Purchase land through tourism based 100% foreign owned company

Red_Frog_Group

Member

Member since 28 November 2018

Red_Frog_Group

28 November 2018 13:03:08

Red_Frog_Group

28 November 2018 13:03:08

Hi,

I'm a UK national looking to establish Eco Huts in Sri Lanka in 2019 - 2020.

This forum has provided some great information, including the SLTDA guide but I did want to check something.

Sri Lanka appear very keen to attract foreign investment for tourism so does this mean a Sri Lanka based company (small business), owned 100% by foreigners, could purchase land for the purposes of attracting tourists?

Thanks in advance

sasanka987

New member

Member since 12 September 2018

Colombo, Western

sasanka987

04 December 2018 17:09:53

sasanka987

04 December 2018 17:09:53

Colombo, Western

Dear Red_Frog_Group,

According to my knowledge, it is only possible, If it is BOI (Board of Investment http://www.investsrilanka.com/) project.

You have to invest a minimum of USD 250,000 to have below benefits granted by the BoI (http://www.investsrilanka.com/setting-up/how/)
1. Can have the residence visa
2. Can bring down a private vehicle with no taxes
3. Can purchase a privately owned land on an outright purchase or lease basis.
4. Can build home if required.

If it is too high, the other option is that get engaged with a trustworthy local partner and then,
1. Register the company as Private Liability Company
2. As the law of Sri Lanka, foreign partners may hold a maximum 49 percent of shares and rest of (51%) shares will be owned by the local shareholder (s).
3. Open a bank account
4. Office set up
5. Staff requiting.

Cheers!