Housing Constructions and Land Sales Sri lanka

Sri Lanka known as Ceylon is one of the best place in the world. In 15th Century, the Explorer ‘Marco polo’ told that Sri lanka was the finest island in the whole world.  It is one of the best place for nature lovers.Sri lanka is one of the best developing country in World right now. Because there are so many resources in Sri lanka and it is such a nice country for living. This island has such a nice Bio diversity, climate change and Ozone Layer Protection .So it’s good to know about the housing, constructions and land sales Sri lanka.

Lands Sales in Sri lanka

Buying Lands and Home Builders Sri lanka

How to Buy as a Sri Lankan National

If you have Sri lankan citizenship or dual citizenship then buying in Sri lanka is a fairly straightforward process.You may buy in your own name or set up a local company through which to buy the property, though this is not really necessary if you are simply intending the property to be your residence and not a business. There is a 4% stamp duty to be paid on the purchase of any property, however there is no capital gains tax payable on selling your property. We do advise that, when buying, you get the deeds checked by two independent lawyers if you can. There are also great housing construction services in Sri lanka

Property Sales in Sri lanka

How to Buy as a Foreigner

As in most developing countries there are restrictions on foreign ownership of immovable assets such as land and property. In the recent past there was a 100% tax imposed on foreigners, or local companies with over 25% foreign ownership, buying freehold property, however under the new government, this tax has been removed. Home builders Sri lanka providing best property sales.

Freehold 

Any foreign national wishing to buy a freehold title can purchase shares up to a maximum of 49% in a local company that subsequently buys a property. Thereafter further transfer of shares within said company to a foreigner above 49% in total can only be made after a period of 20 years. In this instance a foreigner may use a local friend or nominee for the purpose of holding the balance shares in the company.A stamp duty of 4% is due on any purchase of property, however if the property is already the sole asset of a locally owned company and the company is transferred to the foreign buyer and his local partner then only a share transfer tax of 0.5% is payable.

Lands Sri lanka

Leasehold

A foreigner, or a local company where any foreign shareholding is 50% or more, may purchase a lease of up to 99 years. However this is subject to a 15% Land Lease Tax in addition to the 1% stamp duty.An exception to this rule is if the purchaser is a local company with 50% or more foreign shareholding and has been in operation for 10 consecutive years or more. In such instance the Lease Land Tax is reduced to 7.5%. 

If you want to know more information about lands and housing , check this site www.odiliyahomes.lk for more information