Sri Lanka cabinet approves Special Deposit Account Act for foreign nationals

Aug 10, 2016 (LBO) – Sri Lanka’s cabinet has decided to approve the Special Deposits Account Act to grant residency visas for foreign individuals who bring a large amount of foreign exchange into the country, a statement on cabinet decisions said.

“Under the proposed act individual who remits 300,000 US dollars will be granted 10 years residency visa and a minimum balance of 300,000 dollars should be maintained throughout the 10 years,” it said.

Expenses of such persons would create a demand for our products and services such as hotels, recreation and transport and encouraging them to start ventures in these countries will provide employment opportunities as well as business partners for Sri Lankans, the proposal said.

These visa holders will not be entitled for employment in Sri Lanka.

Accordingly, the proposal made by Ravi Karunanayake, Minister of Finance, to direct the Legal Draftsman to draft the proposed Special Deposit Account Act.