Foreigners cannot own land anymore?

Last activity 08 February 2016 by Rathnavali

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DannoushMember27 January 2016 16:42:30

Hi all
I was looking at some articles online and a few mention that laws have changed and that a foreigner you cannot own land in Sri Lanka anymore, unless you're leasing it for 99 years. Is this true? Has this law come into effect?
This is one of the articles I found for reference.
Thanks.

http://www.reuters.com/article/sri-lank … NB20141021

DelonjNew member28 January 2016 07:44:58

Hi Dannoush,

As far as I know, you can own lands but you have to pay a huge ammount of tax. But you can buy an Apartment on the 4th or upper floor without hassle.

Regards,
Delon

DannoushMember28 January 2016 11:44:34

Hi Delon
Thanks for your post. I am exploring all options but won't be looking at acquiring anything soon. Maybe by end of the year.
Have a good day.
D

RathnavaliMember08 February 2016 04:53:35

Foreigners cannot own immovable property other than a condominium unit on the 4th floor and above of a subdivided building. The restriction on leasing immovable property has been lifted by a Gazette Notice issued on 1st January 2016.

Ajithaa Edirimane
Attorney-at-Law