Sri Lanka economy

Is Now a Good Time to Buy?

August 8, 2025 By admin

There are some excellent signs to think about buying a 1, 2 or 3 bedroom apartment (condominium) in the Galle region of Sri Lanka and to use it for holidays and rent it out when you are not there.

Let’s consider the strong indicators for both tourism and property investment.

Robust Tourism Growth: Sri Lanka’s tourism sector is experiencing a significant resurgence.

The first half of 2025 saw total international arrivals reach 1.168 million, a growth of 15.62% over the first half of 2024.

The Sri Lanka Tourism Development Authority (SLTDA) projects 2.45 million arrivals for the full year 2025, a strong recovery from previous years, and there are forecasts predicting that this number could double by 2030.

This consistent growth, even in traditionally off-peak months, suggests a more balanced year-round tourism pattern. India, Russia, and the UK remain key source markets.

Galle’s Enduring Appeal: Galle, with its historic fort, beautiful beaches, and vibrant culture, remains a top destination for tourists, ensuring a steady demand for quality accommodation.

Condominium Ownership for Foreigners: Crucially, foreigners can legally purchase condominiums (apartments from the ground level upwards) in Sri Lanka, provided the property is registered under the Apartment Ownership Law and the entire value is paid upfront via inward foreign remittance. This makes condominium investment a more straightforward path for foreign buyers compared to villas or land.

Government Support for Investment: The introduction of programs like the “Golden Paradise Visa” (requiring a minimum deposit of $200,000 USD in a local bank or investment in approved sectors including condominium property) provides a long-term residence option for investors, further incentivizing foreign investment in real estate.

Let’s look at the economics for a typical 2 bedroom apartment in Galle.

Rental Income Expectations (2-Bedroom Condominium in Galle)

A 2-bedroom condominium is generally a strong performer in the Galle short-term rental market.

High Demand Segment: 1-bedroom and 2-bedroom properties combined constitute over 55% of active short-term rental listings in Galle, indicating a substantial market share and high demand for these sizes.They cater to the most common traveler groups: couples, small families, or friends traveling together.

Guest Capacity Sweet Spot: Listings accommodating 2 to 4 guests are dominant in Galle, which perfectly aligns with the capacity of a 2-bedroom unit.

Potential Monthly Revenue:

For “typical properties” in Galle (across all sizes), the median monthly revenue is around $458 USD.

However, for “strong performing properties” (top 25%), this can jump to $1,156 USD per month.

“Best-in-class properties” (top 10%) can achieve $2,707 USD or more per month.

For a well-located, high-quality, and professionally managed 2-bedroom condominium, you should aim for the “strong performing” to “best-in-class” range.

Nightly Rates: While median nightly rates for typical apartments in Galle are around $48 USD, “strong performing properties” achieve $103 USD or more per night, and “best-in-class properties” can command $215+ USD per night. Your 2-bedroom unit, if well-appointed, could easily fall into the higher end of this spectrum.

Occupancy Rates: Strong performing properties around Galle achieve 44% or higher occupancy and “best-in-class” properties can reach 65%+ occupancy. During the peak season (December to March), well-managed properties can see even higher occupancy rates and the Sri Lanka Tourism Development Authority prior to 2019 reported an average hotel occupancy rate of 73% on the Southern Coast around Galle.

Projected Annual Gross Rental Yield: While specific current figures for 2-bedroom condos aren’t universally published, well-managed holiday rental properties in prime Galle locations often target and achieve 8-10% annual gross rental yields.

To maximize rental income: Focus on properties with desirable amenities (pool access, modern kitchen, reliable Wi-Fi, air conditioning, views), professional photography, strong online marketing across platforms like Airbnb and Booking.com, and excellent guest communication/service.

All-Suite Resort Talpe Heights is a new condominium project comprising 49 Luxury Serviced Residences with Hotel Facilities in a spectacular setting overlooking Dalawella Beach, lauded as the finest beach in Sri Lanka.

These All-Suite branded Residences are elegantly furnished and share luxury amenities including a restaurant/bar, 24-hour concierge and security, housekeeping, ocean view residents’ lounge, yoga deck and sky gym, a garden swimming pool and a stunning roof terrace with a 25m infinity pool and views of the Indian Ocean.

