Clause 18

by deleting subsection (2) and substituting the following subsection:“(2) Subject to subsection (14), any foreign person who desires to purchase, acquire or retain any estate or interest in any residential property other than non-restricted residential property shall apply to the Minister through the Controller for the grant of the Minister’s approval to acquire or to retain residential property, as the case may be.”;

by inserting, immediately after the words “application shall” in subsection (3), the words “be in such form and shall”;

by deleting subsection (7) and substituting the following subsections:“(7) The conditions that the Minister may impose under subsection (4), (5) or (6) shall include all or any of the following:

that the applicant —

being a natural person, shall use the residential property for his own occupation and that of his family as a dwelling-house and not for any other purpose; or

being a foreign company or a foreign limited liability partnership, shall use the residential property for occupation as a dwelling-house by its executives, managers, partners, employees or other personnel and their families and not for any other purpose;

that the applicant shall provide such security as may be determined by the Minister for the purposes of complying with any condition imposed by the Minister;

that the applicant shall give an undertaking in writing to comply with the conditions imposed by the Minister.(7A) Where an applicant has failed to comply with any of the conditions imposed by the Minister under this section, the Minister may forfeit the security provided by the applicant under this section after giving 21 days’ notice in writing to the applicant of his intention to forfeit the security and the grounds thereof.(7B) An applicant may, upon receipt of the notice under subsection (7A), appeal to the Minister within 3 months of such notice.(7C) The decision of the Minister on any appeal made under subsection (7B) shall be final and shall not be called in question in any court.”; and

by deleting the words “statutory declaration” wherever they appear in subsection (9)(a) and (b) and substituting in each case the word “declaration”.