Frequently Asked Questions
Selling a property
It is very simple! You could conveniently send us your property details via ‘Submit my Property‘ link on the website. If you wish, you could also request a call-back from an agent via ‘Contact Us‘ form.
There are several things that should be examined before selling a home. Basic necessities such as painting, cleaning, de-cluttering and ensuring odors are non-existent are just a handful of low cost preparations that can be made, prior to selling a home.
The first impression is crucial when selling a home. By not preparing your home for sale, this can often lead to a poor first impression and also can cost you a lot more money in the long run. We always advice our clients to take the extra time and effort to prepare their home for a sale.
Deciding what price to sell your house is tricky. Too high and it might not sell it. Too low, and you get less than you should. Over pricing is the number one mistake property owners make.
The selling price of a house depends on multiple factors. The most common ones are the neighborhood and what similar-sized houses are currently selling for. Also, look at the age and condition. Do major repairs need to be done? If so, that might lower the property. And again, the market matters. Like everything else, home prices vary depending on supply and demand.
If your property was built within the last 20 years, the property can be sold for the land value in addition to the property value. However, properties older than 20 years are generally sold for the land value only.
When selling a property in Sri Lanka, a buyer could generally ask you for some or all of the documents listed below:
- Title Deed
- Approved Survey Plans
- Street Line Certificate
- Building Line Certificate
- COC (Certificate of Conformity)
- Certificate of Ownership
- Non-Vesting Certificate
- Development Clearance Certificates
- Relevant rate/tax payment receipts
- Other certifications & clearances
- Utility Bills paid under seller’s name
- Valuation report
The answer primarily depends on one’s funds and ability to find temporary housing. If a client needs more equity to purchase a new home or meet a loan/mortgage plan, then it is best to sell one’s current home before purchasing their next one. That being said, they will most likely need temporary housing by renting a house elsewhere.
In a real estate transaction, the real estate company is usually paid by the seller via commission as opposed to a flat fee. Typically, a real estate commission fee is 3% of the property’s final sale price.
Renting a property
It is simple as clicking on a few links and submitting the details. Please send us the details via ‘Submit my Property‘ link on the website. If you wish, you could also request a call-back from an agent via ‘Contact Us‘ form.
Yes, you can get this done through a special Power of Attorney.
Power of Attorney allows a person to authorize another person the right to make decisions regarding the person’s assets, finances and real estate properties.
There are two types of power of attorney. First, the ‘General Power of Attorney’ where a property owner confers ‘general’ rights. The rights include but are not limited to sell, lease, sub-lease etc. The second one is the ‘Special Power of Attorney’ where only a specific right is given by the owner to the chosen person.
Yes, you can sell the property with the consent of the banking institution.
If the buyer wants to take a loan to buy the property, the process is much easier if he approaches the same bank. In these cases, the bank does not need to release the property papers to another bank before getting the payment.
If the buyer wants to make a payment outright, he can make it to the bank directly. The property papers will be released only after the bank has recovered the entire loan amount.
In Sri Lanka, there are two different ways to rent a property, according to legal differences in the terms of a contract. You can have a “Tenancy” agreement, or a “Lease” contract. If the rental property is also governed by the Rent Act, the rules, terms and power of the landlord or tenant will differ.
For properties that are covered by the Rent Act, the law tends to be in favour of the tenant in Sri Lanka. For properties not covered by the Rent Act, the law tends to favour the landlord.
The Rent Act governs all properties in Sri Lanka, except in the cases highlighted below:
- Residential premises occupied by the owner on 1st of January 1980, which have been let since this date.
- Business premises constructed after the 1st of January 1980 and let on from this date.
- Residential premises used by a person who has a valid visa under the Immigrants and Emigrants Act, and who has a monthly income of at least 1000 Rupees.
- All business premises used by a foreign company (except of the premises were let before the 12 of December 1980)
- All premises, including business premises in certain areas, if the annual value of the premises (as specified in the rates assessment) exceeds a certain amount.
- Premises where the landlord is a company registered under the Companies Act No. 17 of 1982.
Tenancy agreement
Without the Rent Act
A tenancy is a rental with a non fixed term, and so is an agreement, that is not necessarily written. The tenancy agreement can be defined as the authorisation (from the Landlord) of use of his property to the tenant.