Buyers are investing in a lifestyle and experience beyond the traditional concept of property ownership. By owning an apartment in All-Suite Resort Talpe Heights, they are investing in a prestigious All-Suite branded residence where you will enjoy private home comforts and a full complement of services including:

A rental programme allowing owners to place their apartment into a letting pool
Comprehensive security systems including CCTV, secure entry and on-site security personnel
Spa treatments
Dedicated butler services for personal assistance
Child and pet care, grocery stocking, event planning, personal shopping, car valeting, limousine services and secretarial/business support
24-hour concierge
Lock-up-and-leave convenience

A professional team of employees with decades of experience in the international hotel industry take care of all management and rental needs so there is no maintenance to worry about, as the All-Suite Resorts team will ensure that everything runs smoothly.

Current projections predict an annual return of 8 to 10% by year 3 when rented through our professional operator, All-Suite Resorts.

Capital Growth Expectations

Historical Trends: While precise current capital appreciation rates for condominiums in Galle specifically are not readily available in granular detail, broader real estate trends in popular Sri Lankan investment areas, particularly for luxury and desirable properties, have been positive. For instance, luxury villa prices in Galle have seen an average annual appreciation of 12% over the past decade, with beachfront properties doing even better (15-20%).

Investment Property Performance: Reports indicate that investment properties, including apartments in complexes like One Galle Face (though in Colombo, it reflects broader investor sentiment), have seen significant revenue growth (e.g., Shangri-La Asia reported a 32.4% increase in revenue from Sri Lankan investment properties in 2024, including apartments, compared to 2023). This suggests strong demand from tenants/guests and appreciating values for well-managed investment properties.

Long-Term Potential: Given the sustained tourism recovery, increasing foreign interest, and the inherent appeal of Galle, a well-located and maintained 2-bedroom condominium is likely to see steady capital appreciation, potentially around 10% annually on average over the medium to long term. Factors like the property’s quality, location (proximity to attractions, beach), and overall market stability will influence this.

During the construction phase and if buying an apartment off-plan, investors could realise up to 12% capital growth.

Key Considerations for Foreign Buyers

Reputation: choose a reputable developer with a track record and ensure there is a sound operating agreement and model in place when signing the SPA (sales and purchase agreement). *

Ownership Restrictions: As mentioned, foreigners can own condominiums. Ensure the condominium project is legally registered and compliant with the Apartment Ownership Law.

Funds Transfer: All payments for the property must be remitted through foreign inward investment accounts (IIA) via a local bank.

Taxes:

Stamp Duty: When purchasing a property, a one-time stamp duty is payable. The rate is typically calculated as 3% on the first LKR 100,000 of the property’s value and 4% on the remaining value.

Value Added Tax (VAT): The purchase of a residential condominium unit by an individual is generally not subject to VAT. However, VAT at 18% may be applicable on the sale of new luxury apartments by the developer.

Social Security Contribution Levy (SSCL): The SSCL is a tax imposed at a rate of 2.5% on the “liable turnover” of the developer and like the 18% VAT is borne by the buyer and paid to the Sri Lankan tax authority by the developer. Typically, VAT and SSCL is paid along with each stage payment in an off-plan development project and this will be clarified in your payment plan in the Sales and Purchase Agreement.

Legal costs: The market standard for legal and notarial fees associated with a property conveyance in Sri Lanka typically ranges from 1% to 3% of the property’s declared value.

As a foreigner, the taxation of your rental income is a multi-stage process involving Withholding Tax, Income Tax, and a final Remittance Tax if you send the profits abroad.

Withholding Tax (WHT): A hotel operator is appointed by the apartment owners to maintain and manage the apartments and rent them to tourists in your absence and is legally required to deduct a 14% Withholding Tax (WHT) from the net rental income they pay to you. This is an advance payment towards your final tax liability, not a final tax. The operator must provide you with an annual WHT certificate, which is essential for your tax return.

Income Tax: The net rental income you receive is subject to progressive income tax rates in Sri Lanka. You must declare this income, claim deductions, and the 14% WHT you have already paid will be credited against your final calculated tax.

