• Relaxation of laws relating to the purchase of property by foreigners

 Paying heed to the fact that the condominium industry is a growing sector in the country with significant potential for foreign investment, the Government has proposed to show its support by relaxing property ownership restrictions imposed on foreigners. Budget 2017 announced that foreigners can purchase land and property from ground up thereby removing previous restrictions imposed on foreigners that land could only be leased up to 99 years and apartments could be purchased from 4th floor and above only.

• Resident visas for foreign investors

With a view of making Sri Lanka an ‘Investment destination’, The Government has proposed to give resident visas for foreigners investing a minimum of US$ 300,000 in Sri Lanka. Accordingly it is proposed to offer 2 – 5 year resident visas to the investors.