ALTAIRA – FREQUENTLY ASKED QUESTIONS (FAQ)
A curated guide for investors, buyers, and global residents
Altaira is a 26-acre, ultra-luxury hilltop development in Bulathkohupitiya, Sri Lanka, offering villas, sky-residences, a boutique hotel, adventure valley, tea estate, wellness retreat, and curated hospitality experiences.
Altaira is developed by Fracspace Private Limited (India) through its Sri Lanka subsidiary, in collaboration with Sri Lankan architects, consultants, and the Board of Investment (BOI).
- 26 acres at 2,000+ ft elevation
- Low-density development
- Curated UHNI experiences (choppers, private chefs, wellness)
- Only 60–90 exclusive keys (final master plan dependent)
- USD 20 million+ project scale
- "Above the clouds" year-round ambience
- Indo–Lanka cultural and investment bridge
- Sky Villas
- Cliffside Cottages
- Tea Estate Residences
- Hotel Suites (Investment Model)
- Adventure & Wellness Pods (Phase II)
Unit mix will be released at launch after architectural approvals.
The grand private black-tie global launch is scheduled for 14th February 2026, at an undisclosed venue in Colombo. By invite only.
Yes. Foreigners can legally purchase Altaira units, either outright or through structured investment models. (Detailed note provided separately below.)
Altaira will offer long-term, BOI-approved 99-year leasehold interests and foreign-eligible ownership structures depending on the unit type.
Early investors are eligible for:
- 200% maturity at the end of 48 months
- Founder Investor Program perks (terms vary based on category)
Estimated at USD 20 million + 10% contingency.
- BOI regulatory framework
- Escrow-managed fund flows
- SPV structure for investor protection
- Detailed legal agreements
- Transparent land titles and government-verified documents
Construction is expected to begin in Feb, 2026 post the launch.
Early exits depend on the chosen investment plan. Standard tenure is 48 months, with structured exit mechanisms.
Altaira offers both:
- Luxury real estate (villas & residences)
- Hospitality-linked investment units (hotel suites & revenue-share programs)
Yes. Select categories will provide rental pool-based income, managed by Fracspace Hospitality.
- 5 Star Resort
- Global cuisine restaurant
- Infinity decks
- Tea estate walkways
- Adventure valley
- Wellness & spa
- Private event spaces
- Helipad & Helicopter Transportation
Local Sri Lankan mortgage solutions and international banking partners will be available for eligible investors.
Yes. Units can be resold, assigned, or transferred, subject to BOI and project guidelines.
Sri Lanka offers multiple investor and long-stay visas. Altaira’s legal team will assist qualifying buyers with BOI-facilitated visa pathways.
Altaira Resort – December, 2027
Altaira Residences – June, 2028
+ 12 months leniency in case of unfavourable weather conditions.
Investors can join the Altaira Global Guestlist for early access, invitations, and priority pricing.
HOW CAN A FOREIGNER PURCHASE PROPERTY AT ALTAIRA?
Yes. Sri Lanka allows foreign ownership through BOI-approved structures, condominium ownership, and long-term leasehold interests. Altaira is being structured under the BOI so that foreigners can purchase and hold units safely.
- A. Condominium Villa — Foreigners can legally purchase condominium units without restrictions, provided the unit is within a development.
- B. SPV Ownership Model — Foreign buyers may own shares in a BOI-approved project company (SPV).
- C. Corporate Ownership — Foreigners can incorporate a Sri Lankan company (100% foreign shareholding allowed under BOI) that purchases property legally.
- Passport copy
- Proof of address
- KYC / AML documents
- Investment declaration form
- Shareholding / lease agreement (depending on model)
Foreign investors need to open an IIA (Inward Investment Account) with a Sri Lankan bank and can make payments via inward remittances (USD preferred), BOI-authorized banking channels, or an escrow account for investment security.
Funds can be legally repatriated with profit via BOI-approved channels, ensuring full compliance and documentation.
Yes. BOI approvals provide government-recognized status, secure investment pathways, clear land title verification, permission for foreign inflows & outflows, and legal protection under Sri Lankan investment law.