Monday, 16 November 2015

Sri Lanka to ease land issues for investors

Sri Lanka government is reviewing existing laws on state-owned lands to broad-base ownership, relax the land use ceiling and remove restrictions on foreigners buying land. A new draft bill is now being prepared with the aim of providing provisions to provide ownership of land without being affected by the Land Restriction and Alienation Act.
Local and foreign investors as well as entrepreneurs will be encouraged to expand their businesses clearing impediments in obtaining land and buildings under the government’s mid-term economic plan.Restrictions on foreigners, companies and locally incorporated firms with over 50 per cent foreign ownership from buying land in the country will be removed.
(Source: Sunday Times)

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