Both parties can break the contract freely, if it is announced with at least one month’s notice. If there is dispute, this may include legal intervention to evict the tenant. If the property is not governed by the Rent Act, the terms of the tenancy agreement (including deposit amount, terms of payment, method of payment etc) are discussed, negotiated, and agreed freely between the parties (tenant and Landlord). Tenancy agreements are not subjected of any fine or tax, unlike Lease contracts, which are taxed at 1 %.
With this kind of contract, it is advisable to write an official copy of the agreements, that is signed by both parties. Notary services should be used to ensure greater security in the renting process.
With the Rent Act
If the property is governed by the Rent Act, then the renting price is set against the value which has been given to the property by the state.Tenancies under the Rent Act, give more power to the tenants. The landlord cannot freely end the contract unless he has one of the following legal reasons:
- Late rent payment of over one month
- Use of the premises for illegal/immoral activities
- Substantial deterioration of the premises due to misuse of the property.
Unless at least one of these situations occurs, the landlord is not legally allowed, under the Rent Act, to cease the Tenancy contract.
The lease contract
The lease contract is a legal contract recognised by the local law (Roman Dutch Law). It is the most secure way to possess (for a limited amount of time) and use a property owned by another entity. The lease contract is a fixed time agreement, and the lease period should be clearly expressed in the written contract.
The contract can be defined by a “pro tanto alienation of the land/property,” but this option requires far more procedure, and includes several administrative tasks.
If the property is not governed by the Rent Act, the landlord and tenant can freely agree on all points of the lease contract. This still gives a lot of leeway to negotiate prices and conditions. If this is not the case, and the property is governed by the Rent Act, it is forbidden to pay a deposit greater than the value of 3 month’s rent, any gratuity or commission.
The lease contract has to be signed by both parties in front of two witnesses and a notary. In order to legally protect the tenant, the lease has to be registered at the land registry. When leasing a property, you have to ask the Landlord you are in contact with, to provide a Certificate of Conformity (a document that legally states that the premises can be lawfully occupied).
In order to avoid any scam as an expat, it is advised to hire a lawyer, who can check the reliability of the offer and of the legal documents as the Property’s Certificate of Conformity. This will include checking whether the property is encumbered or not, duly and officially registered, and of course, if the property legally belongs to the Landlord.
Rental and security deposits
With regards to the legal situation of the property, the deposit and agreements of the rental contract are more or less freely chosen and agreed. In any renting contract, it is important to cover the following points:
- Security Deposit
- Terms of Payment
- Responsibility for repairs
- Responsibility for payment of rates
- Mutual covenants (Landlord/Tenant obligations with respect to the situation)
- Personal covenants
- Inventory of the goods
Normally, even under the Rent Act, the rent is paid monthly, and there is a deposit given to the Landlord. The usual termination notice of the contract is one month. As explained earlier, all general terms of the contract can be discussed and agreed. When renting a property not governed by the Rent Act, you should also be able to negotiate the price. The landlord is legally free to rent his accommodation to who he wants, at the price he wants. Some new rules were added to the Rent Act in 2002, though in Sri Lanka, the landlord’s control on his property is quite limited as the tenant is favoured.
In a real estate rental/lease transaction, the real estate company is usually paid by the landlord via commission as opposed to a flat fee. Typically, a real estate commission fee is equivalent to one month’s rental of the final agreed rate per month.
In a real estate transaction, the real estate company is usually paid by the seller via commission as opposed to a flat fee. Typically, a real estate commission fee is 3% of the property’s final sale price.
Buying a property
There will be a 3% Stamp Duty on first LKR 100,000 and 4% thereafter. With effect from September 1st 2022, 15% VAT will be applicable for Condominium Residential Apartments. Private sellers will not be liable for VAT, however, properties owned by VAT registered companies will be liable for VAT.
Only the buyer has to pay the Stamp Duty
A solicitor/attorney will typically charge 1-3% for legal due diligence and preparation of the documents.
Always get assistance and advice of a solicitor/attorney to make sure the transaction is completely legal. The representing solicitor/attorney handles the legal due diligence process to authenticate and assess if everything is in order.
Buying or selling a land
The main measurement unit for land in Sri Lanka is a ‘perch’.
