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Foreigners can open accounts with US$500,000

9 June 2017 09:10 am - 8     - {{hitsCtrl.values.hits}}

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The government is reported to have prepared legislation to permit foreign nationals to open foreign currency accounts in Sri Lanka with a minimum deposit of US$500,000 or more.

The legislation titled ‘Special Deposit Account’ has been gazetted. In addition to US dollars, the other permitted foreign currencies for such purposes are sterling pounds, Swiss francs, Australian dollars, Singapore dollars, Canadian dollars, Japanese Yen, and Euros for the equivalent of USD500,000.

Apart from these seven currencies, the subject minister will be authorised to approve other currencies where necessary.

Meanwhile, foreign nationals including dual citizens opening such accounts will be granted resident visas while their spouses will be issued resident visas if an additional US$300,000 is deposited and their children if minors will be entitled to stay in Sri Lanka during the validity period of the deposit accounts. Account holders will not be allowed to engage in any paid employment in the country while the interest income on these accounts will be exempted from any tax or levy.

The Exchange Control Act will not apply to such accounts. (Kelum Bandara)

  Comments - 8

  • lkboy Friday, 09 June 2017 12:32 PM

    So we are the new destination for black money deposits? Still this might be good for us.

    Kale Friday, 09 June 2017 01:27 PM

    Who other than criminals or drug traffickers would want to lodge money like this in a SL bank account?Better living elsewhere.

    Hiran Friday, 09 June 2017 02:37 PM

    A very good move! In fact, this should have done in late 1970s. Remember to add Chinese Yuan to the list too.

    Aussie Friday, 09 June 2017 10:08 AM

    Look like,Harsha de Silva has kicked off his task. Good job, keep it up. Sri Lanka must have people like you. We are really proud of you. Ranil has got the genuine helping hand. Country is marching towards the sustainable development.

    ceylon Friday, 09 June 2017 10:16 AM

    if want to find realy stupid countryit is srilanka.to get tempary livi g here asking 500000.if ibvest it in canadacan apply pernenent residencyin 3 years citizen. via DM Android App

    Kamal Friday, 09 June 2017 10:28 AM

    Given the govts track record with NRFC accounts, who will want to open foreign currency accounts here.

    Nihal Amarasekera Friday, 09 June 2017 10:34 AM

    Hard chase for money by hook or by crooked design; sign of bankruptcy??

    Hadam Friday, 09 June 2017 12:22 PM

    Desperation. Ravi K's legacy.


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