Offers you an account which can be maintained in foreign currency and /or Sri Lankan rupee at attractive rates and is exempted from local taxes.
- Investments can be maintained in Sri Lankan Rupee accounts or Foreign Currency accounts in US Dollar, Sterling Pound, Euro, Japanese Yen, Australian Dollar, Canadian Dollar, Singapore Dollar & New Zealand Dollar
- Exempt from Government Taxes (Income Tax & Withholding Tax)
- Freely convertible to any designated foreign currency at prevailing exchange rates at the time of conversion
- Repatriable to an overseas account of the same account holder under established guidelines (with no need for prior approval from Exchange Control Department – CBSL)
- Click to view terms and conditions
- Citizens of foreign states resident outside Sri Lanka
- Non- resident Sri Lankans
- Dual citizens who receive inward remittances
- Corporate bodies incorporated outside Sri Lanka
- Foreign institutional investors (Country funds, Regional funds or Mutual funds)
Accounts can be maintained in both Savings Accounts and Fixed Deposits. SFIDA can be held individually or jointly provided the joint applicant qualifies under above criteria.
- Proceeds of inward remittances received from overseas via a recognized banking system for the purpose of investment in SFIDA.
- Transfers from SFIDAs maintained under own name, held in the same bank or different banks irrespective of currency type
- Transfers from FCBU account(s) maintained under own name, held in the same bank (i.e. for FCBU accounts opened by Foreign Nationals & Companies incorporated outside Sri Lanka)
- Foreign Currency in the form of Currency notes and/or bank drafts brought into the country by the account holder during his/her temporary visits to Sri Lanka. These Currency notes & bank drafts should be issued by banks outside Sri Lanka and the bank drafts should be endorsed in the name of the account holder (Sri Lanka Customs Declaration has to be submitted to the bank when depositing currency notes to the equivalent value of USD 10,000/- & above)
- Interest accruing on the funds held in the account.
- Transfer of funds from a Securities Investment Account (SIA) into a SFIDA of the same account holder
- Repatriation of funds via outward remittances to an overseas account of the same account holder
- Transfers to other SFIDAs maintained under own name, held in the same bank or different banks irrespective of currency type
- Transfers to FCBU account(s) maintained under own name, held in the same bank (i.e. for FCBU accounts opened by Foreign Nationals & Companies incorporated outside Sri Lanka)
- Withdrawals could be made in Sri Lankan Rupees for local expenses etc., within the country provided that such withdrawals shall not be re-credited to SFIDA.
- Any other local disbursements (where such funds cannot be re-credited to SFIDA)
Documents will differ from Individuals to Corporate Bodies to Institutional Investors
- Copy of your passport (pages with photograph, validity, signature, additional details/ extensions & visa (where applicable) )
- Valid proof of address (recent copy of utility bill, other bank statement etc) and/or Employment Contract
- Mandate & other relevant bank documents (General Business Conditions, Internet Banking Application, Indemnity Form) duly completed and signed
Note: Supporting documents such as copies of passport & proof of address has to be certified “Original Seen” by a Notary Public before it is sent to the Bank along with the Mandate
- Certificate of Incorporation
- Memorandum (as appropriate) and Articles of Association
- Certified extract of the Resolution of the Board of Directors (General format can be obtained from the bank)
- List of Directors, issued by the Registrar of Companies (of the country which the company is incorporated)
- Document certifying the registered address of the Company
- Relevant Mandate duly completed and signed by the Chairman/Director and Company Secretary (Mandatory to ensure all Directors & Authorized Signatory’s Names, Addresses, Designations & Signatures should be recorded on pages 2, 3 of the Company Mandate as indicated)
- Clear copies of Passports of all Directors & Authorized Signatories (page(s) with photograph, validity, signature additional details etc)
- Letter of Introduction from the company’s banker overseas (Optional)
Note: All aforesaid supporting documents have to be certified by the company secretaries and sent to the Bank along with the Mandate.
Restrictions on SFIDA
- No transfer of funds are permitted between SFIDA & SIA maintained under own name, held in the same bank or different banks
- No transfer of funds are permitted between SFIDA & NRFC, RFC, RNNFC, RANSI and or any other account (unless otherwise specified by Exchange Control Department –CBSL) maintained under own name, held in the same bank or different banks
- Repatriation of SFIDA funds direct to overseas third parties is not permitted
- Proceeds realized from sale of properties in Sri Lanka cannot be credited to SFIDA
- Share proceeds inclusive of capital gains realized from sale of shares of companies in Sri Lanka cannot be credited to SFIDA
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