A proposal made by the Finance Ministry to grant residency visas of 10 years for foreigners who remit 300,000 USDs was approved by Cabinet.
Cabinet Spokesman Minister Rajitha Senaratne said it was a proposal in the 2016 Budget to grant residency visa to foreign individuals who bring a large amount of foreign exchange into the country.
“It is essential to introduce the Special Deposits Account Act to implement this proposal. Finance Minister Ravi Karunanayake made the proposal to direct the Legal Draftsman to draft the proposed Act,” he said.
Under the proposed Act, an individual who remits 300,000 USDs will be granted 10 years residency visa and the minimum balance of 300,000 USDs should be maintained throughout the 10 years.
However, these visa holders would not be entitled to be employed in Sri Lanka.