Cabinet approves bill banning land transfer to foreigners
Saturday, 16 August 2014 00:30
-
- {{hitsCtrl.values.hits}}
The Cabinet of Ministers this week approved a bill restricting the transfer of land to foreign citizens.
The Land (Restrictions on Alienation) Bill proposed by the President Mahinda Rajapaksa, in his capacity as the Minister of Finance and Planning, prohibits selling both private and public land to non-citizens of the country.
The proposed bill has been prepared by the Legal Draftsman and cleared by the Attorney General, for the implementation of the Budget proposal for last year (2013).
The decision to prohibit selling the country’s land to foreigners has been taken due to the increasing demand for foreign investments, with the expansion of the Government’s development activities. However, the ban will not be applied to foreign diplomatic missions.
President Rajapaksa announced the Government’s decision to ban the sale of land when he presented the 2013 Budget to Parliament in November last year.
