Cabinet Has Given Approval To Draft A Special Deposit Account Act Which Target The Foreigners

The Cabinet has given the approval to draft the Special Deposit Account Act which allowes to    grant residency visas for foreigners who bring a large amount of foreign money to Sri Lanka .

Accordingly under the proposed act a foreigner who bring US 300,000 to Sri Lanka will be given 10 year residency visa the Government has announced.

Howver according to the proposal made by Finance Minister Ravi Karunanayake to draft the above mentioned act these residency visa holders will not entitled to employed in Sri Lanka.Through these foreigners who bring a large amount of foreign money to Sri Lanka a demand will create for products and services here and as a result it will provide employment opportunities and business parrtners for Sri Lanka the government has stated.