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Capital Gains
Capital Gains Tax (CGT) was abolished in April 2002.

Liability of foreigners to pay 100% tax on acquiring properties
If a non citizen (foreigner) or a Company incorporated in Sri Lanka with more than 25% of foreign participation in the equity of such company purchase an immovable property in Sri Lanka a tax of such amount as is equivalent to the value of that property shall be paid to the central government of Sri Lanka subject to certain exceptions mention below.

Exceptions : Any land the ownership of which is transferred to an enterprise to which the Board of Investment of Sri Lanka has granted authorization in writing to set up on such land

a)      a project for the construction of not less than 100 residential housing units, each constructed on land not exceeding 10 perches inclusive of appurtenant land, or a condominium property within the meaning of the Apartment Ownership Law comprising not less than 100 units for residential or non-residential accommodation, provided that the total value of said land is met by inward remittance of foreign currency.

b)      a project for the construction and operation of a hospital or a hotel provided that the total value of said land is met by inward remittance of foreign currency and that the investment on the project be not less than 10 Million USD or its equivalent in Sri Lanka Rupees.

c)      a project relating to infrastructure development or any other development determined by the minister as being essential for the economic progress of Sri Lanka, provided that the value of said land is met by inward remittance of foreign currency and the investment on the project be not less than 50 Million USD or its equivalent in Sri Lanka Rupees.

d)      a project relating to service sector including BPO industry, IT related training institution, educational institution, determined by the minister as being essential for the economic progress of Sri Lanka , the value of said land is met by inward remittance of foreign currency a and the investment on the project be not less than USD 2 Million or its Rupee equivalent and that such projects employs not less than 50 local persons.

e)      a project solely for the manufacture of non-traditional goods for export, for the establishment of its manufacturing plant , office, storage facilities, dormitories for workers provided that the value of said land is met by inward remittance of foreign currency and the investment on the project be not less than 1 Million USD or its equivalent in Sri Lanka Rupees.

f)      any condominium unit of a condominium property situated on or above the 4th floor of such condominium property, the ownership of which is transferred to a person who is not a citizen of Sri Lanka, provided that the value of such unit is met by inward remittance of foreign currency. In computing the number of floors in a condominium property, a floor which accommodates any common elements within the meaning of the Apartment Ownership Law in excess of ½ of the floor area of such floor shall not be taken into account.

In addition to the above tax, stamp duty is applicable when acquiring immovable properties.

 
BIMSARA-GEOGRAPHICAL-AREA-OF-OPERATION
Our promise to both buyers and sellers is that we hold and command the most comprehensive data base of both buyers and sellers in our geographical area of operation. This enables us to offer our buyers the best matching properties for your specifications. Buyer satisfaction is the key for the seller to get the best possible price.
To truly deliver this promise our valuable clients, we employ various ethical techniques unique to our own. Right at the moment we are active only in the following towns and suburbs.

We hold and command the most comprehensive data base of both buyers and sellers in our geographical areas of operation. This enables us to offer our buyers the best matching properties as per their specifications.

Presently we are active only in the following towns and suburbs.

Nawala Nugegoda
Embuldeniya Colombo 3
Rajagiriya
Mirihana Madiwela Colombo 4
Battaramulla
Ethulkotte Thalawathugoda Colombo 5
Pelawatta Pitakotte
Kohuwala Colombo 7
Battaramulla-Koswatta
Beddagana Pepiliyana Colombo 8

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