Sri Lanka’s new restrictions on land ownership by foreigners will have small provisions that allow non-nationals investing in the country to lease land, provided they paid tax.
Chairman of the Board of Investment in Sri Lanka, MMC Ferdinando said that a lease tax between 5 and 10 percent had been discussed by the treasury.
Ferdinando also said that freehold land ownership would only be permitted for companies with over 50 percent Sri Lankan share ownership.
The new regulations, however, will allow for actors with large investments to purchase land, if given approval by the state.
These amendments were announced on new provisions that inhibit foreigners from purchasing land on the island.
See our earlier posts:
Sri Lanka to ban sale of land to ‘foreigners’ (12 February 2013)
Land sales to ‘foreigners’ banned (24 February 2013)