Resource information
This Law regulates purchase of land by the foreign legal and natural persons, and also by foreign institutions and organizations that have no status of legal person but have legal capacity. It also establishes terms, conditions and restrictions on the purchase of land by foreigners. The Act consists of four Chapters divided into 17 Articles: (1) general provisions; (2) right of foreigners to purchase land, internal water and forest; (3) temporary provisions regarding the right of foreigners to purchase non-agricultural land; and (4) final provisions. Only foreign natural persons, legal persons and organizations residing or registered in EU Member States or Signatory States of the European Agreement (Association Agreement), NATO Member States shall be granted the right of purchase of land, internal water and forest. Public agricultural land, internal water and forest can be sold or otherwise granted to private ownership exclusively after the completion of land reform. Foreigners shall not be granted the right to purchase the following categories of land: (a) exclusive public land property; (b) biosphere reserves and protected areas; (c) agricultural land; (d) reserve land; (e) harbour land and territory of free economic zones; (f) mineral deposits; (g) seven kilometre wide coastal areas; and (h) borderland.
