- sashimaalTop contributor
- Posts : 5785
Join date : 2014-02-28
Sri Lanka property restrictions on foreigners relaxed: Budget
“The Government would remove freehold right restrictions from the ground floor and also allow foreigners who will be purchasing condominiums to raise 40 percent of the cost from a domestic bank,” Ravi Karunanayake, finance minister said.
“However, such debt servicing should be in foreign currency.”
He also added that the condominium industry was a growing sector in the country with significant potential for foreign investment and laws would be introduced giving Public Limited Companies freehold right of land.
“I also propose that private companies with majority foreign holdings be allowed to lease land on a long-term basis.”
However, such companies should have invested at least 250 million rupees excluding the value of land providing employment to at least 150 people, and have maintained this for at least three years, he said.
“If the conditions are not fulfilled after three years, 100 percent of the lease will have to be paid up front,” he added.
“Such lease payment will be based on the market value of the land as determined by the Government valuer.”
- කිත්සිරි ද සිල්වාTop contributor
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Age : 66
Location : රජ්ගම
Re: Sri Lanka property restrictions on foreigners relaxed: Budget
දැනගෙන ගියොත් කතරගම, නොදැන ගියොත් අතරමග බවත් මතක තිබුනොත් හොදා ගොයියෝ.
- NC`Top contributor
- Posts : 163
Join date : 2014-09-27
Re: Sri Lanka property restrictions on foreigners relaxed: Budget
- Sri Lanka appeals for forex inflows to combat COVID-19, lifts inward restrictions
- Sri Lanka exporters say budget tax hikes a disincentive
- Sri Lanka parliament lifts land lease tax on foreigners from Jan 08
- Sri Lanka focused on deficit reduction, capital gains on property
- India's TATA Housing starts US$400mn Sri Lanka property project