Lumiére Residencies receives CMA certification

Lumiére Residencies, a Sri Lanka Board of Investment approved project developed by DGS Holdings (Pvt) Ltd and designed by associate company Design Group Five International (Pvt) Ltd, was recently awarded the Certificate of Conformity from the Colombo Municipal Council and the Condominium Management Authority (CMA) Certification. The Certificate of Conformity (CoC) is a statement of quality that declares that the building meets all stringent statutory requirements as per approved plans for architecture, structure, electrical systems, water supply & drainage system, and solid waste disposal and fire fighting systems. More>> Source: Sunday Times

Top Real Estate Broker Admits Dodging Taxes

The Sunday Leader has uncovered shocking new evidence of how expatriate-owned real estate brokers help foreigners buy valuable property on the island without paying the mandatory 100 percent transfer tax that was enacted in 2005. Over the past decade, foreigners have bought up massive swaths of Sri Lankan beachfront property, displacing local inhabitants and inflating real estate prices to unprecedented levels.

Most foreigners buy the property as an investment, hoping to re-sell it later for a hefty profit. The most valuable and hotly-traded property is located around Galle, from Bentota to Matara, but numerous expat-owned real estate brokers also offer beachfront property around Trincomalee, Arugam Bay, Tangalle and Puttalam. With numerous real estate companies taking advantage of a tax loophole to quickly sell off land to outside investors, the government appears content to let foreigners buy up the island from under its very nose.

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Source: Sunday Leader