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The Property Market
Everything you need to know about Buying or Renting Property in Sri Lanka
Real Estate.........with a Difference, Good Old Fashioned Personal Service....always
Real Estate.........with a Difference, Good Old Fashioned Personal Service....always
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| CONTACT US ? Telephone. 0094 777 580586 0094 775 994399 0094 314 922018 0094 776 253226 0094 717 178718 email. propertymarket@wow.lk |
A GUIDE TO BUYING A HOUSE & LIVING IN SRI LANKA
VISA INFORMATION:
If you are considering buying a home or land in Sri Lanka, then you are able to remain for a total of 6 months in any
12 month period on a Tourist Visa. When arriving you will receive a 30 day Visa stamp in your passport, free of charge.
After which you can obtain a Visa extension, initially for 2 months, then can be extended for a further 3 months.
Can be for any number of visits as long as the total does not exceed 6 months in any 1 year.
Visa extensions are obtained from the Department of Immigration in Colombo. Normally you must apply in person at the
offices and complete a simple application form and obtain an extension Visa stamp in your passport, for this there is a
charge which varies depending on which country you are normally residing, on average around Rs. 5,000 or US$50 for the 1st.
3 month period, but the cost is generally higher for an additional 3 month period.
If you wish to remain in Sri Lanka as a resident, then you will need to apply for and obtain a Residents Visa which then
entitles the holder to live or work or start a business. There are several options available for obtaining a Residents Visa
1, Any foreigner marrying a Sri Lankan citizen, male or female is able to apply for resident status on production of a
marriage certificate. Usually issued for a period of 6 months initially, then usually 2 years, thereafter every 5 years.
2, Any foreigner wishing to retire in Sri Lanka must show that they have the means to support themselves and their
immediate family, This can be in the form of a lump sum ( around US$250,000) or proof that you are receiving an
adequate income from overseas and usually investing in a property.
3, If you are working under contract for a Sri Lankan or foreign owned company, then the company will arrange for a
Residents Visa for you.
4, Should you wish to start a business in Sri Lanka, then you must first present your ideas to the Board of Investment
for approval, a minimum investment of US$250,000 per person or per married couple is required. If approved by the B.O.I
they will issue a recommendation letter to the Immigration Department requesting the issue of a Residents Visa. A Visa
obtained in this way is issued for a period of 1 year at a current cost of Rs. 20,000 approx. ( US$190) per year)
Latest Visa information please click here
WHAT IS INVOLVED IN BUYING A PROPERTY?
Assuming that you have found a property that you wish to purchase?
The first step is to make an offer to the owner, usually via your agent or request the agent to negotiate on your behalf.
If you are now agreed on a purchase price?
The next step is to instruct a Lawyer to obtain a copy of the Deed and plan of the property, He / she will check with the
land registry to ensure that the person selling the property is in fact the legal owner and has the right to sell, the Lawyer
will also check to make certain that there are no encumbrances on the property, such as a mortgage or loans secured
upon it as well as to ensure that there are no lease agreements in force on the land or house.
If all is well, then the purchaser would normally be required to pay a deposit of about 10% of the agreed price to secure.
The Lawyer would then draw up a contract and transfer documents, this can be as quick as 4/5 days if there is only one
registered owner, although the purchaser is at liberty to set a date for completion which can be 3 or 4 months later, or as
agreed between the owner and purchaser, at which time the balance of the purchase price would be payable, the terms
and length of this are negotiable initially. Once the transfer Deed is signed and witnessed by both parties and all money
paid, ownership is transferred to the purchaser.
LAWYERS FEES?
Usually, Lawyers in Sri lanka make a charge of anything up to 3% of the total purchase price as their fee for the searches and transfer
of deed documents etc.
However we have negotiated a very special deal for all our clients, anyone purchasing a property through The Property Market
will be charged only 1% of the purchase price to cover all lawyers fees and charges.
Please Note that this special rate is only available for property purchased through our office.
PLEASE NOTE
The information given in this document was correct to the best of our knowledge and belief at the time of writing, due to
the somewhat volatile nature of Politics in Sri Lanka the facts contained herein are liable to change without notice.
Although we do our best to ensure that the information given is correct at the time, The Property Market accepts no
responsibility for the accuracy of the information supplied and can only be considered as general guidelines.
WHAT OTHER COSTS ARE INVOLVED?
The only other consideration when buying a property is "Stamp Duty" payable on transfer of ownership.
Stamp duty is currently payable on the total purchase price, calculated @ 3% on the first Rs. 100,000 (US$ 1,000) and charged
at 4% on the remainder. This government tax is not a tax on foreigners, it applies in all cases of property transfer for foreigners and locals alike.
