With the number of travellers increasing, the need to purchase land in a foreign country is high on the wish list of many individuals dabbling in investment property. Asia is a hot favourite! Ready to bid for one of those gorgeous coastal villas for sale in Sri Lanka, and why not!
But first, let’s look at some of the laws governing foreign purchase of land
in top Asian countries.
Property Laws are Being Relaxed in Sri Lanka
Sri Lanka realising its place within the global economy was falling, decided to relax the strict laws preventing foreigners from purchasing land in the country
. The removal of the ‘freehold rights restriction’ was presented in parliament, plus foreign buyers, intent on investing in the property market, are now allowed to bring in larger sums of cash.
- Foreigners can now own condominiums within the country, and purchasing a property which can double up as a holiday rental cum holiday home, for when you visit the exotic island, is an appealing idea to many foreign property buyers.
- Companies having a 50% foreign stake in ownership and listed in the Colombo Stock Exchange are permitted to buy land in Sri Lanka
- Foreigners entering the country, with the intention of buying property for example, can now bring in funds up to US$ 45,000 without needing to furnish proof of acquirement
You Can Now Own Land in Myanmar
Myanmar is the newest contender enticing foreign property investors. Foreigners can now hold a 40% stake in condominiums.
- The definition of a condo is a 6+ story building amounting to 20,000sqft on land.
- However, in Myanmar, a foreigner cannot buy and then rent out the condo
- Foreign ownership of land is not allowed, as opposed to the condo, where the foreign investor is allowed partial land ownership
Philippines Allows the Purchase of a Condo
You may purchase condos as a foreigner, but not land in the Philippines. There are of course some exceptions;
- If property was obtained before 1935, and you inherited or purchased it as a foreigner, you are granted legal ownership
- You can buy a condominium, but at least 60% of the property must be locally owned, thus preventing foreign monopolisation of the complex
Remember It’s wise to check with a professional agent with regards to laws governing the purchase of land in each country, before finalising plans.