Jul 18, 2018

Ban on buying land by foreigners to remain Featured

Parliament is due to debate the land (restrictions on alienation) (amendment) bill today (18).

Disputing opposition claims, the government says the bill does not plan to lift the ban on buying land by foreigners.

The ban will continue as per Land (Restrictions on Alienation) Act no. 38 of 2014.

The amendments will only ease certain restrictions proposed through the 2018 budget.

They include the lifting of the ban on foreigners’ buying condominiums and the lifting of a 15 per cent tax on the value of lease of buildings leased out by foreigners.

Another cancels the categorization of listed companies as being foreign, if their share ownerships by foreigners exceed 50 per cent.

That will lift restrictions on listed companies to buy properties as well.