PROPERTY: New legislation to ban foreign ownership of land

The Minister of Rural Development and Land Reform, Gugile Nkwinti, announced a range of property related legislation that government would be seeking to implement in the near future, including the proposed “Regulation of Land Holdings Bill.” This legislation will assist the government in its audit of land ownership (which is apparently already underway) with a view to banning foreign ownership of land in the future. Statistics apparently show that about 3% of South African property is owned by foreigners, but this does not include property owned through juristic entities such as trusts or companies. The audit process will require land owners to declare their citizenship and race to government, which will thereafter seek to prevent foreigners from purchasing land. Apparently existing foreign-owned land will not be expropriated and foreigners will still be allowed to lease property in the future. The implementation of this legislation seems to be planned in two phases, with a ban on ownership only planned from about 2019 onwards, after the completion of the audit phase.

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