HER MAJESTY, by and with the advice and consent of the Legislative Assembly of the Province of British Columbia, enacts as follows:

Land Title Act

1 Section 1 of the Land Title Act, R.S.B.C. 1996, c. 250, is amended by adding the following definitions:

"agricultural land reserve" means land designated as an agricultural land reserve under the Agricultural Land Commission Act, S.B.C. 2002, c. 36 and includes an agricultural land reserve under a former Act;

"foreign corporation" means a corporation that is one of the following:

(a) a corporation that is not incorporated in Canada;

(b) unless the shares of the corporation are listed on a Canadian stock exchange, a corporation that is incorporated in Canada and is controlled by one or more of the following:

(i) a foreign national;

(ii) a corporation that is not incorporated in Canada;

(iii) a corporation that would, if each share of the corporation’s capital stock that is owned by a foreign national or by a corporation described in paragraph (a) of this definition were owned by a particular person, be controlled by the particular person;

"foreign entity" means a foreign national or a foreign corporation;

"foreign national" means an individual who is a foreign national as defined in section 2 (1) of the Immigration and Refugee Protection Act (Canada); .

Property Law Act

2 Section 1 of the Property Law Act, R.S.B.C. 1996, c. 377, is amended by adding the following words and phrases:

"agricultural land reserve";

"foreign corporation";

"foreign entity";

"foreign national"; .

3 Section 39 of the Act is repealed and the following is substituted:

Foreign ownership

39  (1) A person who is not a Canadian citizen has the same capacity to acquire and dispose of land in British Columbia as if he or she were a Canadian citizen, except as specified in subsections (3) and (4).

(2) A person must not be disturbed in the possession or precluded from the recovery of land in British Columbia merely because of the citizenship or lack of citizenship of some person from or through whom he or she may derive title, except as specified in subsections (3) and (4).

(3) A foreign national shall not have an aggregate holding of land within the agricultural land reserve in excess of five acres, unless the person first receives permission to do so from the Lieutenant Governor in Council.

(4) A foreign corporation shall not have an aggregate holding of land within the agricultural land reserve in excess of five acres, unless the corporation first receives permission to do so from the Lieutenant Governor in Council.

 
Explanatory Note

This Bill will amend the Property Law Act, by adding a definition of the agricultural land reserve as defined under the Agricultural Land Commission Act, and restricting foreign nationals and foreign corporations from holding land within the agricultural land reserve above a maximum acreage.