Apply Progressive Tax Rates (for Y/A 2025/2026):

First LKR 1,000,000 @ 6%
Next LKR 500,000 @ 18%
Next LKR 500,000 @ 24%
Next LKR 500,000 @ 30%
On the balance @ 36%

Example: below is an example of how the tax would be processed and paid on an apartment priced at LKR 100,000,000 (or 332,782 USD) with a gross annual return of 10% (LKR 10,000,000).

Allowable deductions include 5% capital allowance on building cost (LKR 5,000,000), assumed municipal rates of LKR 200,000, and other direct expenses of LKR 50,000.

The taxable income is LKR 4,750,000. The gross income tax liability is LKR 1,230,000, calculated using progressive rates for the 2025/2026 tax year.

A 14% Withholding Tax (WHT) credit of LKR 1,400,000 is deducted by the hotel operator.

After income tax, LKR 8,770,000 is available for remittance. A 14% Remittance Tax of LKR 1,227,800 is applied to the remitted income.

The total Sri Lankan tax burden is LKR 2,457,800, representing an effective tax rate of 24.58% on gross rental income. The net amount transferred back to the owner’s home country would be LKR 7,542,200 and the owner’s home country would have a Double Taxation Avoidance Agreement (DTAA) allowing for a Foreign Tax Credit (FTC) in the home country for taxes paid in Sri Lanka.

Remittance Tax: If you transfer your net income (after Sri Lankan income tax) out of the country, the funds are subject to a final 14% Remittance Tax. This is typically deducted by the remitting bank. Please note that the initial sum sent into the country to acquire the property and any acquisition fees can be remitted back to your home country free of the 14% Remittance Tax.

Indirect Taxes (VAT & TDL): The hotel operator handles taxes on the gross revenue from tourists, specifically an 18% Value Added Tax (VAT) and a 0.5%-1% Tourism Development Levy (TDL). These are operator-level costs and you have no direct compliance duty. However, they reduce the total revenue pool before your share is calculated, thus indirectly affecting your income.

Capital Gains Tax: Generally 15% for individuals on the gain from property sale.

Property Management: Unless you plan to be in Galle for extended periods, you’ll need a reliable local property management company to handle bookings, guest inquiries, cleaning, maintenance, and compliance with local rental regulations. (N.B. All-Suite Resorts Lanka will look after all aspects of your apartment in All-Suite Resort Talpe Heights and the communal areas of the resort. When you buy a serviced residence in an All-Suite Resort you don’t just invest in a property but a comprehensive lifestyle solution that offers convenience, exclusivity and the “lock-up-and-leave” capability suited to a global lifestyle).

In conclusion, now appears to be a favorable time to buy a 2-bedroom condominium in Galle for holiday use and rental income.

The robust tourism growth, combined with the relative ease of condominium ownership for foreigners and the potential for both attractive rental yields and capital appreciation, makes it an appealing investment.

However, thorough due diligence, understanding of local laws and taxes, and a sound property management strategy are essential for success.

If you are buying an apartment in All-Suite Resort Talpe Heights, Kristall Spaces Lanka Pvt. Ltd will support you with a turnkey service through the buying and ownership phases and help you achieve your ideal lifestyle investment: low risk, capital growth of 10 to 12% per annum and an optional rental model so your apartment provides an annual return of 8 to 10% by year 3 when rented through our professional operator, All-Suite Resorts.

* The principal developer of All-Suite Resort Talpe Heights via their associated companies Kristall Spaces and AlpenReal Estate AG brings over two decades of international real estate experience, with a specific and deep specialization in the apartment-hotel and serviced residences asset class. This is not generic development experience; it is precisely tailored to the product being delivered. This expertise is substantiated by a quantifiable and impressive European portfolio. The group has successfully developed and sold over USD $250 million worth of similar projects across premier Austrian ski resorts such as St. Anton am Arlberg, Kitzbühel, and Zell am See. The consistent delivery of high-calibre projects in demanding, sophisticated European tourism markets over a 15-year period provides concrete, verifiable proof of capability. This international expertise is complemented by a robust, vertically integrated group structure that ensures quality control from conception to long-term operation. Project management and risk capital are provided by AlpenReal Estate AG, marketing and sales are driven by Kristall Spaces Lanka, and post-completion operations will be handled by the seasoned operator, All-Suite Resorts. This integration ensures a seamless vision and execution. Furthermore, critical local expertise is secured through the Kristall Spaces Lanka (KSL) team, which includes Managing Director Mr. Trevor Reckerman, a veteran of Sri Lanka’s hospitality sector with leadership experience at Jetwing Hotels, and specialist legal counsel with deep experience in Sri Lankan condominium and construction law. This blend of international track record and local proficiency provides an unparalleled level of assurance to all stakeholders.

