Buying property
in Sri Lanka

The rules depend on who is buying:

• Sri Lankan citizens — including Sri Lankans living overseas — can generally buy freehold land and houses in their own name.
• Dual citizens who hold Sri Lankan citizenship are generally treated as Sri Lankan citizens for property purposes. Keep your dual citizenship certificate to hand.
• Foreign nationals face restrictions on acquiring freehold land under the Land (Restrictions on Alienation) Act No. 38 of 2014. Long leases are the usual route for foreign buyers, and some exemptions exist, for example for certain apartments in condominium buildings. The right structure for you is a question for a Sri Lankan lawyer.
• Companies — the rules depend on who owns the company, so take specific legal advice.

A typical purchase follows these steps. Your lawyer will guide you through each one.

• Agree terms. Agree the price, what is included and the payment schedule in writing.
• Due diligence. Your lawyer searches the land registry records to confirm the seller's title, and checks the survey plan, boundaries, access and any encumbrances such as mortgages.
• Check approvals. For a new villa, ask for the approved building plans and local authority approvals and, on completion, the certificate of conformity.
• Sign the agreement. For a villa that is off-plan or under construction this is usually an agreement to sell, with payments linked to the build programme.
• Execute and register. The deed of transfer (or lease) is signed before a notary public and registered at the land registry.
• Pay duties and fees. Budget for stamp duty, notary and legal fees and registration charges on top of the purchase price.

If you are paying from abroad, plan how the money will move before you commit. Under the Foreign Exchange Act No. 12 of 2017, investment funds brought into Sri Lanka are generally routed through an Inward Investment Account (IIA) opened with a licensed bank, which keeps a clear record of the investment.

Your bank and lawyer can confirm the current requirements for your situation, including whether and how funds can later be taken back out of the country.

Several villas at Regal Victoria Lakeside are offered for pre-booking ahead of completion, which lets you choose your plot early. Read the paperwork carefully and check:

• the payment schedule, and what each payment is linked to;
• the specification, furnishing and landscaping included;
• the expected completion timeline, and what happens if it changes;
• how shared facilities and management will be run and paid for after handover.

We're happy to share plans, specifications and the documents your lawyer needs — just ask through the enquiry form.

If you live overseas, we can send detailed plans, renders and the full brochure, talk you through the villas by phone or email, and arrange a site visit for your next trip to Sri Lanka.

Many steps of a purchase can be handled by your lawyer while you are away, and documents can often be signed under a power of attorney. Ask your lawyer what applies to you.