Banning foreign property investors “a possibility”

Faroese land and properties are receiving increasing attention from overseas buyers.

A foreign investor recently bought several houses in a village, a property agent told the parliamentary trade committee during the processing of a proposal from Tjóðveldi (Republican Party) to introduce a law which bans foreign investors from buying land and property in the Faroe Islands.

“An individual foreigner buying a summer house in the Faroes is not the real issue here,” said Tjóðveldi MP Bjørt Samuelsen. “The problem is that there is nothing in the way of rich foreign individuals or companies buying half a village or even an entire island.”

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The trade committee majority opposes the proposal, arguing that banning everyone except permanent residents from buying land and property would contradict the values of an open and liberal society.

Some clear terms and conditions should, however, apply to foreign investors, says the committee majority.

Prime Minister Bárður á Steig Nielsen said today that the government is assessing the need for legal intervention in this matter, adding that there are no indications of this being an urgent matter.

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“We have some information from property agents and from our records indicating that those who have shown interest in buying real estate in the Faroe Islands are people who have a Faroese civic registration number.”

The Prime Minister added that the government is taking a close look at how our neighbouring countries are dealing with this matter.

If it is decided that a law is necessary, a bill can be expected this autumn or sometime next year, he said.

Translated by prosa.fo