Filed Under: Expat rules, Sri Lanka economy, Sri Lanka real estate, Sri Lanka tourism, Talpe

Things to Do and See in South Sri Lanka All Year

July 7, 2025 By admin

Nestled along the glistening shores of the Indian Ocean, the South of Sri Lanka is a kaleidoscope of tropical charm, colonial heritage, untouched wilderness, and cultural depth. Whether you’re visiting in the sunny dry season (December to April) or during the quieter monsoon months (May to November), this region offers unforgettable experiences for every traveler.

From turquoise beaches and ancient temples to lush tea plantations and vibrant coastal towns, here’s your ultimate guide to the best things to do and see in South Sri Lanka—all year round.

Relax on the Pristine Beaches of Dalawella and Mirissa

South Sri Lanka is synonymous with postcard-perfect beaches. Two of the most famous are Dalawella Beach and Mirissa, both offering soft sands, warm waters, and unforgettable sunsets.

Mirissa is the more laid-back of the two. It’s perfect for travelers who want a mix of relaxation and adventure. You can lounge under a palm tree with a coconut in hand, try surfing in the beginner-friendly waves, or go whale watching (from November to April, but some tours run year-round).
Dalawella Beach, often called “the Golden Mile,” is a highly popular and unmissable jewel on Sri Lanka’s southwest coast. Its popularity stems from its striking natural beauty, featuring golden sands and iconic palm trees gracefully arching over the shore. Beyond its picturesque scenery, the beach is renowned for its thriving turtle population, offering visitors a unique opportunity to swim with these magnificent creatures (without touching them). The beach also boasts the globally recognized Frog Rock and a famous palm tree swing, which have captured the imagination of countless travelers and frequently appear on social media. For relaxation, one section of the beach has a protective reef, creating a calm lagoon perfect for safe year-round swimming, while another quieter section is ideal for simply unwinding. Its blend of wildlife, natural allure, and relaxed atmosphere makes Dalawella Beach a celebrated oceanfront destination.

Explore Galle Fort: A Walk Through Colonial History

A UNESCO World Heritage Site, Galle Fort is a must-visit, rain or shine. Originally built by the Portuguese in the 16th century and later fortified by the Dutch, Galle Fort is a living museum of colonial architecture, cobbled streets, and oceanfront ramparts.

Stroll through narrow alleyways lined with boutique cafes, art galleries, antique shops, and Dutch-era mansions. The Galle Lighthouse is one of the most iconic spots for photographs, while the Fort’s walls offer uninterrupted views of the Indian Ocean.

Even during the rainy season, Galle Fort’s charm is unshaken, with cozy bookshops and coffee corners providing the perfect refuge.

Go on a Safari in Yala or Udawalawe National Park

Think Sri Lanka is just beaches? Think again. The South is home to some of the country’s best wildlife safaris.

Yala National Park, located in the southeastern corner, is the most famous. It’s the best place in Sri Lanka to spot leopards, along with elephants, sloth bears, crocodiles, and over 200 bird species. The park remains open most of the year, though some blocks may close during the rainy months (usually September).
Udawalawe National Park, a little further inland, is known for its large elephant population and is open year-round. It’s also less crowded than Yala, offering a more tranquil experience.

These parks are best explored in the early morning or late afternoon with a guided jeep tour.

Hike to Diyaluma Falls or Visit Ravana Falls

The southern region offers more than beaches—its lush interior is perfect for waterfall chasers.

Diyaluma Falls, Sri Lanka’s second-highest waterfall (220 meters), is located near Ella and is a popular spot for both hikers and swimmers. The hike to the top takes about 1.5 hours and leads to natural infinity pools with stunning views over the valley.
Ravana Falls, also near Ella, is smaller but more accessible, right off the main road. Linked to the legend of King Ravana from the Ramayana epic, it’s steeped in folklore and natural beauty.

Both are great to visit all year, though the water volume is higher during the monsoon.

