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Finance Minister Ravi Karunanayake last week said that Resident visas will be granted to foreign individuals who bring substantial sums of foreign exchange into the country.

Accordingly, under the proposed act, an individual who remits USD 300,000 will be granted 10 years residency while a minimum balance of USD 300,000 should be maintained throughout the 10 years.

Such visa holders will not be permitted to work in Sri Lanka but will be encouraged to start businesses here. It will create employment opportunities for Sri Lankans or the possibility of working as business partners.

The legal draftsman will draft the Proposed Special Deposit Account Act for which the proposal was made by Finance Minister Ravi Karunanayake, said Minister of Parliament Reforms and Mass Media Gayantha Karunathilaka.