COLOMBO, Aug. 10 (Xinhua)-- The Sri Lankan government announced on Wednesday that foreign individual who remit over 300,000 U.S. dollars will be granted 10 years residency visa in Sri Lanka.
The government said that it had been proposed in the 2016 budget to grant residency visa to foreign individuals who bring a large amount of foreign exchange into the country.
A proposal made by Finance Minister Ravi Karunanayake to direct the legal draftsman to draft the proposed special deposit account act, was approved by the cabinet of ministers, the government said.
Under the proposed act individual who remit 300,000 dollars will be granted 10 years residency visa and a minimum balance of 300,000 dollars should be maintained throughout the 10 years.
The government said expenses of such persons would create a demand for products and services such as hotels, recreation and transport.
According to the government, encouraging foreigners to commence ventures in Sri Lanka will provide employment opportunities as well as business partners for Sri Lankans.
The government however said that the visa holders will not be entitled to be employed in Sri Lanka.