Saturday, 16 August 2014

Land-transfer ban to be eased

Non-citizen children of Sri Lankans or non-citizen next of kin can inherit property

New laws prohibiting the transfer of land to foreigners will allow non-citizen children or non-citizen next of kin of Sri Lankans to inherit property through intestacy or gift, a Cabinet paper exclusively obtained by the Sunday Times states. In 2013, the Finance Ministry issued instructions barring all transfers of land to foreigners and throwing a cloud of uncertainty over inheritance rights. While the law allowed individuals to transfer property by gift or testamentary disposition to their heirs, the Ministry directive forbade it.

The new law envisages a reduced land lease tax of 7.5 per cent for certain categories of companies.


(Source: Sunday Times)

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