Foreign investors and foreign majority-owned companies in Namibia cannot acquire or lease agricultural land, as well as shares in companies owning agricultural land, without the prior written consent of the Minister.
"Definitions
1. In this Act, unless the context otherwise indicates -
“agricultural land” means any land or an undivided share in land, other than - (a) land situated in a local authority area as defined in section l of the Local Authorities Act, 1992 (Act 23 of 1992); (b) land situated in a settlement area as defined in section 1 of the Regional  Councils Act, 1992 (Act 22 of 1992); (c) land of which the State is the owner or which is held in trust by the State or any Minister for any person; (d) land which the Minister by notice in the Gazette excludes from the provisions of this Act;
“agricultural purposes” includes game farming;
“alienate”, in relation to agricultural land, means sell, exchange, donate or otherwise dispose of, whether for any valuable consideration or otherwise, and includes, in the case where such land is registered in the name of - (a) a company, the sale or transfer of shares of the company to another person; or (b) a close corporation, the sale or transfer of any member’s interest in the close corporation, or any portion of such interest to another person.[...]
controlling interest”, in relation to - (a) a company, means - (i) more than 50 per cent of the issued share capital of the company; (ii) more than half of the voting rights in respect of the issued shares of the company; or (iii) the power, either directly or indirectly, to appoint or remove the majority of the directors of the company without the concurrence of any other person; [...]
“foreign national” means - (a) a person who is not a Namibian citizen; (b) in relation to a company - (i) a company incorporated under the laws of any country other than Namibia; or (ii) a company incorporated in Namibia in which the controlling interest is not
held by Namibian citizens or by a company or close corporation in which the controlling interest is held by Namibian citizens;
[...]
PART VI - RESTRICTION ON ACQUISITION OF AGRICULTURAL LAND BY FOREIGN NATIONALS
Restriction on acquisition of agricultural land by foreign nationals
58. (1) Notwithstanding anything to the contrary in any other law contained, but subject to subsection (2) and section 62, no foreign national shall, after the date of commencement of this Part, without the prior written consent of the Minister, be competent -
(a) to acquire agricultural land through the registration of transfer of ownership in the deeds registry; or (b) to enter into an agreement with any other person whereby any right to the occupation or possession of agricultural land or a portion of such land is conferred upon the foreign national - (i) for a period exceeding 10 years; or (ii) for an indefinite period or for a fixed period of less than 10 years, but which is renewable from time to time, and without it being a condition of such agreement that the right of occupation or possession of the land concerned shall not exceed a period of 10 years in total.
(2) If at any time after the commencement of this Part the controlling interest in any company or close corporation which is the owner of agricultural land passes to any foreign national, it shall be deemed, for the purposes of subsection (1)(a), that such company or close corporation acquired the agricultural land in question on the date on which the controlling interest so passed.
(2A) When - (a) the Registrar of Companies becomes aware that the controlling interest in a company; or (b) the Registrar of Close Corporations becomes aware that the controlling interest in a close corporation, owning agricultural land has passed to a foreign national, he or she shall forthwith inform the Permanent Secretary in writing that such interest has so passed.[...]
(4) An application for the Minister’s consent for the purposes of subsection (1) shall be made in the prescribed form and be submitted through the Permanent Secretary to the Minister.[...]
(6) The Minister shall not grant an application made in terms of subsection (4), unless the Minister is satisfied - (a) that the acquisition of the land concerned or of the right to occupation or possession of such land will constitute an eligible investment as contemplated in
section 5 of the Foreign Investments Act, 1990 (Act 27 of 1990) in respect of which a Certificate of Status Investment has been issued or, after consultation with the Minister of Trade and Industry, will be issued to the applicant under section 7 of that Act; [...]" (Agricultural (Commercial) Land Reform Act 6 of 1995
Agricultural (Commercial) Land Reform Act 6 of 1995
[<a href="https://www.lac.org.na/laws/annoSTAT/Agricultural%20(Commercial)%20Land%20Reform%20Act%206%20of%201995.pdf">Act</a>]