Previously, foreign investors, including majority foreign-owned companies in Malawi, were  allowed to lease land for business purposes for a period up to 50 years (exceptional extensions were possible), whereas citizens could hold land up to 99 years.

The new Land Amendment Act of 2022 has now prohibited the granting of freehold land to any person, but allowed those who already held such land titles to maintain them. Furthermore, the amendment has prohibited the sale or grant of new land leases to non-Malawians. As such, foreign persons (including majority foreign-owned companies in Malawi) may only obtain land allocated to them for investment purposes upon application to and approval by the Malawi Investment and Trade Centre in accordance with the Investment and Export Promotion Act (2012). They cannot lease land directly from other persons. Any existing lease in favour of a person who is not a citizen of Malawi can be renewed, upon expiration, if the land is (a) developed and (b) used as a residentual home or for commercial or charitable purposes. The amendment also repealed the previous provision that allowed foreigners to obtain land leases for 50 years (no other duration has been established; the MITC is to establish the conditions for each investment project). The amendment also includes various provisions limiting land ownership and transfer, with a focus on protecting land for Malawian citizens. 

"2. In this Act, unless the context otherwise requires—[…]
“land” means the material of the earth, whatever may be the ingredients of which it is composed, whether soil, rock or other substance, and includes the surface covered with water, all things growing on that surface, buildings, other things permanently affixed to land and free or occupied space for an indefinite distance upwards as well as downwards, subject to limitations upon the airspace imposed, and rights in the use of airspace granted by international law; [...]
“person who is not a citizen of Malawi” includes a company or other corporate or unincorporated body with majority ownership or control in the persons who are not citizens of Malawi;
“private land” means all land which is owned, held or occupied under a freehold title, leasehold title or as a customary estate or which is registered as private land under the Registered Land Act;
[…]
Part III—General
7.—(1) Land shall be categorized as either public land or private land.
(2) Public land shall be classified either as Government land or unallocated customary land.
(3) Private land shall be classified as freehold, leasehold or customary estate.
8. All land is vested in perpetuity in the Republic.
9. Freehold land shall not be allocated or granted to any person.
[...]
10.—(1) Land shall not be assured to or for the benefit of, or acquired by or on behalf of a body corporate, unless the body corporate is authorized by a licence issued by the Minister in consultation with the President to hold land in Malawi, but this section shall not apply to a body corporate incorporated in Malawi in accordance with the Companies Act or a body corporate established by or under a written law which empowers it to hold land in Malawi.
[...]
11.- Land designated for investment purposes shall be identified, published in the Gazette and allocated to the Malawi Investment and Trade Centre Limited which shall create derivative rights to investors in accordance with the Investment and Export Promotion Act. [...]
(3) Land for investment allocated by the Malawi Investment and Trade Centre Limited shall be withdrawn if it is not developed within two years of the allocation. [amended by Land(Amendment Act No. 5 of 2022), 25 March 2022]
[...]
Part V — Private Land
(1) The Minister may, upon application by any person in a land which prescribed manner, grant or allocate leasehold or customary estate may grant to such person on such terms and conditions as the Minister considers appropriate.
[...]
37.- (1) Subject to section 11, land shall not be granted or sold to a person who is not a citizen of Malawi.  [amended by Land(Amendment Act No. 5 of 2022), 25 March 2022]
(2) Any existing grant in favour of a person who is not a citizen of Malawi shall be valid until it expires.
(3) Subject to subsection (4), any existing lease in favour of a person who is not a citizen of Malawi shall, upon expiry, not be renewed.
(4) An existing lease in favour of a person who is not a citizen of Malawi may, upone expiry, only be renewed if the land is- 
(a) developed and;
(b) used as a residentual home or for commercial or charitable purposes.
[...]
[Art 38. was repealed by Land(Amendment Act No. 5 of 2022), 25 March 2022:
38. —(1) Without prejudice to the requirements of section 37 or any other provision of this Act, a person shall not sell, whether by private transaction or by tender, auction or other means, any private land to a person who is not a citizen of Malawi, unless—  
(a) the intention to sell the private land has been published in a newspaper in daily circulation in Malawi not less than twenty-one days before the date of sale, specifying the price, location and size of the private land, any developments thereon and any other
particulars sufficient to identify the land: Provided that the government valuer appointed by the Minister shall be at liberty to verify the advertised purchase price prior to the sale;
(b) following the publication referred to in paragraph (a), no person who is a citizen of Malawi has made an offer, or has been able, to purchase the private land at a price that is not lower than the published price; and
(c) the purchaser, if not a citizen of Malawi, has purchased the private land at a price that is not lower than the published price.]"
[...]
39.- (1) Where a holder of private land under freehold title has commenced development of the land within two years from the commencement of this Act, the Minister may, without prejudice to any other powers conferred on him by this Act or any other written law, by written notice sent to the person concerned and addressed to his registered or his last known address, demand voluntary surrender of the land by the person to the Government within a period of ninety days from the date of written notice, failing which the Minister shall enter the land and register the freehold title in the name of the Government.
(2) Where the holder of a private land has not commenced development of the land within two years pursuant to subsection (1), he may apply to the Minister for the extension of the period within which to commence development of the land, and the Minister may, upon, being satisfied, grant the extension.
[...]
44 A.- (1) Where a lease granted by the Minister in accordance with this Act expires, the land shall become public land.
(2) Where the expired lease referred to under subsection (1) was created out of customary land, the Minister may- 
(a) convert the public land to customary land; and
(b) reallocate the land, giving priority to communities living in the area surrounding the land.[...] " (Land Act No. 16 of 2016, as amended by Land(Amendment Act No. 5 of 2022), 25 March 2022)
Land Act No. 16 of 2016
Land (Amendment Act No. 5 of 2022), 25 March 2022
[<a href="https://faolex.fao.org/docs/pdf/mlw170885.pdf">Act</a>],[<a href="https://www.malawi.gov.mw/index.php/resources/publications/acts">Act</a>]