The Cabinet nod has been given to draft the proposed Special Deposit Account Act which can grant the residency visa to foreign individuals who bring a large amount of foreign exchange into the country.
Under the proposed act individual 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.
“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 Minister Ravi Karunanayake, to direct the Legal Draftsman to draft the proposed Special Deposit Account Act, was approved by the Cabinet of Ministers,” the govt. announced.