SFIDA Special foreign investors deposit account

Can somebody pls advise on their experience in opening  SFIDA in Sri Lanka
After transferring foreign currency to rupees is one able transfer repatriate the original sum invested
Foe example in Sterling back to the Uk this includes the interest accrued on maturity
Another question is it better to use a government bank such as BOC or a private bank
Ron Came

You can only send money back to UK if there is an agreement for you to do so. Don't send  a lot over if you haven't received such an agreement.  Most are via BOI  initiatives or else ask a bank for the information.

Thanks for your response to my SFIDA query
I was of the opinion that immediately you opened
such an SFIDA investment account transferring
Sterling to rupees that it was an automatic procedure
that ones investment was acknowledged by the
Central Bank of  Sri Lanka giving the opportunity to
transfer the rupees back to Sterling upon maturity
including the interest gained   
I will however check your report out

A very good idea and I have my fingers crossed for you.

Hi There,
To setup an SFIDA account quite easy and fast, I use a local private bank and as thus far not encounter any problems.
you can also  transfer from your RNNFC account to the SFIDA.
Your Deposit must be minimum of US $10K  or in any currency equivalent the US$10K.
The benefit of a SFIDA is that you can convert the amount to any currency back and forth and re-expatriate or transfer your money to a other country without going through the Central bank approvals,
You also can invest in Sri Lanka fixed deposits or whatever local investment schemes banks may offer and get a higher interest and at later date transfer back but you obvious will loose out on the exchange as LKR. is very weak against other currency so not a good idea.
However once you convert amounts to LKR account say local savings or if you for some reason have earned LKR you can not convert and transfer to the SFIDA.

Hope that was helpfull , check with some private banks for updates on this

Hi M,

I really appreciate your feedback on SFIDA. You mention that one can invest with the funds in a SFIDA. Can one invest in real property, or is it limited to bank investments only?

I am trying to open an SFIDA to invest in a retirement home. The bank in Sri Lanka is insisting that I open an Securities Investment Account and a SFIDA if I needed to repatriate funds in future. I want to keep bank charges and fees low, and also prefer to have one account so I can keep things simple. As you say, the Central Bank web site info says SFIDA allows repatriation, but wont allow a refund into the account. So, I am not sure why I must open two accounts...

I look forward to your input...


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