The Sri Lankan government is working towards the prohibition of state or private land to non-Sri Lankan citizens.
Mahinda Rajapaksa, the president, and the Minister of Finance and Planning, has submitted proposed legislation to a Cabinet of Ministers to impose the restrictions, reports the ColomboPage.
According to the news site, the 'transfer of state or private land by way of a sale, donation, gift, or by any other disposition to a person who is not a citizen of Sri Lanka will be prohibited' and 'further a sale cannot be sold or transferred to a company incorporated in Sri Lanka where any foreign shareholding of such Company is 50 % or above to a Foreign Company, unless exemption is granted in terms of the proposed Act'.
See also a photograph of a circular from the Ministry of Finance, dated 27th March 2013.
Mahinda Rajapaksa, the president, and the Minister of Finance and Planning, has submitted proposed legislation to a Cabinet of Ministers to impose the restrictions, reports the ColomboPage.
According to the news site, the 'transfer of state or private land by way of a sale, donation, gift, or by any other disposition to a person who is not a citizen of Sri Lanka will be prohibited' and 'further a sale cannot be sold or transferred to a company incorporated in Sri Lanka where any foreign shareholding of such Company is 50 % or above to a Foreign Company, unless exemption is granted in terms of the proposed Act'.
See also a photograph of a circular from the Ministry of Finance, dated 27th March 2013.