The Ministry of the Interior has granted twenty-four non-EEA foreign citizens the right to purchase property in Iceland over the last four years, according to Eyjan.
Icelandic law nr. 19/1966 on property ownership dictates that non-EEA foreign citizens cannot purchase property in Iceland, unless they are granted an exception from The Ministry.
In an interview with Morgunblaðið, real estate agent Magnús Leópoldsson says that these exceptions are typically granted in his experience.
However, Eyjan reports that the exceptions granted since 2007 have mostly involved real estate rather than land purchases.
Chinese businessman Huang Nubo applied for such an exception to purchase land in east Iceland, but was denied on Friday.