The Act provides with respect to the holding of rights in land and mortgages by foreigners in Grenada. It also provides for forfeiture of illegally-held land and shares of companies that do not comply with the provisions of this Act. The Minister may, if he or she thinks fit, from time to time, grant to any alien a licence to hold land as owner or tenant for any estate or interest either subject to any condition (or not) or grant to an alien a licence to hold land as mortgagee for any estate or interest therein. On breach of any condition in a licence to hold land as owner or tenant or mortgagee, the estate or interest of the alien in the land or mortgage shall be forfeited to the Government. For the purposes of this Act, a company to be deemed to be under alien control is defined. The Act also places restrictions on trusts in favour of aliens.
Authors and Publishers
Rudolph Hupperts (CONSLEGB)