leasing and holiday letting

mike507 New member

Member since 04 February 2011

mike507New member07 February 2011 12:34:38

Hello,
I am coming over in Autumn to investigate finding a long term leasing of a older colonial style property, maybe for restoration and then hopefully doing a little business renting rooms or chalets. Only to allow myself to live there as much as I can and to upkeep the place. I don't intend to get rich! my intention is that I want to have a place in the tropics to enjoy the lifestyle, and Sri Lanka looks ideal for me, beautiful safe and nice people.
My question is this: I have recently read an article by a Sri Lankan saying that a foreigner can only do business if he goes through a difficult process with the BOI investigation board and that it is not worth it! Foreigners cannot work or earn money.
Is this true? Is it not possible to do a small holiday rental business without all this hassle? Do foreigners living there rent out sometimes?
Thanks for listening.
Mike.

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Yud ViP

Member since 08 November 2010

YudViP08 February 2011 03:55:36

7031

Welcome on Expat.com Mike

I hope that other members will bring their input to your discussion soon.

Regards

mike507 New member

Member since 04 February 2011

mike507New member08 February 2011 17:57:07

Thank you Yud. Can't wait to come visit your beautiful Island in the Autumn!
Mike

Rayan268 New member

Member since 22 December 2009

Rayan268New member22 February 2011 04:06:59

Dear Mike
I saw your request,to be frank big investements always you have to go for BOI approval so that you do not need to pay tax for 5-7 years.However if you are looking a small scale business ofcourse you do not need to obtain BOI approval and there are other local methods where you can start up own business freely.My advice is BOI approval is more vaible for big investments so its better you follow the local method and start your business.

Thanks

Cfrancke1 Member

Member since 25 January 2014

Cfrancke1Member17 May 2023 16:52:22

Visa rules are very clearly articulated in your application for a holiday or retirement visa. NO WORKING. Small or big. As in every other country in the world!