Director board එකේ ලංකාවෙ පොරක් ඉන්න ඕනෙ major shareholder කෙනෙක් විදිහට
Foreigners can buy property in Sri Lanka, but there are certain restrictions and requirements to follow. Here's a guide on how a foreigner can purchase property under their name:
1. Types of Property Foreigners Can Buy
Foreigners cannot buy land outright in Sri Lanka.
However, they can purchase apartments or condominiums as long as the building is above the fourth floor. This restriction ensures that foreigners cannot buy ground-floor properties.
Foreigners can also acquire leasehold rights to land for up to 99 years.
2. Setting Up a Sri Lankan Company
Foreigners can set up a company in Sri Lanka (with at least 51% local ownership) to purchase land. The foreign ownership stake must not exceed 49% to comply with Sri Lankan property laws.
3. Payment Process
All payments must be made in foreign currency (through inward remittances). This is done to comply with the country's foreign exchange regulations.
4. Legal Assistance
It is advisable to hire a local attorney to assist with the property purchase. They can help with title searches, drafting purchase agreements, and ensuring the transaction complies with legal requirements.
5. Tax Considerations
There are certain taxes involved in property purchases for foreigners, such as a land tax (around 15%) when leasing land.
Apartment purchases usually do not attract this tax, but there could be stamp duty (1%-4%) and legal fees.
6. Approval from Authorities
Any property purchase must be registered with the relevant local authorities, such as the Land Registry, to ensure proper ownership.
Before making any investment, it's essential for a foreigner to consult with a legal expert familiar with Sri Lankan property laws to ensure compliance with all regulations and taxes.