Take a Scenic Train Ride from Ella to the South Coast

The train ride from Ella to the southern towns like Matara or Weligama is one of the most breathtaking in Asia. You’ll pass through tea plantations, mountain tunnels, and lush jungles, descending slowly from the highlands to the coast.

Even in the rainy season, this journey is atmospheric—imagine mist rolling over tea fields and waterfalls cascading down the hills. Buy a second-class reserved seat and enjoy the slow-paced rhythm of rural Sri Lanka.

Make a stop at Haputale or Wellawaya for more off-the-beaten-path experiences.

Taste the Local Cuisine: From Seafood to Hoppers

Southern Sri Lanka is a culinary treasure trove. Whether you’re eating at a beach shack or a boutique hotel, expect bold flavors and fragrant spices.

Must-try dishes include:

Fish ambul thiyal (a sour fish curry native to the south)
Kottu roti (a stir-fry of chopped roti bread, vegetables, and meat or eggs)
Pol sambol (coconut relish)
Sri Lankan hoppers (bowl-shaped rice flour pancakes)
Watalappam (a spiced coconut custard dessert)

For the freshest seafood, head to Tangalle or Matara, where the catch of the day often goes straight from boat to grill.

Take a Traditional Fishing or Catamaran Tour

In Weligama or Ahangama, try your hand at stilt fishing, a method unique to Sri Lanka’s south coast, or hop on a traditional catamaran and sail through calm coastal waters.

You can also take lagoon tours through mangrove forests, especially around Koggala Lake, where you can visit cinnamon island plantations and Buddhist temples nestled among the trees.

These experiences are authentic, immersive, and suitable for most of the year (with some weather-dependent limitations during peak monsoon days).

Practice Yoga or Surf in Talpe/Dalawella Beach, Arugam Bay (Seasonal) or Weligama

The South has evolved into a wellness and surf destination, with travelers flocking to Weligama and Hiriketiya Bay for surfing lessons, smoothie bowls, and beachfront yoga.

Talpe, particularly around Dalawella Beach, offers a fantastic surfing experience year-round. Dalawella itself has a small surf break, and its protective reef creates a lagoon with safe swimming and good conditions for catching waves. For more dedicated surfers, the region is a “warm-water heaven”. Nearby, Dewata provides a sandy bottom, while Koggala, just 10 minutes away, offers a beach break. Kabalana Beach, a short tuk-tuk ride away, is famous for its “A-frame” wave and is one of the best all-level surf spots in the South. Further options like Ahangama and Midigama’s “Lazy Left” cater to various skill levels, ensuring long rides and a forgiving reef environment.
Though Arugam Bay is technically on the East Coast, it’s often included in south-coastal itineraries and is best visited between April and October.
Weligama is ideal for beginners, with mellow waves and countless surf schools.

Visit Temples and Ancient Sites: Kataragama and Mulkirigala Rock Temple

For a dose of spiritual and cultural exploration, don’t miss:

Kataragama, one of Sri Lanka’s holiest cities, where Buddhists, Hindus, and Muslims come together for daily rituals. The Kataragama Festival in July/August is a spectacle of devotion.
Mulkirigala Rock Temple, near Tangalle, is a less-crowded alternative to Sigiriya. Climb the rock for incredible views and visit ancient cave temples dating back over 2,000 years.

These places offer year-round insights into Sri Lanka’s rich spiritual traditions.

Stay in Eco Lodges or Boutique Villas Surrounded by Nature

Accommodation in the South ranges from luxury beachfront villas to eco-conscious jungle retreats. Year-round, you can find stunning places to stay that immerse you in nature without sacrificing comfort.

Whether you’re looking for a wellness retreat in a cinnamon plantation, a treehouse in the rainforest, or a stylish villa by the sea, South Sri Lanka has it all.

Final Thoughts: When Is the Best Time to Visit?

While the dry season (December to April) is traditionally considered the best time to visit South Sri Lanka, the region is truly a year-round destination. Monsoon rains typically come in short bursts and are manageable with a bit of flexibility. Traveling in the off-season also means fewer crowds, lower prices, and lush green landscapes.

So pack your bags, embrace the island rhythm, and get ready to uncover the treasures of Sri Lanka’s south coast—every month of the year.

