Restrictions on Land Ownership by Foreigners in Selected Jurisdictions

The Law Library of Congress, Global Legal Research Directorate

(202) 707-5080 • [email protected] • http://www.law.gov

Restrictions on Land Ownership

by Foreigners in Selected

Jurisdictions

June 2023

LL File No. 2023-022255

LRA-D-PUB-002612

This report is provided for reference purposes only.

It does not constitute legal advice and does not represent the official

opinion of the United States Government. The information provided

reflects research undertaken as of the date of writing.

It has not been updated.

Contents

I. Introduction ........................................................................................................................................... 1

Figure 1: Restrictions on Land Ownership by Foreign Nationals ......................................................... 3

Map: Restrictions on Land Ownership by Foreign Nationals ............................................................... 4

Comparative Summary Table ............................................................................................................ 5

II. Jurisdictional Surveys ........................................................................................................................ 12

Argentina ................................................................................................................................................... 12

Australia .................................................................................................................................................... 13

Austria ....................................................................................................................................................... 15

Belgium ...................................................................................................................................................... 16

Brazil .......................................................................................................................................................... 16

Canada ....................................................................................................................................................... 17

Chile ........................................................................................................................................................... 19

China .......................................................................................................................................................... 19

Egypt .......................................................................................................................................................... 21

Finland ...................................................................................................................................................... 23

France ......................................................................................................................................................... 24

Germany .................................................................................................................................................... 24

Greece ........................................................................................................................................................ 24

India ........................................................................................................................................................... 25

Indonesia ................................................................................................................................................... 28

Iran ............................................................................................................................................................. 30

Ireland ................................

........................................................................................................................ 32

Israel ........................................................................................................................................................... 32

Italy ............................................................................................................................................................ 34

Japan .......................................................................................................................................................... 35

Mexico ........................................................................................................................................................ 36

Netherlands............................................................................................................................................... 36

Nigeria ....................................................................................................................................................... 36

Norway ...................................................................................................................................................... 38

Philippines ................................................................................................................................................ 38

Poland ........................................................................................................................................................ 39

Portugal ..................................................................................................................................................... 40

Russian Federation................................................................................................................................... 40

Saudi Arabia ............................................................................................................................................. 42

South Africa .............................................................................................................................................. 43

South Korea ............................................................................................................................................... 43

Spain .......................................................................................................................................................... 44

Sweden ...................................................................................................................................................... 45

Switzerland ............................................................................................................................................... 46

Taiwan ....................................................................................................................................................... 47

Thailand ..................................................................................................................................................... 48

Turkey ........................................................................................................................................................ 50

United Arab Emirates ..............................................................................................................................

United Kingdom ...................................................................................................................................... 52

The Law Library of Congress 1

Restrictions on Land Ownership by Foreigners in

Selected Jurisdictions

Staff of the Global Legal Research Directorate

I. Introduction

This report, prepared by the research staff of the Law Library of Congress, surveys 39

jurisdictions regarding whether, and if so how, they restrict ownership of land by foreigners.

The jurisdictions surveyed were among those with the highest gross domestic product according

to 2021 World Bank data, selected to ensure broadly representative coverage.

We identified 10 countries that do not restrict land ownership by foreigners: Belgium, France,

Germany, Ireland, Japan, the Netherlands, Norway, Portugal, Sweden, and the

United Kingdom.

We found that the following countries do not permit foreign ownership of land, although

exceptions may apply in some cases or other rights to land may be acquired: China, Indonesia,

Nigeria, Philippines, and Thailand.

Among the other jurisdictions surveyed, some have restrictions that apply to different types of

land, including agricultural, residential, and commercial land. Other types of restriction are based

on the location of the land, such as near the border or military establishments. Some jurisdictions

restrict particular categories of foreigners from land ownership. Some require special permission

or approval for foreigners before they can acquire land.

Ownership of agricultural land by foreigners is restricted by some provinces of Canada, and by

Egypt, India (restricted for diplomatic personnel, nonresidents of Indian origin and nonresident

citizens without registration), Iran, Poland (permit required), and Russia. Argentina, Brazil, and

Turkey restrict ownership of rural or local land to a percentage of the total land of the local

jurisdiction.

Article XVII of the General Agreement on Trade in Services (GATS) obligates members to provide

national treatment to other members, i.e., “treatment no less favourable than that it accords to its

own.”

