Foreigners /expats

The guarantee will be offered for only 35 of the 93 apartments of the project. Under the guaranteed return scheme, owners who purchase these specified apartments will have the option to lease the units back to the property developer, GVR Lanka (Pvt) Ltd. In exchange, the owners will get an assured annual return of 5.5%, in US$ terms for a minimum period of three consecutive years. It is anticipated by GVR Lanka (Pvt) Ltd. that some serviced apartments will be in operation by August 2017.

  • Buyers can enjoy a guaranteed return in USD terms remitted to their account on an annual basis
  • In the event unit buyers opt for the “sale-and- lease back” scheme and purchase the condominiums in LKR, the LKR price to be paid will be determined based on the published US$ price and the prevailing exchange rate
  • Whether the investor local or foreign, the returns will be paid in LKR equivalent to the US$ amount using the prevailing exchange rate at the time of the payment

The Government has identified the significance of a healthy real estate ecosystem and has taken initiatives to foster the growth of the real estate sector by introducing policies and regulations to encourage local and foreign investments.

These initiatives taken by the government will make investing in Sri Lanka’s real estate sector much more appealing to foreign investors and is intended to position the country as an ideal investment destination. Opportunities for expatriates as well as dual citizens to invest in real estate market.

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. For more information, please visit link.

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.

The Finance Minister in 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. The opportunity for foreigners to purchase Property in Sri Lanka and the information on “My Dream Home” link.