Filed Under: Matara, Sri Lanka economy, Sri Lanka real estate, Sri Lanka tourism, Talpe

Sri Lanka’s economy grew by 5% in 2024

March 20, 2025 By admin

Sri Lanka’s economy experienced a growth of 5% last year, according to official data released on Tuesday, surpassing expectations and indicating a robust recovery from the nation’s most severe financial crisis in many years.

The Census and Statistics Department reported that the economy expanded by 5.4% in the fourth quarter.

The International Monetary Fund projected that Sri Lanka’s economy would experience a growth rate of 4.5% in 2024.

In 2024, Sri Lanka’s agricultural sector saw an increase of 8.3% compared to the previous year, while industrial production surged by 25.5%, and the services sector grew by an impressive 57.5%.

Faced with a significant shortage of dollars, the economy experienced a dramatic decline in 2022, contracting by 7.3% as it struggled with rampant inflation, a sharply depreciated currency, and an unprecedented default on foreign debt.

In 2023, the economy further contracted by 2.3%.

However, it experienced a more robust recovery than anticipated last year, as the initiatives introduced through a $2.9 billion four-year bailout from the IMF, obtained in March 2023, began to yield positive results.

“Growth is significantly higher than any forecasts,” Raynal Wickremeratne, co-head of research at Softlogic Stockbrokers, said, adding Sri Lanka’s recovery has been swifter than expected.

“We hope tax collection and other measures remain steady… but government projections of 5% (growth) will be harder to reach this year, but not outside of the realm of possibility,” Wickremeratne said.

The island nation also completed a $25 billion debt rework with bondholders and bilateral creditors including Japan, India and China, last December.

Sri Lanka has posted a remarkable recovery from the crisis, the IMF said earlier this month, while approving the fourth tranche of $334 million under the programme.

The International Monetary Fund (IMF) announced earlier this month that Sri Lanka has made significant progress in recovering from the crisis, as it approved the fourth installment of $334 million under the program.

Filed Under: Colombo, Galle Property, Sri Lanka economy, Sri Lanka real estate, Sri Lanka tourism

IMF predicts 5% GDP growth & other investment factors

June 15, 2024 By admin

Unlike in other countries where foreign nationals are generally confined to leasehold properties for a maximum of 99 years, Sri Lanka offers a distinctive benefit by allowing them to acquire condominium properties as freehold properties.

With its diverse geographical landscape, Sri Lanka is an attractive destination for real estate investment.

The country offers stable and enjoyable weather, an affordable cost of living, and the welcoming nature of its amiable people, along with reliable air transportation, making it an ideal location for living and holidays.

Investment highlights:

The IMF predicts the Sri Lankan economy will be growing by 5% in 2027.

The Port City special enterprise zone www.portcitycolombo.lk will have significant impact on the economy becoming the leading residential, retail, and business hub in South Asia.

Sri Lanka Tourism Development Authority (SLTDA): prior to 2019, the Southern Coast around Galle maintained a steady hotel occupancy rate of over 70%.

Buyers are more inclined to invest in units affiliated with reputable brands like Kristall Spaces, as they offer superior build quality, services and potential rental income, thus facilitating the sale of the units.

Beachfront real estate prices have risen by over 80% in some prime beachfront locations over the past 5 years.

In the next 5 years, we expect an apartment costing USD285,755 to increase in value to 460,211 based on 10% capital growth per annum – that is USD174,456 increase or over 60% in 5 years.

Maintenance services charges may vary from $0.15 to $0.25 per square foot but USD 115 per month for a 1-bedroom unit can be expected in prime locations.

According to the latest report from Forbes magazine, Sri Lanka has been identified as the fourth top choice for solo travelers in 2024, overtaking countries such as Jordan, Thailand, and Indonesia.

Despite enduring significant setbacks during the Covid pandemic of 2020 and 2021, as well as political unrest and economic challenges in 2022, Sri Lanka’s tourism sector has demonstrated remarkable resilience, experiencing a swift resurgence.

Strategic importance of Sri Lanka: the Indian Ocean serves as a maritime trading corridor and is a significant source of maritime economic resources with nearly two thirds of the world’s oil being transported through here.

Consequently, the area has become crucial for the energy, food and national security of many nations making Sri Lanka’s location important.

