- Permitted Credits/Debits
What is it?
The Special Foreign Investment Deposit Account (SFIDA) has been specially-designed for citizens of foreign countries, Sri Lankan citizens residing outside Sri Lanka, corporate bodies incorporated outside Sri Lanka and for foreign institutional investors to fulfill their investment purposes.
- Citizens of foreign countries residing outside Sri Lanka
- Sri Lankan citizens residing outside Sri Lanka
- Corporate bodies incorporated outside Sri Lanka
- Foreign institutional investors such as country funds, mutual funds and regional funds
Types of Accounts
- An account can be opened in the form of a Time Deposit or a Savings Deposit in designated foreign currencies or in Rupees.
- Inward remittances received from abroad through the banking system for investment in such deposits.
- Foreign currency in the form of traveler’s cheques, bank drafts or currency notes brought into the country by the account holder after declaration to Sri Lanka Customs etc.
- Interest accrued on the funds held in the account.
- Transfers from other SFIDA accounts of the same account holder.
- Transfer of funds from a Securities Investment Account (SIA) into a SFIDA of the same account holder.
- Transfer of funds from accounts maintained in Off-Shore units of the same non-resident account holder.
- Outward remittances
- Transfers to other SFIDA accounts of the same account holder.
- Local disbursements in Sri Lankan Rupees by the account holder in Sri Lanka.
- Applicable statutory payments.
- Transfer of funds to a Securities Investment Account (SIA) of the same account holder.
- Transfer of funds to the accounts maintained in Off-Shore Units of the same non-resident account holder.
What are the benefits?
- Accounts may be held jointly with two or more eligible investors
- Statements of accounts will be dispatched to the account holders on a quarterly basis.
- A fixed deposit receipt will be issued in the designated currency for fixed deposit accounts.
- SFIDA accounts are exempted from Income Tax, Withholding Tax and Debit Tax.
* Conditions apply