Bank Accounts

IIA is a special account designated for eligible investor’s resident in or outside Sri Lanka to route funds to invest in the permitted investments. Licensed Commercial Banks and Licensed Specialized Banks (as permitted) are permitted to open and maintain IIA in the Domestic Banking Unit of a Licensed Commercial Bank and Licensed Specialized Banks (as permitted)  in the name of the eligible investor, subject to the terms and conditions stipulated in the Government Gazette bearing no. 2045/56 dated 17.11.2017 and the Direction No. 13 of 2017 under Foreign Exchange Act, No. 12 of 2017.  IIA may be maintained in Sri Lanka rupees or in any designated foreign currency and may be held jointly by eligible investors.

OIA is a special account designated for persons resident in Sri Lanka to channel funds abroad for eligible overseas investments such as investment in Shares, Units, Debt Securities, Sovereign Bonds and establishing of overseas company of a company incorporated in Sri Lanka.  Licensed Commercial Banks  are permitted to open and maintain OIA in the name of resident investors in the Domestic Banking Unit of a Licensed Commercial Bank in any designated foreign currency subject to the terms and conditions stipulated in the Government Gazette bearing no. 2045/56 dated 17.11.2017 and the Direction No. 14 of 2017 under Foreign Exchange Act, No. 12 of 2017.   

Individuals whether citizens or non-citizens and residents or non-resident in Sri Lanka (may be held as sole or joint accounts with another eligible person) are eligible to open and maintain PFCAs as Current (without cheque drawing facility), Savings or Term Deposit accounts in any designated foreign currencies in the Domestic Banking Unit of a licensed commercial bank or Restricted Dealers, to the extent specified in its respective authorization and/or permission subject to the terms and conditions stipulated in the Direction No. 03 of 2017 under Foreign Exchange Act, No. 12 of 2017.

Individuals or business entities resident in Sri Lanka are eligible to open and maintain BFCAs as Current (without cheque drawing facility), Savings or Term Deposit accounts in any designated foreign currencies in the Domestic Banking Unit of a licensed commercial bank or Restricted Dealers, to the extent specified in its respective authorization and/or permission subject to the terms and conditions stipulated in the Direction No. 04 of 2017 under Foreign Exchange Act, No. 12 of 2017.

Introduced for non-resident individuals and business entities including foreign banks to made transactions in Sri Lanka. Further, Sri Lankan emigrants, Non-Nationals resident outside Sri Lanka or Sri Lankan dual citizens can transfer their eligible migration allowances to a PFCA, IIA or to an account maintained outside Sri Lanka through CTRA.

  1. An investor is required to remit a sum of USD 250,000 or an equivalent amount in any designated foreign currency for the investment and USD 35,000 per person for living expenses in Sri Lanka of the investor and each dependent accompanying the investor.
  2.  Professionals intending to reside in Sri Lanka are required to remit USD 2,000 per month for living expenses and USD 1,000 per month for each dependent including spouse.
  3. Foreign Investors or Professionals are eligible to open and maintain RGFCAs in any designated foreign currencies in the Domestic Banking Unit of a licensed commercial bank or Restricted Dealers, to the extent specified in its respective authorization and/or permission subject to the terms and conditions stipulated in the Direction No. 06 of 2017 under Foreign Exchange Act, No. 12 of 2017.

  1. A foreign national is required to remit minimum of USD 15,000 or an equivalent amount in any designated foreign currency and deposit such funds in a fixed deposit to obtain residence visa under “Sri Lanka - My Dream Home Programme” and USD 1,500 per month for living expenses and USD 750 per month for each dependent including spouse
  2. Senior foreign nationals who are over 55 years f age are eligible to open and maintain SFNSAs in any designated foreign currencies in the Domestic Banking Unit of a licensed commercial bank or Restricted Dealers, to the extent specified in its respective authorization and/or permission subject to the terms and conditions stipulated in the Direction No. 07 of 2017 under Foreign Exchange Act, No. 12 of 2017.

Foreign citizens who holds a diplomatic passport/non diplomatic passport and has been exempted from the requirement of obtaining resident visa issued by the Department of Immigration and Emigration (may be held as sole or joint accounts with another eligible person) are eligible to open and maintain DFAs and DRAs in any designated foreign currencies (only for DFAs) or Sri Lanka Rupees (only for DRAs)  in the Domestic Banking Unit of a licensed commercial bank or Licensed Specialized Banks and Restricted Dealers, to the extent specified in its respective authorization and/or permission subject to the terms and conditions stipulated in the Direction No. 05 of 2017 under Foreign Exchange Act, No. 12 of 2017.