- Category: Broadcast News
- Published on Monday, 20 March 2017 15:14
South Africa's Rural Development and Land Reform Minister Gugile Nkwinti published the Regulation of Agricultural Land Holdings Bill on Friday, giving stakeholders until April 16 to submit comments.
Fin24 explains that if promulgated as an act, the law will ban foreigners from buying agricultural land and require them to enter into long-term leases. Foreigners selling land would also have to offer the minister “the right of first refusal to acquire ownership of such agricultural land holdings”, Nkwinti explains in the gazetted bill. Further to this once the act commences every owner who owns a private agricultural land holding “must lodge a duly completed notification of ownership in the prescribed format with the commission within 12 months from the date of the commencement of this act”. In this notification, they will be required to detail “the race, gender and nationality of the owner; the size and use of the agricultural land holdings” amongst others