LAND (RESTRICTIONS ON ALIENATION) ACT

Arrangement of Sections

1. Short title and date of operation.

2. Restriction on transfer of land.

3. Exemption from the application of the provisions of section 2.

4. Conditions for the registration of instruments relating to the transfer of title of lands.

5. Restrictions on the leasing of lands to foreigners.

5A. Land Lease Tax not to be levied with effect from January 8, 2017.

6. Tax on the lands leased out to foreigners.

7. Exemption from the Land Lease Tax.

8. Conditions on the registration of instruments of lease.

9. Enforcement.

10. Land Lease Tax to be credited to the Consolidated Fund.

11. Restrictions on mortgaging lands of which title has passed or has been leased to a foreign national.

12. Land Reform Act to apply in respect of exempted transfers and leases.

13. Valuation.

14. Offences and punishment.

15. Offences by bodies of persons.

16. Concessions for Development Projects.

17. Regulations.

18. Alienation of land in contravention of this Act to be void.

19. Repeal of Part VI of Act No. 11 of 1963.

20. Avoidance of doubts.

21. Validation.

22. Recovery of any difference between the actual amount and the amount paid as the Land Lease Tax.

23. Refund of excess amount paid as Land Lease Tax.

24. Sinhala text to prevail in case of inconsistency.

25. Interpretation.

38 of 2014;

3 of 2017.

AN ACT to make provisions to stipulate Restrictions on the Alienation of Lands in Sri Lanka to foreigners, foreign companies and certain institutions with foreign shareholding; to specify the circumstances where the exemptions are granted; to impose a land lease tax for leasing of lands to foreigners, foreign companies and certain institutions with foreign shareholding; for the granting of concessions to certain development projects; for the repeal of Part VI of the Finance Act, No. 11 of 1963; and to provide for matters connected therewith or incidental thereto.

[Date of Commencement: 1st January 2013]

1. Short title.

This Act may be cited as the Land (Restrictions on Alienation) Act.

2. Restriction on transfer of land.

(1) Notwithstanding any provision to the contrary in any other written law, the transfer of title of any land situated in Sri Lanka, shall be prohibited if such transfer is—

(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,

unless exempted as provided in section 3.

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