Tourism Development Project
Kuchchaweli - Trincomalee
Trincomalee
LOCATION
368 Acres
Land Extent
USD 80 Mn
MINIMUM Investment
Project overview
The Kuchchaveli Tourism Development Project is expected to provide a wide range of land and water-based tourist/recreational activities targeting the increasing tourist traffic the country is likely to experience once post-pandemic travel resumes. The private sector is expected to develop at least 30,000 rooms to meet the Government ambition of 2x 2019 tourist arrivals in the next 5-7-year period. This project is to be developed as a model ‘Green Resort’ focusing on sustainable development.
The location is largely untouched, and open to responsible tourism development, with potential for ecotourism initiatives that embrace nature through beautiful beaches, natural vegetation, and authentic local communities, winding its way through nature and culture trails, and hosting facilities for water-based activities, adventure sports and historical tours.
Incentives
Location
Incentives
Project incentives:
Income tax holidays under the Strategic Development Projects (SDP) Act for up to 10 years based on investment specifics.
Waiver of border tariffs & sales taxes on construction material including exemption from CESS.(cost savings of 30% – 40%)
Exemptions from VAT for services in respect of inbound tours.
Land Agreement/ownership: 30 years lease from the Government of Sri Lanka
Condominium units can be transferred on a free hold basis
Other incentives:
Dividends to non-resident entities are exempt from income and withholding taxes
Property and wealth taxes are not applicable in Sri Lanka
Sri Lanka enjoys double-tax treaties with 46 nations
100% repatriation of capital and profits permitted
Public Private Partnership, Foreign Direct Investments (FDI), Domestic private investment
Location
