Feb 21, Colombo: Sri Lanka, considering the increasing demand for foreign investments in the country with the expansion of development activities of the government, will no longer sell or transfer state or private real estate to foreigners.
The government will amend ordinances and introduce provisions to prohibit foreigners from purchasing absolute ownership of state or private lands in the country or the outright transfer of property to foreigners.
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.
The Cabinet of ministers has approved making regulations under State Land Ordinance and introducing amendments to the Notaries Ordinance and Registration of Document Ordinance, for the implementation of the measures.
Minister of Public Administration and Home Affairs W.D.J. Seneviratne and Minister of Lands and Land Development Janaka Bandara Tennakoon have proposed the new measures.