If land ownership restrictions result in less favorable treatment of foreigners, GATS

The surveyed jurisdictions are Argentina, Australia, Austria, Belgium, Brazil, Canada, Chile, China, Egypt,

Finland, Germany, Greece, India, Indonesia, Iran, Ireland, Israel, Italy, Japan, Mexico, the Netherlands,

New Zealand, Nigeria, Norway, Philippines, Poland, Portugal, Russia, Saudi Arabia, South Africa, South

Korea, Spain, Sweden, Switzerland, Taiwan, Thailand, Turkey, United Arab Emirates, and the United

Kingdom.

World Bank Databank, Gross Domestic Product 2021 (Jan. 15, 2023), https://perma.cc/GP7Y-Z8K8.

General Agreement on Trade in Services (GATS), Apr. 15, 1994, Marrakesh Agreement Establishing the World

Trade Organization, Annex 1B, art. XVII, 1869 U.N.T.S. 183, 33 I.L.M. 1167 (1994), https://perma.cc/Z89Y-

SEVS.

Restrictions on Land Ownership by Foreigners in Selected Jurisdictions

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members should specify this in their schedule of specific commitments.

Reservation of the ability

to lease or own land to nationals is one such treatment; therefore, it should be listed in the

schedule as a limitation on national treatment.

This applies to services that the GATS covers.

Some jurisdictions do not list foreign land ownership on their schedules, but restrict it for national

security or similar interests.

Such jurisdictions include Australia and Finland (national interest),

Chile and Greece (border area), Russia (national security), and Spain (zones of interest to

national defense and the military). Several other jurisdictions that also restrict ownership for

national security purposes have entered restrictions on their GATS schedules. Such jurisdictions

include Argentina and Mexico (border area), Iran (sensitive areas), South Korea (military bases

and installation protection zones), Taiwan (lands within fortified and military areas and adjacent

to the national frontiers), and Turkey (designated military zones).

There are other various restrictions on foreigners’ land ownership. Figure 1 below shows in

simplified format the surveyed jurisdictions that impose particular categories of restrictions. On

page 4, a color-coded map sets forth which jurisdictions permit foreign acquisition, prohibit it, or

impose restrictions. A Comparative Summary Table beginning on page 5 presents the essential

findings of our study for each jurisdiction. Lastly, the textual surveys for each jurisdiction provide

further detail.

Id. art. XX.

Julia Nielson & Daria Taglioni, A Quick Guide to the GATS and Mode 4, OECD, World Bank, IOM Seminar on

Trade and Migration (Nov. 12-14, 2003), at 11, https://perma.cc/B8XW-LNZ4.

World Trade Organization, The General Agreement on Trade in Services (GATS): Objectives, Coverage and

Disciplines, Question 3, https://perma.cc/4J7Y-WAG7. It states, “[t]he GATS applies in principle to all service

sectors, with two exceptions.”

See GATS art. XIV General Exceptions.

Restrictions on Land Ownership by Foreigners in Selected Jurisdictions

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Restrictions on Land Ownership by Foreigners in Selected Jurisdictions

The Law Library of Congress 4

Restrictions on Land Ownership by Foreign Nationals

Restrictions on Land Ownership by Foreigners in Selected Jurisdictions

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Comparative Summary Table

Jurisdiction

GATS XVII

Reservation

(1994)

Foreign

Ownership

Permitted

Restrictions on Foreign

Ownership

Foreign

Ownership

Reporting

Requirements

Argentina

Prohibition on ownership of

property that contains or

borders large and permanent

bodies of water and of land in

border security zones. Rural

land can only be acquired upon

certificate being granted (total

percentage must not exceed

15% of the territory, in which

shares of nationals of one

country must not exceed 30%;

maximum limit per foreigner;

certain long-term residents

exempted).

Australia

Approval is needed from the

Treasurer if the acquisition

constitutes a “significant

action,” including acquiring an

interest in different types of

land where the monetary

threshold is met for that type of

land. The Treasurer may

prohibit a significant action

that is found to be contrary to

the national interest.

Acquisitions of

residential and

agricultural

land by foreign

persons must be

reported to the

relevant

government

agency.

Austria

Prior authorization required

with exceptions; authorization

may be refused if the

acquisition contradicts national

public policy interests.

Belgium

None.

Brazil

Acquisition of rural property

by an alien individual or

company, including Brazilian

companies controlled by

foreigners, may not exceed 50

modules; foreign ownership of

rural areas may not exceed a

quarter of the surface of the

municipalities, and ownership

Restrictions on Land Ownership by Foreigners in Selected Jurisdictions

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Jurisdiction

GATS XVII

Reservation

(1994)

Foreign

Ownership

Permitted

Restrictions on Foreign

Ownership

Foreign

Ownership

Reporting

Requirements

by persons of same nationality

must not exceed 40% of the

quarter.