MUNICIPAL PROPERTY TAX
Every house has to pay a service tax to the local authority, this depends on the value of the property and can be as little
as Rs. 150. The average house pays around between Rs. 400 and Rs. 5,000 per year. ( US$ 4 - 50 per year)
When considering buying a property, you must ensure that all previous bills are paid and request proof of this from owner.
When you buy a property through The Property Market, we will of course ensure that there are no bills outstanding on your behalf.
ELECTRICITY, WATER, TELEPHONE?
ELECTRIC.
If you are buying an existing house, then there would already be a connection for electrical supply to the property, The
only thing to check here, is that ALL the previous bills are paid in full up to the time of transfer, any amounts outstanding
will become the new owners responsibility. The electricity account will need to be transferred into the name of the new
owner, this is quite a complicated business, requiring a letter from the previous owner and from the local councillor which
states that the house is now under new ownership. The Property Market will of course arrange this for you.
Generally the electricity meter is read monthly and accounts sent on a monthly basis. The tariff varies according to the
amount that is used, starting at about Rs. 3 per unit under 30 units, scaled to a maximum of Rs. 18 per unit over 180 units each month.
One "UNIT" of electricity = 1 k.w.h
WATER.
If the property you purchase is situated near to a main road, it is possible that it will have a connection to the Government
water supply, this is connected to the property via a meter, Water bills are supplied on a monthly basis and would be on
around Rs. 100 - 1,000 per month (US$1 -10 ) for the average household. Currently in the Negombo / Kochchikade area the Government
water supply is turned off for several hours each day, so the facility to store water is essential.
If not connected to a water supply, then the house will either be supplied via a normal well or a deep tube well. The
latter being a better option as the water is usually cleaner and away from the coastal areas can safely be used for making
hot drinks and cooking, Most foreigners use bottled water for drinking which is a safer option when not being boiled.
Water supplied via a well of either type is generally pumped to a high level storage tank and gravity fed to the house.
Again, check that all prior bills are paid in full and insist on proof of this from the owner, as this can mount up if not paid for several years.
TELEPHONE
Many houses are already connected to the Sri Lanka Telecom system with a hardwired phone line, there are several other
options available such as Suntel and Lankabell, which use radio links via antenna, these can be installed in most
locations where lines are not available. Again, ensure that all previous bills are paid up to date.
Mobile phones are widely used here now, the main companies being Dialog GSM and Celtel and other companies, all of
which provide reasonable coverage. Can either be "prepaid" or "monthly account" basis. With the prepaid option you will
automatically have I.D.D (International Direct Dialling) but with a monthly account a deposit is usually required to enable use
for International calls by foreigners.
INTERNET SERVICE PROVIDERS
There are currently many options and companies providing this service, either "prepaid card" or monthly account basis.
The current charge for prepaid cards is Rs.200.for 10 hrs. An account would cost around Rs. 3,000 - 5,000 for initial set-up & about
Rs. 500 - 600 per month for basic service with FREE hours included, varies according to provider.
The above is for a normal dial up connection.
UPDATE. ADSL is now available from Sri Lanka Telecom in the Negombo and Kochchikade areas.
Should you decide to purchase a property through us at The Property Market, we will take care of everything on your
behalf, ensuring that the transfer goes smoothly and that all previous bills are paid and accounts transferred to the name
of the new owner.
We have tried to give answers to some of the questions that arise when thinking of buying a house in Sri Lanka, should
you have any queries or other concerns, we are always there to help you. email us propertymarket@wow.lk
UPDATE !!
Following the last general elections in this country, it has been widely publicised that the present government have
decided to re-introduce the 100% tax imposed on all foreigners buying land in Sri Lanka, at the time of writing it remains
unclear when and in what form this tax will be applied, if in fact it will be passed as an amendment to the law.
We are confident that should this horrendous tax be re-imposed, then it will not be applicable in the case of the formation
of a B.O.I registered business and when the land or property is purchased in the name of the company.
UPDATE !!
This Tax has now been re-introduced at the rate of 100% of Purchase Price and this has also been applied to B.O.I. Registered
companies with foreigners having more than 25% holding. The tax effective from 9th June 2004.
Not quite as bad as this first appears to be in many cases.............please contact us for further information on the current position.
PLEASE NOTE
The information given in the pages of this Website were correct to the best of our knowledge and belief at the time of writing,
due to the somewhat volatile nature of Politics in Sri Lanka the facts contained herein are liable to change without notice.