1 Perch = 25.29 Sqm = 272.21 Sq Ft
1 Acre = 160 Perches = 4 Roods = 4,000 Sqm
Foreigners cannot buy land as sale of land to foreigners has been prohibited from the 2013 budget. Land can only be leased out for a max of 99 years. Foreigners or companies (with more than 50% foreign ownership) no longer need to pay the 15% land tax from 1st Jan 2016 (LAND RESTRICTIONS ON ALIENATION) (AMENDMENT) – issued 2nd Sept 2016).
The main difference between a leasehold property and a freehold property is its ownership . In a leasehold property, the ownership remains with the concerned local authority or the government. The lease period varies typically between 30 to 99 years.
In case of a freehold property, the owner of the property is the legal owner and can sell/lease/rent the property as required.
Taxes and Property Law in Sri Lanka
When buying a property, there will be a 3% Stamp Duty on first LKR 100,000 and 4% thereafter.
With effect from September 1st 2022, 15% VAT will be applicable for Condominium Residential Apartments. Private sellers will not be liable for VAT, however, properties owned by VAT registered companies will be liable for VAT.
If leasing land up to 99 years, only 1% Stamp Duty will be applicable.
Stamp duty on a deed of transfer is as follows:
3% for the first USD 751 (LKR 100,000)
4% for every USD 751 (LKR 100,000) or part thereof Stamp duty on a lease agreement is USD 0.1 (LKR 10) for every USD 7.5 (LKR 1,000) or part thereof. Additionally, 15 % of the total rental is payable by way of
Land Tax in the following cases:
A. To a foreign individual
B. A foreign company
C. A company incorporated in Sri Lanka where any foreign shareholding in such company either directly or indirectly is 50% or above
A lesser rate of 7.5% of the total rental is payable as LandTax in the following cases:
A. Lease of land to a company incorporated in Sri Lanka (direct or indirect foreign shareholding exceeding 50%) which has been in active operation in Sri Lanka for a consecutive period of 10 years immediately prior to the lease
B. Land transferred to a subsidiary if the holding company (incorporated in Sri Lanka and which in turn is held more than 50% by a foreign company) has been in active operation for a consecutive period of 10 years immediately prior to the lease and the holding in the subsidiary is more than 50%
C. Condominium parcels situated on or above the fourth floor where the period of lease is less than 35 years
D. Condominium parcels situated below the fourth floor where the period of lease is more than 99 years
E. Lease of land in a Special Licensed Zone. Tourist Development Area, Industrial Estate or any areas declared by the Minister
F. Lease of land by a company where the Cabinet of Ministers decides having taken into consideration that a substantial foreign investment has already been realised by such Company into the related sector that such reduced tax rate is justifiable in order to ensure level playing field among its competitions in the related sector Exemptions from the lease tax A.
A. Lease of land to
• Diplomatic Missions of another State or International, Multilateral or Bilateral Organization recognised within the meaning of the Diplomatic Privileges Act
• Dual citizens of Sri Lanka
• A foreign investor in consequent to a decision of the Cabinet taken prior to January 1, 2013 involving direct investment of foreign currency, as per the related agreement on such investment, and structured on the basis of any written law governing the tax regime prior to January 1, 2013 and has ensured compliance by making inward remittances to Sri Lanka.
B. Long term lease (more than 35 years) of a condominium parcel situated on or above the fourth floor provided the lease rental for the full period is paid through foreign inward remittance
C. Lease of land in a Bonded Area or a Free Port
D. Lease of land with the Special Cabinet approval and order published in Gazette by
• Strategic Development Projects engaged in certain sectors
• Foreign company engaged in international commercial operations where land is leased to locate or relocate its global or regional operations or to setup a branch office Stamp duty is usually payable in the event of a transfer by the purchaser and in the event of a Lease Agreement by the lessee, unless the lessor and the lessee have an agreement to the contrary.
What is the Capital Gains Tax?
The Capital Gains Tax (CGT) is a tax on the realisation of investment assets. CGT is a type of tax which is charged on the profit from a sale of property or an investment and was recently re-introduced in Sri Lanka under the Inland Revenue (Amendment) Act, No.10 of 2021 and will come to effect from 1st April 2018. This will, however take into account any costs that were incurred on buying, improving and selling such assets and reduce those values from the overall amount. Capital assets include any land, building, machinery and share. However capital gains from the share market will be exempted under the current Act of Sri Lanka. The profits will be taxed at 10% and is effective from 1st April 2018.
What’s an investment asset?
