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23 May 2024

Lankans holding foreign passports can buy land

By Correspondent

People of Sri Lankan origin currently holding foreign passports are to be granted concessions to invest in the real estate sector in the country.

The concessions come in terms of the scheme of payment which was hitherto extended only to Sri Lankans living overseas, but continuing to hold Sri Lankan citizenship, Sunday Times report.
The Exchange Controller has offered concessions to Sri Lankans of foreign citizenship to allow them to purchase real estate in the country in Sri Lankan rupees, to be paid out from their Non-Resident Foreign Currency (NRFC) accounts.All payments made should be credited to ‘Non-Resident Blocked Accounts’ opened with authorised dealers in Sri Lanka, in the name of the seller.
The decision has been taken to assist local entrepreneurs in the tourism economy with foreign investors who form an equity partnership of at least 30 per cent, with local investors being given concessions on land leasing.
Meanwhile, a Cabinet paper to ban the sale of any State land will be presented to the Cabinet of Ministers next week by Lands and Land Development Minister Janaka Bandara Tennakoon.