Persons Resident in Sri Lanka

 
Resident Foreign Currency Accounts (RFC)

Individuals whether citizens or non citizens resident in Sri Lanka are eligible to open and maintain Resident Foreign Currency (RFC) accounts in designated foreign currencies in the Domestic Banking Unit of a licensed commercial bank or financial institutions which are permitted by the Controller of Exchange to maintain RFC accounts subject to the terms and conditions stipulated in the following operating instructions/directions;

References:

 
Foreign Exchange Earners Accounts (FEEA)

Foreign Exchange Earners Accounts (FEEA) may be opened by residents who earn foreign exchange in any foreign currency in the Domestic Banking Unit of a licensed commercial bank, subject to the terms and conditions stipulated in the following directions;

References:

 
Foreign Currency Accounts for International Service Providers and their Employees (FCAISPE)

Companies and partnerships in Sri Lanka which are qualified for income tax exemptions and engage in the categories of international services and individuals employed by the eligible service providers are eligible to open and maintain Foreign Currency Accounts for International Service Providers and their Employees (FCAISPE) in designated foreign currencies in the domestic banking unit of a licensed commercial bank, subject to the terms and conditions stipulated in the following directions;

References:

 
Outward Investment Account (OIA)

OIA is a special account designated for persons resident in Sri Lanka to channel funds abroad for eligible overseas investments.

Authorised dealers are permitted to open and maintain OIA in the name of resident investors in the Domestic Banking Unit of a licensed commercial bank  subject to the terms and conditions stipulated in the following Directions/Gazettes. 

References:

 
Resident Non National Foreign Currency Accounts (RNNFC)

Non-nationals who are resident, either temporarily or permanently in Sri Lanka on Resident Visas are eligible to open and maintain Resident Non-National Foreign Currency (RNNFC) accounts in the Domestic Banking Unit of a licensed commercial bank subject to the terms and conditions stipulated in the following operating instructions/directions;

References:

 
Resident Guest Scheme – Special Accounts

This scheme has been introduced in 1991 for foreign investors and professionals who would contribute to the economic and socio-cultural development of the country. Under this scheme, foreign investors and professionals are required to remit funds to Sri Lanka for investment purposes and their upkeep in Sri Lanka.

An investor has to remit a sum of USD 250,000 or an equivalent amount in any convertible foreign currency for the investment and USD 35,000 per person for living expenses in Sri Lanka of the investor and each dependent accompanying the investor.

Professionals intending to reside in Sri Lanka have to remit USD 2,000 per month for living expenses and USD 1,000 per month for each dependent including spouse.

Licensed commercial banks are permitted to open and maintain Resident Guest Foreign Currency Accounts (RGFCA) and Resident Guest Rupee Current Accounts (RGRCA) in the Domestic Banking Unit of a licensed commercial bank in the name of an eligible investor / professional subject to the terms and conditions stipulated in the following operating instructions;

References:

 
Senior Foreign Nationals – Special Accounts

The Government of Sri Lanka has decided to welcome senior foreign nationals who wish to prolong their stay in Sri Lanka on Resident Visa under the “Sri Lanka – My Dream Home programme”. This Scheme is open to all senior foreign nationals who are over 55 years of age. Applicants are allowed to bring their spouses and dependents.

For the above purpose, authorized dealers are permitted to open Senior Foreign Nationals – Special Accounts in the domestic banking unit in designated foreign currencies subject to the terms and conditions stipulated in the following directions;

References:

 
Foreign Currency Account for Agents of Foreign Shipping/Air Line (FCAASA)

FCAASA has been introduced as a measure of streamlining the foreign exchange transactions of agents of shipping lines and airlines operating in Sri Lanka. FCAASA shall be opened in addition to the rupee account maintained by the agent with the same authorized dealer, on behalf of the same foreign principal and shall be in the name of the agent, containing the suffix “O/B (name of the principal)” are eligible to open this account.

The following persons resident in Sri Lanka (hereinafter referred as “agent”) who represent in Sri Lanka, a foreign shipping line or a foreign airline (hereinafter referred as “foreign principal”);

  1. Any person authorized to carry on business as a Shipping Agent in Sri Lanka on behalf of a foreign shipping line whose particulars are indicated in the “License to Carry on Business as a Shipping Agent” which has been issued by the Director General of Merchant Shipping (DGMS).
  2. Any person authorized to carry on business as a General Sales Agent (GSA) in Sri Lanka for a foreign airline possessing a valid “International Airline License or any other authorization” issued by the Director General of Civil Aviation,  Civil Aviation Authority of Sri Lanka (DGCAA).

References:

 
Inward Remittances Distribution Account (IRDA)

Licensed Commercial Banks are permitted to open and maintain Inward Remittances Distribution Accounts (IRDA) for companies incorporated in Sri Lanka who have arrangements with overseas employers to distribute wages and/or earnings of Sri Lankans who are employed by such overseas employers subject to the terms and conditions stipulated in the following directions;

References:

 
Post Tsunami Inward Remittances Account (PTIRA)

All inward remittances received from foreign persons and entities including foreign Governments, to Non Governmental Organizations (NGOs) operating in Sri Lanka should be channeled through a “Post Tsunami Inward Remittances Account (PTIRA)”, subject to the terms and conditions stipulated in the following operating instructions. This account should be maintained only in Sri Lanka Rupees.

References: