{"id":13546,"date":"2016-11-14T01:28:01","date_gmt":"2016-11-14T01:28:01","guid":{"rendered":"https:\/\/websitedesigns.com.au\/elankanew\/?p=13546"},"modified":"2016-11-14T01:29:33","modified_gmt":"2016-11-14T01:29:33","slug":"sri-lanka-lifts-ban-foreigners-buying-property","status":"publish","type":"post","link":"https:\/\/websitedesigns.com.au\/elankanew\/sri-lanka-lifts-ban-foreigners-buying-property\/","title":{"rendered":"Sri Lanka lifts ban on foreigners buying property"},"content":{"rendered":"<h1 style=\"text-align: center;\">Sri Lanka lifts ban on foreigners buying property<\/h1>\n<p><em>SOURCE: <a href=\"https:\/\/www.yahoo.com\/news\/sri-lanka-lifts-ban-foreigners-buying-property-143203395.html\">Yahoo.com<\/a><\/em><\/p>\n<p><a href=\"https:\/\/websitedesigns.com.au\/elankanew\/wp-content\/uploads\/2016\/11\/Part-HKG-Hkg5225010-1-1-0-1.jpg\" rel=\"attachment wp-att-13548\"><img loading=\"lazy\" loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-full wp-image-13548\" src=\"https:\/\/websitedesigns.com.au\/elankanew\/wp-content\/uploads\/2016\/11\/Part-HKG-Hkg5225010-1-1-0-1.jpg\" alt=\"Part-HKG-Hkg5225010-1-1-0\" width=\"500\" height=\"314\" \/><\/a><\/p>\n<p style=\"text-align: center;\"><em>The Sri Lankan construction sector is experiencing a boom since the end of the island&#8217;s ethnic war in 2009 (AFP Photo\/Lakruwan Wanniarachchi)<\/em><\/p>\n<p><span style=\"font-size: 20px;\">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.<\/span><\/p>\n<p><span style=\"font-size: 20px;\">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&#8217;s ethnic war in 2009.<\/span><!--more--><\/p>\n<p><span style=\"font-size: 20px;\">&#8220;To further incentivise such investment, we will remove freehold right restrictions from the ground floor,&#8221; the minister said, referring to a 2014 ban on foreigners purchasing real estate.<\/span><\/p>\n<p><span style=\"font-size: 20px;\">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.<\/span><\/p>\n<p><span style=\"font-size: 20px;\">Unveiling the annual budget for the 2017 calendar year, the minister slapped a new carbon tax on cars and sharply raised traffic fines in an effort to shore up revenues.<\/span><\/p>\n<p><span style=\"font-size: 20px;\">The government is targeting a budget deficit of 4.6 percent of GDP next year, down from 5.4 percent of GDP this year, with foreign borrowings of $3.1 billion and $1.2 billion in domestic loans helping to bridge the gap, Karunanayake said.<\/span><\/p>\n<p><span style=\"font-size: 20px;\">The government will also focus on encouraging investment in the island&#8217;s war-ravaged north and east, offering huge tax concessions for start ups in the region, which is struggling to rebuild seven years after the decades-long Tamil separatist war ended.<\/span><\/p>\n<p><span style=\"font-size: 20px;\">&#8220;I wish to lay emphasis on the fact that the government is committed to eliminate existing socio-economic gap between North and East with the rest of the country by 2020,&#8221; Karunanayake said.<\/span><\/p>\n<p><span style=\"font-size: 20px;\">Cash-strapped Sri Lanka secured a $1.5 billion bailout from the International Monetary Fund in June after suffering a balance of payments crisis earlier this year.<\/span><\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Sri Lanka lifts ban on foreigners buying property SOURCE: Yahoo.com The Sri Lankan construction sector is experiencing a boom since the end of the island&#8217;s ethnic war in 2009 (AFP Photo\/Lakruwan Wanniarachchi) Sri Lanka announced Thursday it would lift a ban on foreigners owning property as the cash-strapped country sought to attract foreign capital to [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[20],"tags":[],"class_list":{"0":"post-13546","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-articles"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v25.7.1 (Yoast SEO v25.9) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Sri Lanka lifts ban on foreigners buying property<\/title>\n<meta name=\"description\" content=\"Sri Lanka lifts ban on foreigners buying property\" \/>\n<meta name=\"robots\" content=\"noindex, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<meta property=\"og:locale\" content=\"en_US\" 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