Sri Lankan president Mahinda Rajapaksa has announced in his 2014 budget speech that free-hold sales of land to foreign nationals will be stopped, and any leases will be taxed 15%.
"From this year foreigners can have access to state and private land only through long term lease arrangements," President Rajapaksa said to parliament.
According to LBO, officials said that foreign firms with a long presence in Sri Lanka will be able to buy freehold land with special permission from the government.
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