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SRI LANKA: New Limits Set for Foreign Currency-Funded Overseas Investments

New annual limits have been set with regard to the permissible level of foreign currency-funded overseas investments, with the limit varying depending on the status of the would-be investor. While unlisted companies are allowed to invest up to US$500,000, partnerships are restricted to US$300,000 and individuals are obliged to stay below a US$200,000 upper limit. In the case of companies listed on the Colombo Stock Exchange, they have a substantially higher allocation and can make annual investments of up to US$2 million.

The changes follow the recent enactment of the Foreign Exchange Act, legislation primarily introduced to boost the country’s investment environment.

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