Property buyers must have ties to the Faroes

08.12.2021 - 11:15
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Property buyers must have ties to the Faroes
Parliament has adopted a law that specifies who may purchase real estate in the Faroes
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Foreign nationals with no affiliation to the Danish Kingdom can no longer purchase property in the Faroes without specific government permission.

MPs yesterday voted in favour of a proposal which stated that individuals and corporations wishing to purchase real estate in the Faroes must have a personal or commercial affiliation with the Danish Kingdom.

 >> SEE ALSO Faroese houses in demand among foreign investors

To qualify for purchasing property in the Faroes without government permission, a foreign national must have resided within the Kingdom of Denmark for a minimum total of five years.

The provision about the Danish Kingdom is included in the proposal as the Home Rule Law does not allow for discrimination between Faroese citizens and other citizens of the Kingdom of Denmark.

 

Read the Faroese version of this article here.

More Faroese News in English.

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