Property owners should have ties to the Faroes

Individuals and corporations that own real estate in the Faroes need to have a personal or commercial affiliation with the Danish Kingdom.

This is the essence of a new law proposal from the government.

According to the proposal, purchasing real estate in the Faroes requires that the buyer has resided within the Kingdom of Denmark for a minimum total of five years. 

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If this is not the case, special permission from the government is required.

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.

Separate regulations apply for corporations.

Read the Faroese version of this article here.

Translated by prosa.fo.

More Faroese News in English.