Canada

Prohibition on ownership of

residential property with

exceptions; some provinces

also restrict ownership,

including of agricultural land.

Chile

Prohibition on acquisition of

public lands within 10

kilometers from the border and

favorable military report

required for acquisition of land

5 kilometers from the coast;

nationals of bordering

countries and legal persons

with their principal place of

business in one of those

countries cannot obtain rights

to real estate located totally or

partially in the border area.

China

N (2001)

No individuals, domestic or

foreign, can privately own

land. The state grants land use

rights to land users for a

certain number of years.

Foreigners can obtain such

land use rights, own residential

houses and apartments, or

incorporate foreign-invested

enterprises to invest in real

estate.

Egypt

Prohibition on ownership of

agriculture lands, land in Sinai

Peninsula; otherwise,

permitted to own up to two

properties, up to 4,000 square

meters, for residential

purposes; no disposition for 5

years; approval required to

acquire land in tourist areas;

joint ownership with an

Egyptian who has majority

Restrictions on Land Ownership by Foreigners in Selected Jurisdictions

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Jurisdiction

GATS XVII

Reservation

(1994)

Foreign

Ownership

Permitted

Restrictions on Foreign

Ownership

Foreign

Ownership

Reporting

Requirements

right required to acquire desert

lands. No restrictions on lands

in Investment Zones,

Technological Zones, or Free

Zones.

Finland

Prior approval for a foreigner’s

purchase of certain businesses

may be required when it

includes land purchase and the

purchase of business or land

interferes with vital interests

for Finland; prior approval

from the Government of Åland

is required for acquisitions

within the autonomous region

of Åland.

France

None.

Germany

None.

Greece

Prior approval required for

purchase by non-European

Union and non-European Free

Trade Association natural and

legal persons of real estate

located in border areas.

India

Prohibition on acquisition of

land by citizens of Pakistan,

Bangladesh, Sri Lanka,

Afghanistan, China, Iran,

Nepal, and Bhutan, except for

one residential property for

self-occupation and one

property for carrying out self-

employment for long-term visa

holders residing in India who

are citizens of Afghanistan,

Bangladesh or Pakistan and

belong to minority religions in

those countries, subject to

conditions; nonresident foreign

nationals not of Indian origin,

except for inheritance from a

resident; and of agricultural

land by diplomatic personnel,

Restrictions on Land Ownership by Foreigners in Selected Jurisdictions

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Jurisdiction

GATS XVII

Reservation

(1994)

Foreign

Ownership

Permitted

Restrictions on Foreign

Ownership

Foreign

Ownership

Reporting

Requirements

nonresidents of Indian origin,

and nonresident citizens

without registration.

Indonesia

Prohibition on foreign

individuals holding ownership

right in land or a right to build

on land owned by others.

Certain rights in relation to

land can be held by foreign

resident individuals and

Indonesian companies with

foreign shareholders, but there

are restrictions as to duration.

Iran

Not WTO

member

reciprocity

Prohibition on ownership of

agricultural lands, investment

properties, and land in

sensitive areas, including Free

Trade-Industrial Zones, except

for foreign-owned companies

registered in Iran; other

restrictions for nonresidents.

Ireland

None.

Israel

Approval required.

Italy

Foreigners from non-EU

countries who do not hold

certain residence permits

cannot acquire real estate

unless reciprocity condition

fulfilled.

Japan

None.

Mexico

Prohibition on ownership of

lands located within 100 km of

the country’s borders and 50

km of the country’s coasts; for

other land, foreigners must

agree not to invoke the

protection of the governments

of their countries with respect

to the property.

Netherlands

None.

Nigeria

N, with

exceptions

Ownership not permitted;

interests in land may be

acquired with approval of the

Restrictions on Land Ownership by Foreigners in Selected Jurisdictions

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Jurisdiction

GATS XVII

Reservation

(1994)

Foreign

Ownership

Permitted

Restrictions on Foreign

Ownership

Foreign

Ownership

Reporting

Requirements

governor under laws of certain

states.

Norway

None.

Philippines

Prohibition on acquisition by

non-citizens and corporations

or associations whose capital is

owned by foreigners in excess

of 40%.