Although we do our best to ensure that the information given is correct at the time, The Property Market accepts no
responsibility for the accuracy of the information supplied and can only be considered as general guidelines.
VISA INFORMATION:
If you are considering buying a home or land in Sri Lanka, then you are able to remain for a total of 6 months in any
12 month period on a Tourist Visa. When arriving you will receive a 30 day Visa stamp in your passport, free of charge.
After which you can obtain a Visa extension, initially for 2 months, then can be extended for a further 3 months.
Can be for any number of visits as long as the total does not exceed 6 months in any 1 year.
Visa extensions are obtained from the Department of Immigration in Colombo. Normally you must apply in person at the
offices and complete a simple application form and obtain an extension Visa stamp in your passport, for this there is a
charge which varies depending on which country you are normally residing, on average around Rs. 5,000 or US$50 for the 1st.
3 month period, but the cost is generally higher for an additional 3 month period.
If you wish to remain in Sri Lanka as a resident, then you will need to apply for and obtain a Residents Visa which then
entitles the holder to live or work or start a business. There are several options available for obtaining a Residents Visa
1, Any foreigner marrying a Sri Lankan citizen, male or female is able to apply for resident status on production of a
marriage certificate. Usually issued for a period of 6 months initially, then usually 2 years, thereafter every 5 years.
2, Any foreigner wishing to retire in Sri Lanka must show that they have the means to support themselves and their
immediate family, This can be in the form of a lump sum ( around US$250,000) or proof that you are receiving an
adequate income from overseas and usually investing in a property.
3, If you are working under contract for a Sri Lankan or foreign owned company, then the company will arrange for a
Residents Visa for you.
4, Should you wish to start a business in Sri Lanka, then you must first present your ideas to the Board of Investment
for approval, a minimum investment of US$250,000 per person or per married couple is required. If approved by the B.O.I
they will issue a recommendation letter to the Immigration Department requesting the issue of a Residents Visa. A Visa
obtained in this way is issued for a period of 1 year at a current cost of Rs. 20,000 approx. ( US$190) per year)
Latest Visa information please click here
WHAT IS INVOLVED IN BUYING A PROPERTY?
Assuming that you have found a property that you wish to purchase?
The first step is to make an offer to the owner, usually via your agent or request the agent to negotiate on your behalf.
If you are now agreed on a purchase price?
The next step is to instruct a Lawyer to obtain a copy of the Deed and plan of the property, He / she will check with the
land registry to ensure that the person selling the property is in fact the legal owner and has the right to sell, the Lawyer
will also check to make certain that there are no encumbrances on the property, such as a mortgage or loans secured
upon it as well as to ensure that there are no lease agreements in force on the land or house.
If all is well, then the purchaser would normally be required to pay a deposit of about 10% of the agreed price to secure.
The Lawyer would then draw up a contract and transfer documents, this can be as quick as 4/5 days if there is only one
registered owner, although the purchaser is at liberty to set a date for completion which can be 3 or 4 months later, or as
agreed between the owner and purchaser, at which time the balance of the purchase price would be payable, the terms
and length of this are negotiable initially. Once the transfer Deed is signed and witnessed by both parties and all money
paid, ownership is transferred to the purchaser.
LAWYERS FEES?
Usually, Lawyers in Sri lanka make a charge of anything up to 3% of the total purchase price as their fee for the searches and transfer
of deed documents etc.
However we have negotiated a very special deal for all our clients, anyone purchasing a property through The Property Market
will be charged only 1% of the purchase price to cover all lawyers fees and charges.
Please Note that this special rate is only available for property purchased through our office.
PLEASE NOTE
The information given in this document was correct to the best of our knowledge and belief at the time of writing, due to
the somewhat volatile nature of Politics in Sri Lanka the facts contained herein are liable to change without notice.
Although we do our best to ensure that the information given is correct at the time, The Property Market accepts no
responsibility for the accuracy of the information supplied and can only be considered as general guidelines.
WHAT OTHER COSTS ARE INVOLVED?
The only other consideration when buying a property is "Stamp Duty" payable on transfer of ownership.
Stamp duty is currently payable on the total purchase price, calculated @ 3% on the first Rs. 100,000 (US$ 1,000) and charged
at 4% on the remainder. This government tax is not a tax on foreigners, it applies in all cases of property transfer for foreigners and locals alike.
MUNICIPAL PROPERTY TAX
Every house has to pay a service tax to the local authority, this depends on the value of the property and can be as little
as Rs. 150. The average house pays around between Rs. 400 and Rs. 5,000 per year. ( US$ 4 - 50 per year)
When considering buying a property, you must ensure that all previous bills are paid and request proof of this from owner.
