Icelandic Minister Wants to Restrict Foreign Land Ownership

Iceland’s Minister of Transport and Local Government, Sigurdur Ingi Johannson, hopes that a draft bill regarding foreigners’ purchase of land on Iceland will be ready this fall, according to Iceland Monitor.

The draft bill comes following recommendations from a government-appointed task force that were published last September.

Foreign nationals have acquired a series of attractive land proprerties on Iceland in recent years. Also, some one third of land on Iceland is owned by companies, which makes it nearly impossible to know the nationality of land owners on Iceland.

Iceland’s Prime Minister Katrin Jakobsdottir says she wants the country to have legislation that is more in line with what is found in its Nordic neighbor countries.