A Capital Asset (eg. Land or building, a financial asset) held as part of an investment
What are the exemptions from CGT?
- The principle place of residence of an individual, provided that it has been owned by the individual continuously for the last 3 years before disposal and lived in at least 2 years of those 3 years (calculated on a daily basis).
- If the profit/gain is less than 50,000 and if the total profits gained within the year (through multiple gains) is less than 600,000
- Investment asset realised in two or more parts
- Realisation of investment asset that is jointly owned
- A property or land gifted to blood relations
- Trading stock or depreciable asset
How is the cost calculated?
The cost of the investment asset as at 30th Sept 2017. i.e. if you bought a land in 2000, then the cost would be the value of that land as at 30th Sept 2017. If you acquired the asset after that date, then it’ll be the cost of acquiring the asset.
How is the capital gain calculated?
Eg.
- Land purchased on 10th Jan 2010 for = Rs. 10,000,000
- Built a house on the land in 2012. Cost = Rs. 15,000,000
- Market value of land & house as at 30.09.2017 = 32,000,000
- House renovation costs on 01.12.2017 = Rs. 1,000,000
- Land+house sold on 01.10.2018 for = 35,500,000
- Property advertising, valuation and legal costs = 400,000
Cost of land & house + improvements + incidentals = 32,000,000 + 1,000,000 + 400,000
= 33,400,000
Capital gain of property as at 01.10.2018 = –
= 35,500,000 – 33,400,000
= 1,600,000
CGT to be paid = 10% of 1,600,000 = 160,000
When is an asset deemed Realised (i.e. you need to pay CGT)?
- Amount received or receivable on the realisation (cash received for sale)
- Consideration received other than cash (eg. Exchange of asset to another asset)
- Amount received in respect to owning the asset (eg. Altering, repair)
- Grant of an Option
- Transfer of ownership of asset (eg. Sale, exchange, distribute, transfer, cancel, loss, destroy)
- Death of an individual
- Realisation with retention of asset (lease, write-off, change of residence)
Change of residence (section 69 & 70 of the Inland Revenue (Amendment) Act, No.10 of 2021)
If a foreigner becomes a citizen of Sri Lanka and becomes a non-resident in the previous country, then any assets held in the foreign country by that person will be deemed realised and will be required to pay CGT on the value.
When a person resident in Sri Lanka ceases to be resident in Sri Lanka, the person shall be treated as having immediately before the person ceases to be so resident realised all assets owned by the person.
These shall not apply to an asset that is a domestic asset of the person immediately before becoming a resident or after ceasing to be a resident.
What happens with Transfer of an Asset?
On a transfer of asset to associate (child, grandchild, relative etc.), spouse or former spouse / death or divorce, the acquisition cost to the acquirer will be the Net Cost of the asset (Net Cost as at 30.09.2017) or cost of acquisition after 01.04.2018. For a swap, the market value of the asset will be considered.
Eg.
- A buys a land at Rs. 5,000,0000
- Land value as at 30.09.2017 is 6,000,000 (Net Cost)
- A transfers a land to B on 15.08.2018
- A has a no gain / no loss (i.e. no CGT to pay)
- B sells land on 30.12.2018 at 7,500,000.
- Taxable capital gain to B is 7,500,000 – 6,000,000 = 1,500,000
How and when should I pay CGT?
You need to submit the CGT return and pay the tax within 1 month from the realisation of an investment asset
Can I set CGT against loss from assets?
No, cannot set off against loss of capital
When was this announced?
Sri Lankan government first unveiled plans to introduce a capital gains tax with the 2017 budget speech. It was proposed that 10% rate shall be applicable for transactions involving capital assets which include any immovable property.
However, Sri Lanka has a history with capital gains taxes which was notably set at 45% and then reduced to 25% in 1978 and finally abolished in 2002, coincidentally by the current premier, Hon. Ranil Wickramasinghe
Who will this apply to?
According to the sources available, the CGT will be applicable to both the foreigners and locals with the only two criteria being if the property has been purchased within the 10-year period and if a profit has been made on a subsequent sale.
What is the reason for the tax to be implemented?
There has been many a reason put forward to support the inclusion of a CGT, chief among which is that the government’s spending on infrastructure has massively helped raise the prices of real estate property and thus it is suitable for the government to also benefit off of such transactions.