When you buy a property through The Property Market, we will of course ensure that there are no bills outstanding on your behalf.
ELECTRICITY, WATER, TELEPHONE?
ELECTRIC.
If you are buying an existing house, then there would already be a connection for electrical supply to the property, The
only thing to check here, is that ALL the previous bills are paid in full up to the time of transfer, any amounts outstanding
will become the new owners responsibility. The electricity account will need to be transferred into the name of the new
owner, this is quite a complicated business, requiring a letter from the previous owner and from the local councillor which
states that the house is now under new ownership. The Property Market will of course arrange this for you.
Generally the electricity meter is read monthly and accounts sent on a monthly basis. The tariff varies according to the
amount that is used, starting at about Rs. 3 per unit under 30 units, scaled to a maximum of Rs. 18 per unit over 180 units each month.
One "UNIT" of electricity = 1 k.w.h
WATER.
If the property you purchase is situated near to a main road, it is possible that it will have a connection to the Government
water supply, this is connected to the property via a meter, Water bills are supplied on a monthly basis and would be on
around Rs. 100 - 1,000 per month (US$1 -10 ) for the average household. Currently in the Negombo / Kochchikade area the Government
water supply is turned off for several hours each day, so the facility to store water is essential.
If not connected to a water supply, then the house will either be supplied via a normal well or a deep tube well. The
latter being a better option as the water is usually cleaner and away from the coastal areas can safely be used for making
hot drinks and cooking, Most foreigners use bottled water for drinking which is a safer option when not being boiled.
Water supplied via a well of either type is generally pumped to a high level storage tank and gravity fed to the house.
Again, check that all prior bills are paid in full and insist on proof of this from the owner, as this can mount up if not paid for several years.
TELEPHONE
Many houses are already connected to the Sri Lanka Telecom system with a hardwired phone line, there are several other
options available such as Suntel and Lankabell, which use radio links via antenna, these can be installed in most
locations where lines are not available. Again, ensure that all previous bills are paid up to date.
Mobile phones are widely used here now, the main companies being Dialog GSM and Celtel and other companies, all of
which provide reasonable coverage. Can either be "prepaid" or "monthly account" basis. With the prepaid option you will
automatically have I.D.D (International Direct Dialling) but with a monthly account a deposit is usually required to enable use
for International calls by foreigners.
INTERNET SERVICE PROVIDERS
There are currently many options and companies providing this service, either "prepaid card" or monthly account basis.
The current charge for prepaid cards is Rs.200.for 10 hrs. An account would cost around Rs. 3,000 - 5,000 for initial set-up & about
Rs. 500 - 600 per month for basic service with FREE hours included, varies according to provider.
The above is for a normal dial up connection.
UPDATE. ADSL is now available from Sri Lanka Telecom in the Negombo and Kochchikade areas.
Should you decide to purchase a property through us at The Property Market, we will take care of everything on your
behalf, ensuring that the transfer goes smoothly and that all previous bills are paid and accounts transferred to the name
of the new owner.
We have tried to give answers to some of the questions that arise when thinking of buying a house in Sri Lanka, should
you have any queries or other concerns, we are always there to help you. email us propertymarket@wow.lk
UPDATE !!
Following the last general elections in this country, it has been widely publicised that the present government have
decided to re-introduce the 100% tax imposed on all foreigners buying land in Sri Lanka, at the time of writing it remains
unclear when and in what form this tax will be applied, if in fact it will be passed as an amendment to the law.
We are confident that should this horrendous tax be re-imposed, then it will not be applicable in the case of the formation
of a B.O.I registered business and when the land or property is purchased in the name of the company.
UPDATE !!
This Tax has now been re-introduced at the rate of 100% of Purchase Price and this has also been applied to B.O.I. Registered
companies with foreigners having more than 25% holding. The tax effective from 9th June 2004.
Not quite as bad as this first appears to be in many cases.............please contact us for further information on the current position.
PLEASE NOTE
The information given in the pages of this Website were correct to the best of our knowledge and belief at the time of writing,
due to the somewhat volatile nature of Politics in Sri Lanka the facts contained herein are liable to change without notice.
Although we do our best to ensure that the information given is correct at the time, The Property Market accepts no
responsibility for the accuracy of the information supplied and can only be considered as general guidelines.
| CONTACT US ? Telephone. 0094 777 580586 0094 775 994399 0094 314 922018 0094 776 253226 0094 717 178718 email. propertymarket@wow.lk |
GENERAL INFORMATION / BUYERS GUIDE PAGE 5
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