Opening a Foreign Currency Account in SL Banks with USD500,000 or Equivalent

The government of Srilanka is reported to have been preparing legislation to permit foreign nationals to open foreign currency accounts called ‘Special Deposit Account’ in Sri Lanka with a minimum deposit of US$500,000 or more. The other permitted foreign currencies for such purposes are sterling pounds, Swiss francs, and Australian dollars, In addition the subject minister will be authorized to approve other currencies whenever necessary arise.

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. However, account holders will not be allowed to engage in any paid employment in the country. The interest income on these accounts will be exempted from any tax or levy. The Exchange Control Act will not apply to such accounts.