Buying A Property in Sri Lanka for Foreigners and Expats - 2024 What Are the Rules and Regulations for Expats and Foreigners Buying and Renting Property in Sri Lanka? Foreigners can buy apartments/condominiums from the ground level up, but they cannot purchase land on freehold terms. Land can only be leased for up to 99 years. Condominiums, defined as a group of residences with shared facilities, can be...
How to Find and Buy the Right Property in Sri Lanka Sri Lanka offers a wide array of properties across its scenic landscapes, complete with modern amenities and strong infrastructure. The island is divided into 9 provinces and 25 districts, with the capital city, Colombo, further segmented into 15 zones. Prime locations for real estate investments include Colombo, Gampaha, Kandy, and Galle. Consider your...
VAT & Taxes on Apartment Sales in Sri Lanka - 2024 When buying or selling property in Sri Lanka, understanding the tax implications is crucial. This article delves into the specifics of Value Added Tax (VAT) and other taxes that apply to apartment sales in Sri Lanka, ensuring that buyers and sellers are well-informed and prepared for their transactions. Value Added Tax (VAT) on Apartment Sales VAT...
Capital Gains Tax in Sri Lanka: Impact on Property Investments What is Capital Gains Tax? The Capital Gains Tax (CGT) is a tax on the profit from the sale of property or investment assets, recently re-introduced in Sri Lanka under the Inland Revenue Act, No. 24 of 2017. Effective from April 1, 2018, this tax is set at 10% of the profit. It takes into account the costs incurred in buying, improving, and...
Imagine overlooking the crashing beach waves and feeling the cool ocean breeze stroking your cheeks as you sip on a cup of tea from the balcony of your 25th floor apartment. What a view, right? That is exactly the kind of modern island living that Sri Lanka welcomes you to. At the center of frequently used trade routes to the global market, Sri Lanka is an island rich with many natural resources...
From vertical living to multi-storied houses and ancestral homes in the countryside, housing has evolved throughout the years in different ways in different countries. The industrialized nations are branching out their vertical living styles to higher stories, while in the developing world housing is growing larger in width. In Sri Lanka, high-rise buildings or condominiums are increasing...
A combination of low interest rates and the launch of real estate-focused financial products is leading a trend towards investing in apartments, according to John Keells Holdings Vice President, Head of Sales and Marketing (Property Group), Nadeem Shums. Sri Lanka’s financial sector has reached a phase of low interest rates - for fixed income products and housing loans. Together with strong...
The slowdown in property price gains in Sri Lanka’s capital Colombo (disinflation) had ended with a near double digit annual gain, according to an index compiled by the country’s Central Bank. Land, residential and commercial property prices inflated a little under 20 percent in 2018 amid a strong economy recovery where pro-cyclical liquidity injections to target an output gap triggered a currency...
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