Sri Lanka Lifts Ban On Foreigners Buying Property

Sri Lanka lifts ban on foreigners buying property

COLOMBO, , (Pakistan Point News - APP - 10th Nov, 2016 ) - Sri Lanka announced Thursday it would lift a ban on foreigners owning property as the cash-strapped country sought to attract foreign capital to rebuild its war-ravaged economy. Finance Minister Ravi Karunanayake told parliament of the potential to attract much-needed foreign investment in the construction sector, which is experiencing a boom following the end of the island's ethnic war in 2009. "To further incentivise such investment, we will remove freehold right restrictions from the ground floor," the minister said, referring to a 2014 ban on foreigners purchasing real estate. In a bid to encourage more foreign exchange inflows, the minister said the government will also allow individuals to bring up to $45,000 into the country without declaring the source, up from a previous limit of $15,000.