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  • Overview
  • Permitted Credits/Debits
  • Benefits

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.

For whom?

  • 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.

Permitted Credits

  • 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.

Permitted Debits

  • 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