As interest rates fall, more investors will explore alternative investment avenues, with a particular focus on real estate and this will drive up the demand for luxury properties in the near future.

Filed Under: Colombo, Galle Property, Negombo, Sri Lanka economy, Sri Lanka real estate, Sri Lanka tourism, Tangalle, Weligama apartments

Sri Lanka: new Investor Visa for property buyers

June 3, 2024 By admin

This new initiative for buyers outside Sri Lanka interested in buying condominium units (holiday apartments) started on 1 June 2024.

The Investor Visa program ensures a simplified and efficient procedure for non-Sri Lankans looking to invest in the country’s fast-growing real estate market allowing visa applications to be handled entirely online, making it easier for potential investors.

A notable feature of the new process is that foreigners staying in Sri Lanka will no longer have to exit the country to apply for a visa.

This notable improvement is expected to draw in additional investors to support Sri Lanka’s economic progress and flourishing construction and property development industry.

Applicants must provide:

1. Confirmation from a bank regarding the deposit of foreign currency into an IIA account.

2. A statement from the investor specifying the purpose of the investment, whether to purchase a unit or units from a condominium development project in the country.

For investments exceeding USD 100,000, applicants will receive an immediate 5-year visa, which can be renewed.

Investments over USD 200,000 will be eligible for a 10-year renewable visa, both necessitating a maximum of five days for ministerial approval.

By opening its doors wider to international investors, Sri Lanka is not only improving its economic prospects but also laying the foundation for sustainable growth in its property development sector.

In addition to the direct and obvious benefits mentioned earlier, foreign investments in real estate have been proven to generate multiple streams of both short and long-term inflows.

The nature of investing in Real Estate is characterized by long-term commitments and substantial investments, which in turn contribute to the country’s overall development.

Filed Under: Colombo, Expat rules, Galle Property, Kandy real estate, Negombo, Sri Lanka economy, Sri Lanka real estate, Sri Lanka tourism, Tangalle, Wadduwa, Weligama apartments

Half a million tourist arrivals in 3 months

April 16, 2024 By admin

Sri Lanka passed 500,000 tourist arrivals in just the third month of 2024, with over 100,000 tourists coming in March alone confirming hat the industry is making excellent headway towards strong growth.

Since the COVID pandemic began, this is the first time the island nation has reached over half a million visitors in just two and a half months – last year, Sri Lanka reached this milestone in the second week of May.

The provisional data released by the Sri Lanka Tourism Development Authority showed that for the first 14 days of March, Sri Lanka welcomed 91,205 international visitors.

Sri Lanka Tourist Arrivals 6 March 2024

The cumulative number of tourist arrivals from January 1st to March 14th reached 517,808.

If the current level of tourist arrivals continues, Sri Lanka could reach 200,000 arrivals for the third month in a row – a first for the country since the start of the Covid pandemic.

The Russian Federation is the biggest contributor to tourism in March, with 15% of all tourist arrivals (13.699) and ranking second India accounted for around 15% too with 13,492 visitors.

Germany, the United Kingdom, France, and China are also significant source markets.

During the initial two months of the year, the tourism industry generated a total revenue of US $ 687.5 million and this represents a 118.2% increase year on year.

Filed Under: Negombo, Sri Lanka economy, Sri Lanka real estate, Tangalle, Weligama apartments

Tourism: another record month in February

March 4, 2024 By admin

Sri Lanka’s tourism industry saw record growth in February 2024, with 218,350 tourist arrivals that month and this marks the third straight month surpassing 200,000 visitors, according to the the Minister of Tourism, Harin Fernando.

This February figure signifies over a 100% increase from February 2023 when only 107,639 tourists arrived.

It is also the highest monthly total since January 2020 pre-pandemic when 228,434 visitors came.

“We’ve had an amazing start to 2024, with the second consecutive month above 200,000 arrivals – the highest ever totals since I took office,” Harin Fernando said.

In just the first two months of 2024, Sri Lanka welcomed 426,603 tourists, already 28% of 2023’s full-year total.

Fernando also estimated tourism income has surpassed $710 million so far in 2024.

Source article https://www.newswire.lk/2024/03/02/sri-lanka-tourism-february-tourist-arrival-numbers-released/

Filed Under: Sri Lanka economy, Sri Lanka tourism