Sunday , November 19 2017
Home / Uncategorized / Sri Lanka prohibits outright sale of land to foreigners

Sri Lanka prohibits outright sale of land to foreigners

Sri Lanka prohibits outright sale of land to foreigners
Sri Lanka prohibits outright sale of land to foreigners

The prohibition will not be applicable for foreign Embassies or High Commissions in Sri Lanka.

Sri Lanka has decided to prohibit the outright sale of state and private lands to foreigners,charging that prime properties bought by outsiders had been neglected and that the country was not reaping the full benefits of their tourism potential.
Cabinet approval was granted to make regulations under State Land Ordinance and to introduce amendments to the Notaries Ordinance and Registration of Document Ordinance,Cabinet Spokesman and Media Minister Keheliya Rambukwella said.

Instead, the government will lease out such lands on a long term lease basis without affecting the economic development activities of the country.
However, the prohibition will not be applicable for purchasing of lands for foreign Embassies or High Commissions in Sri Lanka.

About elanka@2017

Check Also

Billion rupee startup, PAYable, draws in major investment, gears for accelerated growth

Yohan Wijesiriwardane, Co-Founder and incoming CEO and Sujith Subasinghe, PAYable’s late Co-Founder and CEO. Building …

Leave a Reply

Your email address will not be published. Required fields are marked *