Poland

Permit required, except

European Economic Area

(EEA)/Swiss citizens and

entities, but EEA/Swiss

citizens and entities need prior

authorization for a purchase of

land exceeding one hectare in

the border areas or agricultural

land; EEA/Swiss citizens do

not need prior authorization

for purchase of land for

farming if they have leased and

farmed the land for a certain

number of years. Land for

residence limited to 0.5

hectares.

Portugal

None.

Russia

N (2012)

Prohibition on ownership of

agricultural land and land

located in areas significant to

national security. Since

February 2022, special

conditions are imposed on

citizens and companies of

“unfriendly nations.”

Saudi

Arabia

Y (2006)

Prohibition on ownership of

land within the borders of the

cities of Mecca and Al-

Madinah Al-Munawwarah;

real estate for investment

purposes must be 30 million

Saudi Riyals (approx. US$7.9

million) or more, except for

citizens of Gulf Cooperation

Council.

Restrictions on Land Ownership by Foreigners in Selected Jurisdictions

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Jurisdiction

GATS XVII

Reservation

(1994)

Foreign

Ownership

Permitted

Restrictions on Foreign

Ownership

Foreign

Ownership

Reporting

Requirements

South

Africa

Foreigners in the country

illegally cannot acquire land.

South Korea

reciprocity

Prior approval required for

land in military bases and

installation protection zones,

designated cultural heritage

protection zones, ecological

and scenery conservation

areas, or special districts for

protection of wildlife.

Acquisition of

land other than

by sales contract

must be

reported to local

government;

nonresidents

must report

under the

Foreign

Exchange

Transactions

Act.

Spain

Prohibition on ownership of

land in zones of interest to

national defense and military;

prior military authorization

required for other restricted

areas (also applicable to

Spanish companies controlled

by foreigners).

Sweden

None.

Switzerland

Prior authorization required,

with exceptions.

Taiwan

reciprocity

Prohibition on ownership of

forest lands, fisheries, hunting

grounds, salt fields, lands with

mineral deposits, sources of

water, lands lying within

fortified and military areas,

and lands adjacent to the

national frontiers; authorities

may restrict area and location

of other lands that can be

acquired by foreigners for

certain uses.

Thailand

N, with

exceptions

Exception: Treaty (none

existing); investor’s residence,

with strict conditions.

Turkey

Foreign natural persons of 183

designated countries may own

Restrictions on Land Ownership by Foreigners in Selected Jurisdictions

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Jurisdiction

GATS XVII

Reservation

(1994)

Foreign

Ownership

Permitted

Restrictions on Foreign

Ownership

Foreign

Ownership

Reporting

Requirements

up to 30 hectares, but the total

acreage of the property owned

by foreigners cannot surpass

10% of the total land acreage of

private property in the district;

foreign business associations

with legal personality may

only acquire property if special

laws allow; president can ban

foreign persons and entities;

entities controlled by

foreigners are limited to

carrying out certain fields of

activity; acquisition prohibited

in designated military zones.

United

Arab

Emirates

Ownership prohibited in the

emirate of Abu Dhabi, except

for the investment zone, and in

the Emirate of Dubai, except in

designated locations; citizens

of the Gulf Cooperation

Council countries can own

land in Dubai.

United

Kingdom

None.

Overseas

entities must

declare their

beneficial

owners and/or

managing

officers on the

Overseas

Entities.

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II. Jurisdictional Surveys

Argentina

The general rule is that natural and legal foreign nationals have the same rights as Argentine

citizens to obtain property rights in the country, with exceptions established in Law No. 26.737

of 2011.

This law prohibits foreign ownership of property that contains or borders large and

permanent bodies of water and land located in border security zones.

Before acquiring rural land, a foreign person must ask the National Rural Land Registry to issue

the corresponding enabling certificate.

The agency will issue that certificate depending on the

following restrictions:

• The total percentage of foreign ownership of rural lands in the national, provincial, or

departmental territory must not exceed 15%.

• Foreigners of the same nationality must not exceed 30% of the total limit on foreigners owning

or possessing land.

• A foreign owner may not possess more than a certain number of hectares that varies according

to where the rural lands are located, under a system of equivalences defined by

the authorities.

The following individuals—not legal persons—of foreign nationality are exempt from

these restrictions:

• Those who have 10 years of continuous, permanent, and proven residence in the country.

• Those who have Argentine children and demonstrate a permanent, continuous, and proven

residence in the country for five years.

• Those married to an Argentine citizen within five years before the constitution or

transmission of the pertinent rights who demonstrate continuous, permanent, and proven

Ley No. 26.737, Régimen de Protección al Dominio Nacional sobre la Propiedad, Posesión o Tenencia de las

Tierras Rurales, Dec. 28, 2011, https://perma.cc/AAX2-P5P5.

