5. Restrictions on the leasing of lands to foreigners

Official English translation. The Sinhala text prevails. Open the official Sinhala text, official PDF on documents.gov.lk

(1)

Notwithstanding any provision to the contrary in any other written law, the leasing of a land—

(a)

to a foreigner; or

(b)

to a company incorporated in Sri Lanka under the

Companies Act, where any foreign shareholding in such company, either direct or indirect, is fifty per cent or above; or

(c)

to a foreign company, shall be effected subject to the payment of the Land Lease

Tax imposed under section 6:

Provided however, the maximum tenure of any such lease shall not exceed ninety nine years.

Land (Restrictions on Alienation)

(2)

Any State land so leased shall be re-vested on the

State free of encumbrances upon the lapse of the period of lease.

(3)

Any state land so leased shall not be sub-let or sub-leased violating the provisions of relevant indenture of lease or without obtaining the prior written approval from the

Minister to whom the subject of lands has been assigned.

Read on from s 6