This is also a part of reforms suggested by the International Monetary Fund (IMF) which has advised the administration on raising its tax revenue ratio to the GDP. The government expects to raise Rs. 5 Billion from the imposition of the CGT an equivalent of 0.27% governments expected tax revenue for the year 2017.
How many other taxes will also be applicable?
Currently, only other tax that will be applicable on the property is a stamp duty of 4%, which is charged on registering a deed ownership.
Effect of the tax on Sri Lankan property market
Industry opinion over the CGT implementation has been divided. While some see it as a necessary step, many have voiced concerns over the unclear nature of the implementation. The lack of clarity in issues such as if the CGT will be enacted with the power to retrospectively charge the tax has been a concern for many stakeholders.
According to Reuters, since the Prime Minister’s announcement of the CGT implementation it is estimated that foreign investors have sold over Rs. 5 Billion worth of assets.
Another key contention of stakeholders has been the lockout effect of capital being invested in less productive assets as investors will seek to avoid paying the CGT by holding the property for more than 10 years.
What if I have further questions on CGT?
You can refer to the Inland Revenue (Amendment) Act, No.10 of 2021
Foreigners can buy apartments / condominiums from ground level up, however lands cannot be purchased on freehold and can only be leased up to 99 years. A condominium is defined as a group of residences with shared facilities. The condominiums can be purchased provided that, the entire value shall be paid upfront through an inward foreign remittance prior to the execution of the relevant deed of transfer.
Private companies with majority foreign holdings will be allowed to lease land on a long-term basis. However, such companies should have invested at least LKR 250 million excluding the value of land providing employment to at least 150 people, and have maintained this for at least three years.
Any private company with minority foreign ownership can buy or lease property in Sri Lanka. Also public companies with over 50% foreign ownership is now permitted to buy immovable property.
Under the current law, a foreigner can get in to the property market using the following options:
- a) By leasing the property
- b) By inheriting
- c) By a gift from parents
- d) Part of a private company with a local shareholding of 50% or above
- e) Part of a public (listed) company (these have no restrictions on foreign shareholding)
- f) Buy an apartment / condominium (any floor)
- g) By obtaining Dual Citizenship
The consent of the Controller of Exchange is required in the event of any transfer of property by a non-resident. Persons who are deemed to be non-residents are defined in Gazette No. 15007, dated April 21, 1972 and published under the provisions of the Exchange Control Act. Consent is required for:
• The parties to proceed with the sale of the property and to make payment to a non-resident
• The non-resident who received payment to remit the proceeds out of Sri Lanka
As a result of recent relaxation in exchange control regulations, general permission has been granted to Sri Lankan resident buyers to make payments to non-residents of Sri Lankan origin in respect of the purchase of a real estate. However, nonresidents are still required to obtain consent for the remittance of the sale proceeds outside of Sri Lanka.
If a non-resident sells or transfers an immovable property in Sri Lanka, the proceeds of such a sale would not be remittable in full. The non-resident would be permitted to remit the proceeds
to the extent of the amount brought into Sri Lanka by way of inward remittances at the time of the non-resident’s purchase of that property.
In the case of Sri Lankan emigrants, in accordance with the current rules and with the consent of the Controller of Exchange, an initial remittance of USD 150,000 (LKR 20 million) is permitted, followed by a subsequent remittance of USD 20,000 (LKR 2.7 million) annually.
With effect from September 1st 2022, 15% VAT will be applicable for Condominium Residential Apartments. Private sellers will not be liable for VAT, however, properties owned by VAT registered companies will be liable for VAT.
A residency visa cannot be obtained by simply buying a property. However, Foreigners who invest over USD 250,000 will be allowed residence visa in Sri Lanka under the Resident Guest Scheme Visa programme. A 5-years visa can be obtained by investing USD 300,000 or above and a 10-year visa for any investments over USD 500,000. Anyone over 55 years old can obtain a 2-year renewable visa under the My Dream Home Visa Programme by depositing only USD 15,000.
Sri Lanka, a functioning market economy, apart from having ‘Investment Protection Agreements’ and ‘Double Taxation Relief Agreements’ with many countries plus ‘Free Trade Agreements’ with India and Pakistan, also offers competitive incentives for foreign investment.