Id. art. 10.

Id. art. 14.

Id. art. 8.

Id. art. 9.

Id. art. 10.

Id. art. 4.

Id.

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residence in Argentina for the same term.

Individuals in civil unions and individuals in

marriages are treated equally under the exemption.

Australia

The acquisition of land in Australia by foreign persons,

including residential, commercial, and

agricultural land, is subject to the Foreign Acquisitions and Takeovers Act 1975 (Cth) (FATA)

and the Foreign Acquisitions and Takeovers Regulation 2015 (Cth) (Regulations).

The

Australian Parliamentary Library, in a guide on foreign acquisition of residential land, explains

that FATA regulates the following actions:

• a significant action being an action taken by a foreign person to acquire interests in

securities, assets or Australian land (which includes residential land) provided that the

threshold test is met [section 43]. Importantly, the threshold value for residential land

has been set at $0. An action is a significant action if it results in a change in control

involving a foreign person

[section 39]

• a notifiable action being an action to acquire an interest in Australian land provided

that the threshold test is met. Unlike significant actions, notifiable actions do not

require a change in control [section 47] and

• a notifiable national security action being an action that is taken, or proposed to be

taken, by a foreign person such as acquiring an interest in Australian land that, at the

time of acquisition, is national security land (defined in section 5 of the Regulations)

[section 55B].

Under the legislation, foreign persons generally require investment approval from the Treasurer

• “before acquiring an interest in residential land, regardless of its value”

• “before acquiring an interest in agricultural land, where the cumulative value of their

agricultural land holdings exceeds (or would exceed with the proposed investment) [AU]$15

million [about US$10 million]”

• “before acquiring an interest in commercial land, where the value of that investment is above

a certain monetary threshold”

Id.

Decreto 274/2012, Reglamentación de la Ley No. 26.737 que estableció el Régimen de Protección al Dominio

Nacional sobre la Propiedad, Posesión o Tenencia de las Tierras Rurales, Feb. 29, 2012, art. 4,

https://perma.cc/QF7E-HNWY.

For information on what constitutes a “foreign person,” see Foreign Investment Review Board (FIRB), Key

Concepts 3–7 (Guidance 2, last updated July 29, 2022), https://perma.cc/Y54L-4LCU.

Foreign Acquisitions and Takeovers Act 1975 (Cth) (FATA), https://perma.cc/435A-APBL.

Foreign Acquisitions and Takeovers Regulation 2015 (Cth) (Regulations), https://perma.cc/93LU-F3LL.

Paula Pyburne, Foreign Acquisition of Residential Land: A Quick Guide, Australian Parliamentary Library (Feb.

24, 2023), https://perma.cc/39S3-TSB4. See also FATA pt 2.

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• “before acquiring an interest in a tenement or the underlying land used to carry on a

mining operation.”

The Treasurer receives recommendations on proposed investments from the Foreign Investment

Review Board (FIRB).

The Treasurer may make an order prohibiting a significant action that is

found to be contrary to the national interest.

With respect to residential and agricultural land, the following notifications are required:

• “All acquisitions (and sales) of residential land by foreign persons must be notified to the

• “All acquisitions (and sales) of agricultural land by foreign persons, regardless of whether

they required prior approval, must be registered on the Register of Foreign Ownership of

Agricultural Land. Foreign persons must also separately notify the Government once they

have acquired an interest in agricultural land that was the subject of a foreign investment

approval.”

• “Foreign persons must also register certain interests they acquire in water entitlements and

water rights on the Register of Foreign Ownership of Water Entitlements.”

In March 2023, the Australian Taxation Office, which administers the above-referenced foreign

investment registers, announced that a new Register of Foreign Ownership of Australian Assets

will commence in mid-2023 and will “replace existing foreign investment registers we manage

(relating to agricultural and residential land, and water interests),” as well as “expand on assets

to be registered.”

This follows amendments made to FATA by the Foreign Investment Reform

(Protecting Australia’s National Security) Act 2020 (Cth).

Land Investments, FIRB, https://perma.cc/GX6M-9KHZ. See also FATA s 52; Regulations reg 52.

FATA pt 3; About FIRB, FIRB, https://perma.cc/VX4V-EXDE.

FATA s 67.

See FATA pt 4; Regulations pt 5.

FIRB, Residential Land 1 (Guidance 6, last updated Apr. 12, 2022), https://perma.cc/SY2Y-5TBV.

