Foreign investors (including majority foreign-owned companies established in Uganda) are not entitled to own freehold land in Uganda as domestic investors are, but may lease land for a period of up to 99 years.
"PART II—LAND HOLDING.
2. Land ownership.
Subject to article 237 of the Constitution, all land in Uganda shall vest in the citizens of Uganda and shall be owned in accordance with the following land tenure systems—
customary;
freehold;
mailo; and
leasehold.
[...]
40. Acquisition of land by a noncitizen.
(1) Subject to article 237(2)(c) of the Constitution, a noncitizen may acquire a lease in land in accordance with this section.
(2) A lease of five years or more acquired by a noncitizen shall be registered in accordance with the Registration of Titles Act.
(3) A noncitizen shall not be granted a lease exceeding ninety-nine years.
(4) Subject to the other provisions of this section, a noncitizen shall not acquire or hold mailo or freehold land.
(5) For the avoidance of doubt, any non-citizen who immediately before the coming into force of the Constitution held land as lessee on conversion within the meaning of the Land Reform Decree, 1975 shall be deemed to have continued to hold a lease for ninety nine years from the first day of June, 1975. 
(6) Any citizen who holds land under freehold or mailo tenure and who ceases to be a citizen of Uganda, shall by virtue of ceasing to be a citizen, cease to hold land under freehold or mailo tenure and any such tenure shall automatically and without any other legal requirement than this subsection, be converted into a lease for a period of ninety nine years from the date of that person ceasing to be a citizen of Uganda.
(7) For the purposes of this section, "non-citizen" means—
(a) a person who is not a citizen of Uganda as defined by the Constitution and the Uganda Citizenship Act;
in the case of a corporate body, a corporate body in which the controlling interest lies with non-citizens;
in the case of bodies where shares are not applicable, where the body's decision making lies with non-citizens;
a company in which the shares are held in trust for non-citizens;
a company incorporated in Uganda whose articles of association do not contain a provision restricting transfer or issue of shares to non-citizens.
(8) For purposes of subsection (7), "controlling interest" means—
in the case of companies with shares, the majority shares are held by persons who are not citizens; and
in the case of companies without shares, a company in which decisions are arrived at by the majority who are not citizens. [...]" (Land Act, Cap. 227, 1998, as amended)
Land Act, Cap. 227, 1998, as amended
[<a href="https://old.ulii.org/ug/legislation/consolidated-act/227">Act</a>],[<a href="https://old.ulii.org/system/files/legislation/act/2004/2004/land%20ammendment%20Act%202004.pdf">Amend</a>]