New visa changes has influenced Sri Lanka’s real estate market
View(s):New visa laws were proposed, as part of an on-going process to improve administrative procedures following the end of the war in 2009, Sri Lanka’s government imposed stricter rules on visa requirements.
“The process of applying for a visa and having a visa approved is now more similar to processes in fully developed countries like Australia,” an article by the Lamudi Property Portal says.
The ‘My Dream Home Visa Programme’ serves to allow ‘senior foreign nationals’ to purchase property in Sri Lanka as long as they meet certain requirements. Foreign nationals over the age of 55 can apply for this scheme as long as they remit US$15,000 or the equivalent in an approved foreign currency’, the article says.
It says that the rules of property acquisition by foreign and nationals have changed for the better in recent years and especially after the new regime, Sri Lanka has relaxed laws restricting foreign investment. “This move has encouraged foreign investors to purchase homes in Sri Lanka. Since the law was passed, foreign nationals seeking to buy land can now initially be 49 per cent shareholders of leasehold. Foreigners earlier were only allowed to own 25 per cent of this land but now they can apply for a freehold arrangement 20 years after buying this share.
Also the process for signing a deal on property is now much more streamlined for foreigners. “It still isn’t possible for foreigners to buy freehold properties and land from the outset, so there is still a fair way to go, but the situation is definitely getting better. This implies good things and a bright future for Sri Lanka’s property market,” the article says.