Buying property in Sri Lanka

(Moderated: no free ads here please)

Apartments,residencies or Housing projects Sri Lanka

I just wants to ask ,In my own I have a 151 perches bare land in Mulleriyawa Town want to sell, its very dramatic,quite and nice place for the Apartments,residencies or Housing projects. Also particular location is facing 20 feet width road and 200 m to "Colombo-Kaduwela" main High Level rd and 15 min High way access to "Welivita or Kaduwela" entrance also can accessed to all essential facilities in 50 m radius.If are you looking after more details please contact me on e-mail kasun_slv@live.com or -077 460 9000(kasun silva) I'm very happy to consists you.

kasun_slv wrote:

Apartments,residencies or Housing projects Sri Lanka

I just wants to ask ,In my own I have a 151 perches bare land in Mulleriyawa Town want to sell, its very dramatic,quite and nice place for the Apartments,residencies or Housing projects. Also particular location is facing 20 feet width road and 200 m to "Colombo-Kaduwela" main High Level rd and 15 min High way access to "Welivita or Kaduwela" entrance also can accessed to all essential facilities in 50 m radius.If are you looking after more details please contact me on e-mail kasun_slv@live.com or -077 460 9000(kasun silva) I'm very happy to consists you.

Place a free ad in the housing section of the forum.

Thank you.

Hi Kiwi007,

Only noticed your post just recently, hope you can help me out. Could you please recommend me a reliable lawyer in Sri lanka. I'm currently looking into to purchasing a property through a 20 year lease agreement, however, I'm doing through a real estate agency lanka real estate. i would like to avoid using their lawyer.

Will be waiting for your reply if your out there.
thanks and rgds

Hello Everyone,

I am very much interested to purchase a property that belongs to foreigners.
They Suggested to me in order to go for 99 year lease agreement versus  the company structure in order to avoid having issues with local nominee or service trusteeship company. Basically to stay on the safe side.

What happens in this case who is the lessor? who does the title of the land belong to.  Is it possible to put the title of the land to my name even though I am the lessee.

Do I need a company structure again to have the land title.


will be waiting for your feedback.
Thanks

Hi Marcel,
how is the situation getting in and out from Sri Lanka these days if you want to stay longer time periods? I am interested in buying a house but the rules for long visa stays appear to be very strict. Appreciate your help!
Matt

are you still living there?    I'm thinking of going to SL to make motobike parts,

If you are interesting of buying a property I have to explain the restriction on foreigners when  buying the properties here.
1) Foreigners Can not buy properties. but can lease  for 99m years.
2) Only apartment can buy  (tax Free) above fourth floor in  an apartments  complex  which approved by BOI (Board of Investment).
3) Can buy as a Local company which you are holding 49% shares and  51% by local party.
With in that  you can posses a property of You can lease for 99 years lease.
If you think it is suitable you can purchase property under those regulation. Refer to following link.
htt ps://thecurionomist.wordpress.com/2014/10/24/sri-lankas-new-land-restriction-on-alienation-act-7-features-of-it-and-7-reasons-to-worry/
If you want more detailos contact me  "courty_36@msn.com"

so how do you lease for 99 years?

the link doesn't work

Sri Lankan government have some  lands, but I think the the extent is too much. So you have to find a private person who likes to lease his property.

My understanding was that a foreigners can buy property but the value should be a minimum of $250,000 investment in a company?

I'm guessing that I find someone who wants to sell,  and pay him full agreed price,  but then it reverts to his or the govt.s possession after 99 years? 
I saw somethng that said you had to pay a huge % of the value as lease tax on the property,  which pretty much equalled normal house rent,   anyone know anything?

100% you have to pay kind of stupid really as you will never get your money back on that price

I think that was the old rule,  the new rules;
4. Foreigners can’t buy land, but they can lease it….with a hefty new lease tax. The lease tax is 15% on the total rent payable for the entire duration of the lease (1 year, 33 years, 99 years, whatever). (There are some exemptions – for instance a lower 7.5% rate if you’re located in a BOI zone, a designation Tourism Development Area, etc). But the real whopper is that it is payable up front for the entire duration of the lease period.
https://thecurionomist.wordpress.com/20 … -to-worry/

Did you sell your house if not please send photos and swat ails am looking to buy good property with pool close to beach and amenities

Duncan

Email
xxx
Please mail me

GREAT NEWS everybody, the "new" Government has proposed a complete change of stance on retrictions on foreigners investing in Sri Lanka, including removal of the stupid 100% tax on 99 year leases, etc. etc.

I think it will make things a LOT easier for foreigners to invest and / or retire in Sri Lanka in the very near future.....

Hi,
Before going to purchase a land please check whether the land and the Land owner telling cost is worth while. There are some properties where people won't give deeds for the property they are having. Properly check and see and buy the property by taking good descissions

Yes  dear I agree with you.Before  buy you should know about the product

Hi Kiwi,
I too must say your post has got my dream and hopes up again after reading such negative stuff for days now. I knew a good lawyer would be essential for the investment I want to make in this jewel of the Indian ocean, would this also be something you could share with me?

TIA.
Rossco

Hi There,

As per my knowledge, foreigners are allowed to buy properties such as apartments. One of my friend's went through the process of purchasing a condo from Sri Lanka. However they purchased one from out of Colombo as they only go down to Sri Lanka once in awhile. They invested in this very unique apartment in Talpe, Galle (Southern beach side) with a beautiful view of the beach. You could check it out too! They are planning to use the condo as a holiday home as its situated in touristy area with many sites to see and thing to enjoy. The developers team was very helpful too and will advise you on the process of purchasing this property.

In case your interested you could check them out on: [link moderated]

Hope it helped!

If you have not bought any property in Sri Lanka and i wpuld likecto assist you. Buying property is not a joke. There you have to consider about Tittle of the property, Locatiln, Price, Neibourhood, Access etc. If you are interested please do corresspondance with  me at " ***
Thanks

Hello,

Thank you for writing this, I loved your positivity and honesty.
Are you still enjoying SL? I hope so. I wondered if I could get your lawyers name and contact?
I’m on a resident visa and looking to buy some land to build a modest home and similar size rental apartment. We’re down south near Matara but happy to travel to deal with a good, recommended lawyer!
Many thanks,

Hello Fiwa,

Welcome to Expat.com

If you are looking for a lawyer, my advice for you would be to have a quick look at the list of lawyers in Sri Lanka in our business directory.

The contributor from whom you are seeking an answer has not been active for a long time; you may not hear from her.

All the best,

Diksha
Team Expat.com