Sri Lanka is a relatively investment-friendly destination and welcomes overseas investment.Overseas Sri Lankans, expats and foreigners looking to buy property, second homes, holiday homes or villas in Sri Lanka may find our complimentary guide to Buying Property in Sri Lanka helpful.
Many leading international and local banks, including Standard Chartered Bank, Nations Trust Bank and the Commercial Bank of Ceylon offer an Inward Investment Account (“IIA”), designed to allow overseas property investors with transfers of funds into and out of Sri Lanka. IIA accounts can be for single individuals, joint accounts or company accounts and can be denominated in US Dollars, British Pounds, Euro and Australian Dollars, in addition to Sri Lankan Rupees (“LKR”).
Many of these banks offer home loan and property financing. Local buyers including dual citizens and Sri Lanka-incorporated companies may qualify for loans to purchase their holiday villas. The banks’ will assess any financing requests based on the circumstances of the investor.
We have referral arrangements with these banks and would be happy to make the relevant introductions for any of our villa investors requiring such assistance.
We have referral arrangements with several leading property lawyers who have considerable experience in assisting investors to purchase property in Sri Lanka. We have helped set up standardised off-the-shelf documentation and negotiated pre-agreed fee arrangements and would be happy to make the relevant introductions.
We offer a villa rental service to investors who would like their holiday home to generate rental income, when their villa is not being used by them or their guests. Our hassle-free villa rental and management service provides villa buyers with advertising, booking, management and maintenance services. Our villa rental and management services are paid for through a villa rental booking fee that is charged to each rental. The rental income received by villa owners will be the rental rate net of this booking fee.
Our villa rental and management services fees will be finalized closer to completion and handover of villas to their owners. Rental guests will be accommodated in keeping with our country club membership criteria and code of conduct.
Catalina is in the heart of Sri Lanka’s most popular tourism destination, the south. Our close proximity to Galle and easy access to the resort beaches of Talpe, Mirissa and Unawatuna could underpin a healthy, year-round rental demand for our villas. Many of our neighboring properties are luxury villas, operating as high-end boutique hotels. Catalina easily matches the quality of finishes and facilities on offer at these deluxe properties.
Residents who are not Sri Lankan citizens or dual citizens are eligible for a two year renewable resident visa under the government’s My Dream Home programme. This is available to non-Sri Lanka citizens aged over 55 years who can;
(i) invest USD 15,000 (or equivalent in a major currency) in a fixed deposit with a bank in Sri Lanka for the duration of their visa, and
(ii) remit USD 1,500 each month (or equivalent in a major currency) to support their upkeep
Dependents require an additional USD750 per person per month.
Details of the My Dream Home programme can be found on the Sri Lanka Department of Immigration website; http://www.immigration.gov.lk/web/index.php?option=com_content&view=article&id=156&Itemid=199&lang=en
The current government has frequently issued statements about encouraging investment into Sri Lanka by expanding this programme – please watch this space or contact us for further details.