Can foreigners buy freehold real estate in Sri Lanka?
Yes, they can buy freehold real estate properties in any part of the country.
Is there a 100% property tax in Sri Lanka for foreign buyers?
A foreigner is responsible to pay 100% of the property value as tax. However if the foreigners form a privately owned company the percentage of tax will be reduced to a greater extend.
Is it safe to buy a property in Sri Lanka?
Yes, foreigners are given with all possible guarantees through various governmental institutions.
What is the cost of buying property in Sri Lanka? Your buying costs will be 10 – 11% of the purchase price plus 1,075 – 1,150 USD approximately; see cost breakdown below:
Agency Fee: 5% of the Purchase Price.
Stamp Duty: 4% of the Purchase Price.
Legal Fees: 1% of the Purchase Price.
Surveyor Fee: Approx’ 75 – 150 USD.
Formation of Private Limited Company & Opening of Bank Accounts: 1,000 USD
Title Insurance: 1% of the Purchase Price. (Optional)
Is there capital gains tax in Sri Lanka?
No, there is no capital gains tax in Sri Lanka.
How long does it take to buy a property in Sri Lanka?
Approximately three to four weeks will be taken.