&Cs of this Forum obviously.


Knowing me.

So, let's just assume residency is obtainable.

What are the benefits of Sri Lanka residency? And drawbacks?

 

[fardreamed]

Sri Lanka sound very interesting, especially with new european laws regulating crypto. So might be good to have an home base outside of europe. Do you have any experience with crypto and can you explain a little bit more on how you obtained the residency in sri lanka?

For obvious reasons I’m not name dropping in a public forum.

Yes, I do have some crypto experience.
Probably not as much as you do, since you ask.
In SL you can exchange at some places.
Even the Only licenced Casino here takes Crypto. Last time it was Tron in ETH Chain for some reason.

I got my residency by building an Online Marketing Agency as an LTD. What was important for me, 100% ownership.

With that first, you can’t import/export physical goods out of this country but anything else which doesn’t need special regulations. FX/Crypto can be written into your Article of Association with the correct wording.

Residency you get after providing some documentation, plan of action, employing a company secretary and optimal other people, so ur Company Bank account has some movement and you bring “value” to the country.

I hope this makes kinda sense, but you can send me a PM for more infos.

 

[jafo]

So, let's just assume residency is obtainable.

What are the benefits of Sri Lanka residency? And drawbacks?

(1) Sri Lanka - Individual - Taxes on personal income

(2) default

(3) and for the pièce de résistance: Tax_Chart_2223

Caveat Emptor!

PS. For context, I have 2 large clients (one buyer of X and one buyer of Y) and one supplier (of Z) in Sri Lanka.

PSS. Also, due to the current climate, read this: Enforcement Case of the Month: Hamilton Reserve Bank v. Sri Lanka – Even Better for Sovereigns Than an International Bankruptcy Regime?

 

[Sols]

you can send me a PM for more infos.

That's how you end up with warnings/banned, unfortunately, as it sounds like you're trying to engage in some sort of marketing. If you have something tangible to share, please do so. You won't get far by just encouraging people to PM you.

 

[fardreamed]

So, let's just assume residency is obtainable.

What are the benefits of Sri Lanka residency? And drawbacks?

I initially started posting here since I saw everyone talking about Caribbean,Latin residencies.

Benefits? I would say it’s dead as cheap to set up. Couple grand at most.

I run SL as a primary residence after signing off everything in the EU.
That doesn’t mean I have to be here but for the 6% income tax it’s worth it.

Or where you referring to the local rates you get from hotels like Hilton or Marriot ?

Convertible drivers license is also available but it takes 3 months tho with Residency visa.

That's how you end up with warnings/banned, unfortunately, as it sounds like you're trying to engage in some sort of marketing. If you have something tangible to share, please do so. You won't get far by just encouraging people to PM you.

Thought so.
But should I share now publicly the names of Law firms and Companies which can get you LTD + Residency + Bank Account + Drivers License?

 

[jafo]

That doesn’t mean I have to be here but for the 6% income tax it’s worth it.

 

[fardreamed]

View attachment 6507

View attachment 6508

Not if you employ yourself as a Consultant. Then 6% has no limit.

 

[Sols]

But should I share now publicly the names of Law firms and Companies which can get you LTD + Residency + Bank Account + Drivers License?

Yes, please. As long as you aren't advertising, we encourage naming service providers so that other members can start doing their own due diligence and research.

 

[fardreamed]

Yes, please. As long as you aren't advertising, we encourage naming service providers so that other members can start doing their own due diligence and research.

Sure let me name drop and let u guys get the souce because I’m not buying the premium rank. Basically means I can avoid your due diligence by paying 100$ a month.

 

[daniels27]

Sure let me name drop and let u guys get the souce because I’m not buying the premium rank. Basically means I can avoid your due diligence by paying 100$ a month.

No, the problem is that there are many dudes here (remember the guy from Hong Kong) that register here and then search for any posts mentioning Hong Kong. They then spam all of the answers and suggest that they offer their private services to make money. You can do this, but only if you pay and as long as the forum does not become a classified ads page.

That's how you end up with warnings/banned, unfortunately, as it sounds like you're trying to engage in some sort of marketing. If you have something tangible to share, please do so. You won't get far by just encouraging people to PM you.

Not sure, but I think he is not selling anything, but actually trying to help for free. I once was in this situation too in regards to Swiss accountants. I am happy to share the details for free as this forum is not where my money comes from. But then, at the same time, we do not want this stuff freely available for obvious reasons. Hence, we probably need to post it in the mentor group gold?