Iceland Tightens Restrictions On Foreign Property Rights

Words by

Published May 3, 2013

Minister of the Interior Ögmundur Jónasson recently signed a new regulation limiting the right of foreigners within the European Economic Area (EEA) to buy property in Iceland.
Signed on April 17th, the regulation denies EEA citizens who are not registered residents of Iceland to buy land or property here unless such a purchase is shown to support their legal right to residence or employment in the country. Ögmundur says the regulation is in line with existing laws on property ownership and use rights, particularly with reference to law no. 19/1966.
He told Vísir that the regulation clearly states that the freedom to move capital is not a self-evident or unrestricted right but only an interpretation of  EEA citizens’ right to acquire property in connection with the EEA’s (and EU’s) so-called Four Freedoms , which guarantee the free movement of goods, capital, services, and people.   
Ögmundur adds that the regulation is designed to restrict EEA citizens who do not reside in Iceland from buying property which is not essential to their employment or residency.
The new regulation only affects EEA citizens. Purchase of land or property by foreigners from outside the EEA still requires special authorisation by the Interior Ministry.



News
Strikes Could Be Around The Corner

Strikes Could Be Around The Corner

by

Most collective bargaining agreements between unions and management ran out March 1, and there is little optimism that new agreements

News
Warns Not To Let Tourism Overheat

Warns Not To Let Tourism Overheat

by

The Research Department of Íslandsbanki, while welcoming recent news that tourism continues to generate increasing revenue for Iceland, nonetheless expressed

News
Dettifoss Waterfall Reopens

Dettifoss Waterfall Reopens

by

The Police Chief of Norðurland Eystra has decided to lift the closure of Jökulsárgljúfur, north of Route 1, meaning travellers

News
Litla Hraun Prison Still Failing Mentally Ill Inmates

Litla Hraun Prison Still Failing Mentally Ill Inmates

by

There remains no staff psychologist at Iceland’s maximum security prison Litla Hraun, a year and a half on, reports RÚV.

News
New Day Dawning For Chickens

New Day Dawning For Chickens

by

The days of confinement in cramped cages for egg-laying hens will, by 2021, be a thing of the past. Vísir

News
Protest Report Illegal, Says Data Protection Authority

Protest Report Illegal, Says Data Protection Authority

by

A report compiled by former Chief Superintendant of the Police Geir Jón Þórisson entitled “Summary of the structure of the

Show Me More!