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Sri Lanka to ease restrictions on foreigners acquiring land for investment

Xinhua, August 31, 2016 Adjust font size:

Sri Lanka is taking measures to ease the restrictions imposed on foreigners acquiring land in the island nation for investment projects, the Ministry of Finance said in a statement on Wednesday.

According to the statement, a new draft bill is being prepared with the aim of providing provisions to provide ownership of land without being affected by the Land Restriction and Alienation Act of Sri Lanka.

The Statement further said, local and foreign investors as well as entrepreneurs will be encouraged to expand their businesses clearing impediments in obtaining land and buildings under the government's mid-term economic plan.

Meanwhile, the restrictions on foreigners, companies, and locally incorporated firms with over 50 percent foreign ownership from buying land in the country will also be removed under strict conditions. Endit