Tuesday, 17 January 2017

Foreign investors for over USD300,000 to get resident visas in Sri Lanka

 Sri Lanka’s Finance Minister said that foreigners who make a minimum investment of 300,000 US dollars will see a range of benefits including the granting of two to five-year resident visa permits.
New regulations would be introduced to increase the concessions and facilities granted to Foreign Direct Investment, Ravi Karunanayake, Finance Minister said, according to the media reports.
(Source LBO)

Monday, 16 January 2017

All systems go for Krrish square project construction

The US$ 650 million-Krrish square project construction is now underway following the final payment (about Rs. 690 million or US$5.3 million) plus fines for the delayed payments being made, top officials of the Board of Investment (BOI) and Urban Development Authority (UDA) confirmed to Business Times (BT).
Krrish Transworks Colombo (Pvt) Ltd, local company of the Krrish Group signed a supplementary agreement with the BOI on November 29, 2016 to complete the project in 48 months, BOI chairman Upul Jayasuriya said on Wednesday in an interview with the BT.
(Source: Sunday Times)

Tuesday, 15 November 2016

Sri Lanka to charge 10-pct capital gains tax on property: Budget 2017

Sri Lanka will charge a 10 percent capital gains tax on immovable property, Finance Minister Ravi Karunanayake said, in a budget for 2017.

Details were unavailable, but earlier reports suggested that property bought and sold before the expiry of 10 years would be subjected to the tax.

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(Source: Economy Next)

Lanka withdraws ban on foreigners buying property

Sri Lanka has announced it would lift a ban on foreigners owning property as the cash-strapped country sought to attract foreign capital to rebuild its war-ravaged economy.
Finance Minister Ravi Karunanayake on Thursday told parliament of the potential to attract much-needed foreign investment in the construction sector, which is experiencing a boom following the end of the island’s ethnic war in 2009.


“To further incentivise such investment, we will remove freehold right restrictions from the ground floor,” the minister said, referring to a 2014 ban on foreigners purchasing real estate.


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(Source: Gulf Times)

Monday, 3 October 2016

Real Estate Sector Emerges As Preferred Investment Avenue For Sri Lankans

A recent survey conducted by LankaPropertyWeb.com and the Real-estate Intelligence Unit (RIU) indicates that the majority of Sri Lankans prefer to invest in Real Estate, as opposed to the stock market or bank savings. In one of the most detailed ground surveys carried out about the Sri Lankan Real Estate Sector, 44.1% of respondents said that they prefer to invest in Real Estate as opposed to the 33.9% who preferred to invest in Fixed Deposits, while 22% indicated their allegiance towards investing in Stocks and Trusts.

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(Source: LankaPropertyWeb.com)

Monday, 26 September 2016

Existing Land Tax for foreigners to be removed

The Amendment Bill for the removal of the land tax imposed on foreigners or companies that hold more than 50% foreign shares, when leasing lands to them, has been gazetted on the instructions of the Finance Minister.
The notification was published under section 11 in the September 02 government gazette notification and the Amendment Act has been named as the Bill Amendment Restrictions Act, No. 38 of 2014.
The Amendment bill has proposed the abolition of the land tax from January 01, 2016.
According to the land tax that was effective from January 01, 2013, if land is being to a foreigner or a company where foreign shares are over 50%, of the tax payable, 15% is charged as a land tax.
Source: Sri Lanka Mirror

Friday, 9 September 2016

Sri Lanka central bank watching rising property prices

Sri Lanka's central bank is keeping a watch on rising land prices in Colombo, Deputy Governor Nandalal Weerasinghe said, although there were no plans to place credit restrictions.

Prices of real estate in Colombo have been rising over the past two years, and prices of apartments have also jumped.

"We are watching property prices in Colombo," Weerasinghe told EconomyNext. 

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(Source: Economy Next)