BENEFITS FOR FOREIGN BUYERS AND EXPACTS
- Foreigners can have free hold ownership of dynasty residence apartments from level 8 and above
- Rent income only is taxable at normal rates of income tax. Tax free allowance for non-resident Sri Lankans is Rs.500,000/= (USD 3,500)
- Purchase of apartment of over U$ 250,000 entitles a foreigner to a 5 years resident Guest Visa. Further sum of USD 35,000 should be deposited in respect of each dependent accompanying the investor. Thus dynasty residence ideal place for investment / retirement.
- No prior approval required for foreigners to invest in real estate in Sri Lanka.
- The government of Sri Lanka has relaxed regulations permitting Domestic Banking Units (DBU) to grant loans to Sri Lankans; residents outside Sri Lanka on PR in another country; and individuals who have obtained dual citizenship in Sri Lanka and any other country irrespective of their residential status for the purpose of acquiring/constructing/ developing/ renovating a residential property in Sri Lanka.
- Regulations pertaining to repatriation of sales proceeds including gains the Government has now implemented certain regulatory provisions favorable to repatriation of foreign investment gains. In the event a foreign resident wants to purchase a property, the money will need to be channeled in to the country via a special SIA (Securities Investment Account), held at a local bank, facilitating the money to be taken out including any gains via the same account in the currency that the money was deposited in when the property is sold.