Repatriation of sale proceeds of immovable property (land and buildings) in Sri Lanka held by residents outside Sri Lanka

Licensed commercial banks are permitted to repatriate sale proceeds including capitals gains paid by a resident to a non-resident on the sale of immovable property. If the property was acquired through funds credited to an Inward Investment Account (previously called a Securities Investment Account (SIA)) (IIA), then the sale proceeds will be credit to the same IAA and thereafter repatriated. Alternatively, licensed commercial banks may repatriate directly to an overseas bank account maintained by the non-resident seller (or a no-resident-heir as the case maybe), on ascertaining proof of inward remittance (including funds sent by the owner to an account of a third party in Sri Lanka who has facilitated the acquisition of the property by the owner) for the original acquisition and/or the development of the property.