Aug 10 (NIA) – The Sri Lankan government on Wednesday said that foreign individuals who remit over US$ 300,000 into the country will be granted 10 years residency visa in Sri Lanka.
Media Minister Gayantha Karunathilleke told journalists in capital Colombo that it had been proposed by the budget 2016 to grant residency visa to foreign individuals who bring a large amount of foreign exchange into the country and it is essential to introduce the Special Deposits Account Act to implement that proposal.
“Under the proposed act, individuals who remits US$ 300,000 will be granted 10 years residency visa and a minimum balance of US$ 300,000 should be maintained throughout the 10 years,” the Minister 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. These visa holders will not be entitled to be employed in Sri Lanka.”
Accordingly, the proposal made by Ravi Karunanayake, Sri Lanka’s Minister of Finance, to direct the Legal Draftsman to draft the proposed Special Deposit Account Act, was approved by the Cabinet of Ministers,” Karunathilleke said.