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Who can open CTRA Account ?
Persons who are residing overseas can open Sri Lankan Rupee (LKR) accounts and operate whilst being overseas. These accounts could be opened to make payments in Sri Lanka, obtain foreign exchange for an emigrant under the Migration allowance or to deposit sale proceeds of local assets including inherited properties. In order to carry out the above type of transactions Seylan Capital Transactions Rupee Account (CTRA) could be opened and operated subject to below terms.
Who can open CTRA Account ?
Eligibility criteria & documents required.
An individual Sri Lankan, permanently residing outside Sri Lanka
A non-resident Sri Lankan dual-citizen
A foreign national of Sri Lankan origin
|4||A Non National resident outside Sri Lanka||
|5||A Sri Lankan National resident outside Sri Lanka||
*Any other document that bank may request if required.
Facilities under CTRA
1. Migration Allowance – Eligible transfer amounts per person.
|Category||Initial Allowance||Annual Allowance||Conditions|
|Sri Lankan Emigrant||USD 200,000||USD 30,000||Holds a valid Sri Lankan Passport at the time of obtaining PR of the resident country.|
|Foreign Nationals||-||USD 30,000||Holder of foreign Passport, irrespective of origin.|
2. Rupee account that could be opened by non-nationals to make payments within Sri Lanka;
Type of Accounts-
Savings, Fixed deposit or Current (without cheque drawing facility) in Sri Lankan Rupees.
- Remittances in foreign exchange received from outside Sri Lanka in favor of the account holder through the banking system.
- Where the account holder is an individual emigrant of Sri Lanka, a non-national resident outside Sri Lanka or a Sri Lankan dual citizen; local income including sale proceeds of movable and immovable property and tangible / intangible assets, which are derived in Sri Lanka.
- Interest earned in Sri Lanka Rupees on the funds held in the account.
- Local credits other than funds derived from capital transactions.
- If the account holder is a non resident Sri Lankan passport holder (including non resident duel citizens) or a foreign passport holder with Sri Lankan origin, superannuation benefits, interest, dividends, pensions, rent, lease rentals and profits or any other approved pension or retirement funds etc.
- If the account holder is a non national resident outside Sri Lanka, sale proceeds of local assets including inherited movable or immovable property.
- If the account holder is a Sri Lankan national resident outside Sri Lanka, proceeds of foreign currency or Sri Lanka Rupee loans and advances obtained by the account holder in terms of the provisions of the Act for the purpose of local disbursements.
- Remittance of migration allowance up to USD 200,000 per individual in respect of a Sri Lankan emigrant, as per the directions issued by the Central Bank.
- Remittance of an allowance of USD 30,000 per annum in respect of an eligible Sri Lankan emigrant in addition to the above migration allowance, as per the directions issued by the Central Bank.
- Remittance of USD 30,000 per annum for capital transactions in respect of foreign nationals as per the directions issued by the Central Bank.
- Disbursements in Sri Lanka in Sri Lankan Rupees.
- Transfer of eligible migration allowance to an account maintained outside Sri Lanka by the eligible persons referred to in items (1-3) under eligibility criteria.
- Current income (including interest, dividends, pensions, rent, lease rentals) and superannuation benefits (EPF,ETF, Gratuity and other approved pension or retirement fund) shall be credited to the CTRA and can be transferred in addition to the migration allowance to Personal Foreign Currency Account (PFCA) and/or Inward Investment Account (IIA) in Sri Lanka or to an account maintained by the emigrant outside Sri Lanka.
Tools & Calculators
Tools & Calculators
Alternate Banking Facilities Provided:
Can we open a CTRA in joint names ?
- Yes, with another eligible person. But CTRA open for the purpose of Migration allowance should be in individual name.
Can I get Internet Banking access for this account ?
- Internet Banking access can be obtained to a CTRA to do local transactions in LKR.
Can I get an ATM/debit card for this account ?
- ATM/Debit cards will not be issued for CTRA.
If I am an existing NRRA, NRBA or MBA account holder, will my account be continued as it is ?
- All existing Non-resident Rupee Accounts (NRRA), Non- Resident Blocked Accounts (NRBA) and Migration Blocked Accounts (MBA) have been re-designated as Capital Transaction Rupee Account (CTRA)
What are the documents required for the purpose of transferring migration allowance ?
- A formal request from emigrant
- Documents to prove the Permanent Residence, Citizenship (if any) and Dual Citizenship (if any).
- Valid documents to prove the sources of funds (Gifts from applicant's parents or spouse can be accepted as sources of funds provided that the applicant submits the consent letter signed by the grantor along with the certified copies of birth certificate or marriage certificate, as applicable).
- A tax clearance certificate from the Commissioner General of Inland Revenue Department of Sri Lanka for the amount to be remitted.
- An affidavit duly stamped and attested by a Justice of Peace/Commissioner of Oaths/solicitor, declaring that no transfers have been made or will be made in excess of the initial allowance of USD 200,000 and the annual allowance of USD 30,000 as applicable.
- Copies of all pages of the emigrant's Sri Lankan passports which were used at the time of obtaining PR and subsequently held to date.
- A copy of air ticket.(If leaving Sri Lanka for the first time on PR)
- A copy of emigrant's power of attorney (where applicable)
- A duly filled Form 3, when effecting outward remittances for purposes of capital fund transfers.
- Any other document that is required/requested by the bank.