The Act, consisting of 25 sections, makes provisions to stipulate restrictions on the alienation of lands in Sri Lanka to foreigners, foreign companies and certain institutions with foreign shareholding; to specify the circumstances where the exemptions are granted; to impose a Land Lease Tax for leasing lands to foreigners, foreign companies and certain institutions with foreign shareholding; for the granting of concessions to certain Development Projects. In addition, it specifies that the transfer of title of any land situated in Sri Lanka, shall be prohibited if such transfer is: a) to a foreigner; or b) to a company incorporated in Sri Lanka under the Companies Act where any foreign shareholding in such company, either direct or indirect, is fifty per cent or above; or c) to a foreign company, unless exempted as provided in section 3.
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