Nkwinti defends foreign land ownership
Government on Tuesday tried to alleviate jitters that the prohibition of land ownership by foreign nationals would drive away investors.
“Our conviction is that any investor, whether foreign or national, wants policy certainty. Once they understand what the policy is, they adapt accordingly,” Minister of Rural Development and Land Reform, Gugile Nkwinti said in the National Council of Provinces (NCOP) while presenting his deparment’s budget vote speech.
Under a proposed law announced early this year by President Jacob Zuma, foreign nationals and juristic persons would not be allowed to own land in South Africa, but would be eligible for a long-term lease with a minimum of 30 years.
A ceiling of land ownership is also set at a maximum of 12 000 hectares in the bill.
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