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Investors willing to fork out over $300,000 through a special deposit account will be granted a 10-year residency, in a fresh effort by the Finance Ministry to attract much-needed foreign exchange to Sri Lanka.
The Special Deposit Account Act is expected to find its way to Parliament over the next few weeks to enable the Government to establish Special Deposit Accounts that could be used by foreigners or the diaspora community. If parents of a family remit $ 600,000 to the account, any children below 18 years of age will also be granted visa to accompany their parents.
Depositors must maintain a minimum balance of $ 300,000 in the special accounts for the entire duration of the 10 years, the Cabinet paper said.
However, the new measure, which has already received Cabinet approval, stops short of allowing depositors to work in Sri Lanka. Work permits have to be obtained separately from the Immigration or Emigration Department. Nonetheless the Government plans to encourage them to start a business in Sri Lanka with their private capital to generate employment and create partnership opportunities with local companies.
Cabinet approval was also given this week for two other proposals of Finance Minister Ravi Karunanayake. The Finance Ministry seeks to establish an agency for restructuring financial assets of failing finance companies. The agency includes preparing a legal framework on recapitalizing and restructuring troubled finance companies.
Under the second Cabinet paper the Finance Ministry will set up a performance and efficiency management unit to review efficiency and productivity of funds released by the Treasury to ministers, departments and public enterprises. (UJ) - See more at: http://www.ft.lk/article/560806/Cabinet-green-lights-new-laws-for-Financial-City#sthash.Ua4ANrXQ.dpuf
The Special Deposit Account Act is expected to find its way to Parliament over the next few weeks to enable the Government to establish Special Deposit Accounts that could be used by foreigners or the diaspora community. If parents of a family remit $ 600,000 to the account, any children below 18 years of age will also be granted visa to accompany their parents.
Depositors must maintain a minimum balance of $ 300,000 in the special accounts for the entire duration of the 10 years, the Cabinet paper said.
However, the new measure, which has already received Cabinet approval, stops short of allowing depositors to work in Sri Lanka. Work permits have to be obtained separately from the Immigration or Emigration Department. Nonetheless the Government plans to encourage them to start a business in Sri Lanka with their private capital to generate employment and create partnership opportunities with local companies.
Cabinet approval was also given this week for two other proposals of Finance Minister Ravi Karunanayake. The Finance Ministry seeks to establish an agency for restructuring financial assets of failing finance companies. The agency includes preparing a legal framework on recapitalizing and restructuring troubled finance companies.
Under the second Cabinet paper the Finance Ministry will set up a performance and efficiency management unit to review efficiency and productivity of funds released by the Treasury to ministers, departments and public enterprises. (UJ) - See more at: http://www.ft.lk/article/560806/Cabinet-green-lights-new-laws-for-Financial-City#sthash.Ua4ANrXQ.dpuf
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