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The Cabinet has decided to approve the Special Deposits Account Act to grant residency visas for foreign individuals who remit over USD 300,000.

Accordingly, an individual who remits the said amount will be granted 10 years’ residency visa provided that he or she maintains a minimum balance of USD 300,000 throughout the 10 years.

“Expenses of such persons would create a demand for our products and services such as hotels, recreation and transport and encouraging them to start ventures in these countries will provide employment opportunities as well as business partners for Sri Lankans,” the proposal said.

However, it also said that the visa holders would not be entitled for employment in Sri Lanka.