Key incentives are provided to investors who register with the Board of Investment of Sri Lankan (the BOI) under section 17 of the Board of Investment Law No. 4 of 1978, based on whether the investment constitutes a) small, medium or large-scale investment; b) project expansion; or c) strategic import replacement (identified as fabric, pharmaceuticals, milk powder, cement) enterprise/expansion. There are also different qualifying criteria and tax incentives for different sectors, such as manufacturing, agriculture and services. Incentives that may be provided by the BOI range from the grant of tax holidays; duty free imports for capital goods and raw materials (for export oriented services); exemption from Value Added Tax; Customs Duty and Port and Airport Development Levy (PAL); and exemptions from Exchange Control restrictions.
Investments identified by the BOI as a strategic development project under the Strategic Development Projects Act No. 14 of 2008 (as amended) would be eligible for full or partial exemptions on Income Tax, Value Added Tax, and other special concessions up to a maximum of 25 years.
Some sectors are not open for foreign investments or may be subject to government approval and/or regulations. Foreign investors are advised to check the website of BOI to see if their business falls into these sectors.
Enterprises which, in terms of the Agreements entered into with the BOI engage in a) entrepot trade involving import, minor processing and re-export; b) off shore business; c) providing front-end services to clients abroad; d) headquarters operations of leading buyers for the management of the finance supply chain and billing operations; (e) logistic services such as bonded warehouse or the operation of multi-country consolidation in Sri Lanka; are entitled to considerable tax exemptions under Sri Lanka’s Finance Act of 2013. Such exemptions are in addition to those ertaining to the Customs Ordinance (subject to specified exceptions); Import and Export Control Act and the Exchange Control Act.
Sri Lanka welcomes foreign investors. Further information relating to foreign investment incentives can be found on the website of BOI – Invest in Sri Lanka.
Foreigners cannot still obtain a mortgage from local banks or any other local financial institution, however dual citizens and non-resident Sri Lankans are able to.
If a foreign resident wants to purchase a property, then the money will need to be channeled in to the country via a special SIA (Securities Investment Account) – which are now called Inward Investment Accounts (IIAs), held at a local bank. Once the property has been sold, the money can be taken out (plus any gains) via the same account in the currency that the money was deposited in. If you currently own a property where the money hasn’t been brought via a SIA account (eg. inherited, bought while a citizen of Sri Lanka), then there’s an annual limit of $20,000 when taking the money out of the country. You could still take the money out at once, if the source of the money can be proven to the bank and Central Bank (this whole process will take a few months to complete).
The government will allow $45,000 to be brought in to the country without declaring the source (Budget 2017)
The budgets of 2017 & 2018 have proposed that foreigners be allowed to borrow money from local banks for the purchase of condominiums (up to 40%).
Anyone leasing out a property to a foreigner or local will need to pay a 1% stamp duty when the rent is collected. VAT is payable at 8% if the lease is to a VAT Registered person, other than on residential premises. Further, the sale of land & buildings other than residential premises will also be liable to VAT at 8% on the value.
Some of the main legislations are as follows:
• Land (Restriction on Alienation) Act No. 38 of 2014
• Apartment Ownership Law No. 11 of 1973, as amended
• Ceiling on Housing and Property Law
• Prevention of Frauds Ordinance
• Registration of Documents Ordinance
• Stamp Duty Act
• Land Reform Law
• Registration of Title Act No. 21 of 1998
Subject to the restrictions on the transfer of land under the Land (Restrictions on Alienation) Act (‘the Land Act’), property can be owned either by the state, by private individuals or by corporate entities. In respect of private land, ownership is obtained by the execution of deeds of transfer or gifts in the presence of a notary public and two witnesses, in accordance with the provisions of the Prevention of Frauds Ordinance.
All other transactions in respect of land, such as leases,mortgages and other dispositions, should also comply with the provisions of the Prevention of Frauds Ordinance. Accordingly, such documents would have to be executed before a notary public and two witnesses. The executed instrument would have to be registered under the provisions of the Registration of Documents Ordinance. In Sri Lanka, registration under the Registration of Documents Ordinance is not a prerequisite to confer validity on such deeds, but only provides priority. The document is valid upon execution and notarization of same.
The government has also enacted the Registration of Title Act No.21 of 1998, which is not in operation in full throughout the island as yet. Under this Act, registration of title has been introduced in pursuance of which once the certificate of title has been registered; such registration would be proof of the ownership of the land in respect of which such title has been granted.