The Government to Amend Laws governing The Non-Citizens Land Holding Licence

The Cabinet has announced that it would seek amendments to the laws which govern the Non-citizens Land Holding Licence and the Undeveloped Land Tax. It appears that many legal practitioners have found creative ways to circumvent the intent of the laws. Already, the Cabinet has addressed the practice of shareholding in private companies by non-citizens, in an attempt by their legal representatives to lower the tax liability of those non-citizens who purchase real estate. The Undeveloped Land Tax is intended to deter speculation by non-citizens, especially those who purchase property but fail to undertake any development for years, awaiting the opportunity to sell the property at a vastly increased price without having made any investment. To this end,the loopholes are to be plugged by the Parliament.    

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