ANC to limit foreign land owners

South Africa has proposed a new law banning foreigners directly buying agricultural land in the country as the government seeks to boost ownership for the black majority.

Non-residents will be allowed to take long leases on the properties or the land should be majority owned by a black South African, according to the Regulation of Agricultural Land Holdings Bill, published in the Government Gazette on Friday.

The ruling ANC is seeking to accelerate the transfer of land to the black majority to help reduce inequality and reverse the legacy of white-minority rule. President Jacob Zuma has also vowed to step up wealth distribution, promising “radical economic transforma- tion” in his final year as leader of the party.

While Zuma has suggested changing the constitution to allow the state to expropriate land without paying for it, an ANC policy document calls for fair compensation.

Foreigners considering selling land must give the minister of Rural Development and Land Reform first option on the property, according to the Bill.

The government would have 90 days to take up the offer, after which it can be sold to a citizen.

The minister will also impose limits on the size of farms people can own, depending on the region and following consultation. – Bloomberg