Inward Investment Account (IIA) Sri Lanka - Pan Asia Banking Corporation

Enjoy special rates and ease of funding your investments through an Inward Investment Account

Maintaining an Inward Investment Account means choosing to save and earn interest in foreign currency or Sri Lanka rupees while being exempt from local taxes.

Key features & benefits

Accounts can be maintained in Sri Lanka rupees and foreign currency
Accounts may be jointly opened with another eligible person.
Ability to operate the account in USD, EUR, GBP, AUD, SGD, Swedish Kroner, Swiss Franc (CHF), CAD, Hong Kong Dollars, JPY, Danish Kroner, Norwegian Kroner, Chinese Renminbi, NZD
The details of this product are in accordance to regulations published by Central Bank of Sri Lanka (CBSL). Thus, the details may change from time to time according to changes in regulations.

Rates & fees

Please contact your nearest branch to find out more about the rates & fees for this product.
Click here to see the fees for this product

Choose to maintain your account in foreign currency or Sri Lanka rupees, with special interest rates and exemption from local taxes.

Call us today to learn what an Inward Investment Account can do for you!

Inward Investment Account (IIA) FAQs

Who is eligible to open an Inward Investment Account (IIA)?
● A non–national resident in or outside Sri Lanka
● A non-national of Sri Lankan origin, who is a resident outside Sri Lanka
● A Sri Lankan citizen, resident outside Sri Lanka
● A company incorporated outside Sri Lanka
● Country and Regional Funds, Mutual Funds, Unit Trusts and other Institutional investors who are established outside Sri Lanka
● An administrator or executor of a deceased person, in the name of such deceased person who maintained an Inward Investment Account with that authorized dealer until the completion of the administration of the deceased person’s estate.
● A receiver or liquidator of a company that maintained an Inward Investment Account with that authorized dealer until proceedings are concluded
● A receiver or liquidator of a company that maintained an Inward Investment Account with that authorized dealer until proceedings are concluded
What are the Permitted Credits allowed as per Central Bank Regulations?
● Remittances in foreign exchange received from outside Sri Lanka in favour of the account holder through the banking system.
● Transfers from personal foreign currency (PFCA), IIA or accounts maintained in the Offshore Banking Unit of the same account holder.
● Dividends, sale or maturity proceeds, disposal of liquidation, capital redemption, share buyback, profits, surplus funds, rental income, recovery of principal, interest or any other related income received from capital transactions undertaken in Sri Lanka by persons resident outside Sri Lanka as permitted.
● Foreign currency brought into the country by the account holder upon declaration.
● Sales proceeds of immovable properties including capital gains, leasehold rights, sub-lease hold rights, if any, received in Sri Lanka Rupees, where such investment had been made through the inward Investment Account (or through the re-designated Securities Investment Account of the account holder or upon ascertaining the proof of inward remittances prior to these regulations come into effect).
● Transfers from Business Foreign Currency Account of a person resident in Sri Lanka as repayment of foreign currency loans obtained by such person (i.e. borrower) from the account holder (i.e. foreign lender) under a general or special approval granted under the provisions of the repealed Exchange Control Act or Foreign Exchange Act, No. 12 of 2017.
● Sri Lanka rupees converted into the foreign currency by a resident in Sri Lanka (repayment of loan proceeds by a Sri Lankan Borrower).
● Transfer from Diplomatic Foreign Currency Accounts and Diplomatic Rupee Accounts of the same account holder.
● Transfer from an Inward Investment Account of another person (eg., seller) in respect of sale of permitted investments to such buyer by the account holder where such investment has been made by the account holder through the same Inward Investment Account (including any subsequent shares devolving on the investor by virtue of a corporate action by the issuer, exercise of a right, entitlement or conversion).
● Transfers from CTRA accounts by same account holder.
● Transactions or transfers to any other category of accounts that may be permitted to maintain by the Central Bank from time to time, to the extent such transactions or transfers have been permitted by directions issued by the Central Bank.
● Interest earned on the funds held in the accounts.
What are the permitted debits allowed as per Central Bank regulations?
● Disbursements in Sri Lanka in Sri Lanka rupees (LKR).
● Outward Remittances OTT in favour of the account holder.
● Transfer to IIA, PFCA or OBU of same account holder.
● Payments related to capital transactions undertaken in Sri Lanka by a non-resident.
● Disbursement relating to FCY loans to persons resident in Sri Lanka.
● Transfer proceeds of FCY loans (including debt securities) to OIA account (outward investment purpose).
● Transfers to DFA & DRA of the same holder.
● Transfer to an Inward Investment Account of another person (i.e. seller) in respect of the purchase of any permitted investment from such seller by the account holder.
● Transactions or transfers to any other category of accounts that may be permitted to maintain by the Central Bank from time to time, to the extent such transactions or transfers have been permitted by directions issued by the Central Bank.