However it will have additional, new provisions where foreigners can lease land but would be subject to a land tax of 5 to 10 per cent, Minister for Investment Promotion Lakshman Yapa Abeywardana told the Business TimesThis is a new provision since there was no tax on lands leased by foreigners, earlier.
Sri Lanka to set tax of around 10-pct for foreigners leasing land
Sri Lanka's new restrictions on foreign ownership of property will have provisions that will allow non-nationals investing in the country to lease land with a tax of 5 to 15 percent, senior government officials said.
Investment promotion minister Lakshman Yapa Abeywardena said it was the policy of the administration to stop the sale of land outright to foreigners but foreign investors will be allowed to lease land for up to 99 years, after paying a tax.
"We will allow foreigners to lease land and we have requested that the tax be kept below 10 percent," minister Abeywardena said.