Foreign Investment Review Board, Agricultural Land 1 (Guidance 3, last updated Jan. 3, 2023),

https://perma.cc/37UK-3VTB.

Id. See also Register of Foreign Ownership of Water or Agricultural Land 2015 (Cth),

https://perma.cc/L6BB-3N2N.

https://perma.cc/8TRT-JYFK. See also Consultation - Register of Foreign Ownership of Australian Assets, The

Treasury, https://perma.cc/C75R-2BFS.

Foreign Investment Reform (Protecting Australia’s National Security) Act 2020 (Cth) sch 3,

https://perma.cc/CXQ5-AL7Q.

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The legislation and Australian government policies contain various detailed definitions, tests,

exemptions, and practices with respect to land acquisition by foreign persons.

These are

explained in several guidance notes produced by the FIRB.

To ensure compliance with the

obligations contained in the legislation, FATA “provides for a range of enforcement options,

including criminal offenses and civil penalties.”

Austria

Foreign nationals who wish to acquire real property in Austria must obtain prior authorization.

No restrictions apply to citizens from European Union (EU) and European Economic Area (EEA)

countries.

In addition, Austria has concluded bilateral agreements that exempt certain third-

country citizens from the prior authorization requirement.

The Austrian Federal Constitutional Act (Bundes-Verfassungsgesetz, B-VG) provides that the

Austrian federal states are competent to legislate in all matters not expressly assigned to the

Federation.

Regulations for real property transactions of foreigners are explicitly exempt from

the competency of the Federation, meaning the nine states have enacted different acts for the

acquisition of real property by foreigners and requirements may vary.

Some states have enacted

specific acts for the acquisition of real property by foreign nationals, such as Vienna,

whereas

others have integrated provisions on foreign nationals into the general real property acquisition

act, such as Tyrol.

Some provinces, such as Styria, do not require an authorization for foreign

nationals depending on the location of the property, for example no authorization is required in

Graz, the capital of Styria.

In general, an authorization for the acquisition of real property by foreign nationals is granted if

there is a “cultural, social or economic interest in concluding the legal transaction” and provided

See Allens Linklaters, Overview of Australia’s Foreign Investment Approval (FIRB) Regime (Jan. 1, 2023),

https://perma.cc/5BCE-46WT.

Guidance Notes, FIRB, https://perma.cc/T5WV-63UC.

FATA s 83, referring to part 5 of the act.

The EEA consists of the EU Member States and the three European Free Trade Association (EFTA) states

Iceland, Liechtenstein, and Norway. See European Economic Area (EEA) / Relations with the EU, EFTA,

https://perma.cc/LL36-U6NT.

Authorisation Procedure for Nationals of Third Countries, Federal Ministry of Finance,

https://perma.cc/4BR2-YEBJ.

Bundes-Verfassungsgesetz [B-VG], Bundesgesetzblatt [BGBl.] No. 1/1930, art. 15, para. 1,

https://perma.cc/RK6W-BYDG (original), https://perma.cc/SLL3-GQ2V (English translation).

Id. art. 10, para. 1, no. 6.

Wiener Ausländergrunderwerbsgesetz, Landesgesetzblatt [LGBl.] No. 11/1998, as amended,

https://perma.cc/GQC4-U5SP.

Tiroler Grundverkehrsgesetz 1996, LGBl. No. 61/1996, as amended, §§ 12, 13, https://perma.cc/W57D-

XQMU.

Steiermärkisches Grundverkehrsgesetz, LGBl. No. 134/1993, as amended, § 23, para. 1 in conjunction with

§ 3, para. 1, https://perma.cc/JC2P-KUZA.

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that it does not contradict national public policy interests, such as establishing a company to serve

as a front for money laundering.

Belgium

A search of relevant Belgian law did not reveal any regulation limiting foreigners’ rights to

own land.

Brazil

In Brazil, Law No. 5,709 of October 7, 2021, regulates the acquisition of rural property by an alien

resident in the country or by a pessoa jurídica estrangeira (foreign company) authorized to operate

there.

Decree No. 74,965 of November 26, 1974, regulates Law No. 5,709,

and states further that

Brazilian companies in which foreign persons or companies hold the majority of its share capital

and reside or have their headquarters abroad are also subject to the regime established by Decree

No. 74,965.

The acquisition of rural property by an alien individual may not exceed 50 modules for indefinite

exploration (Módulo de Exploração Indefinida, MEI), in a continuous or discontinuous area.

In the

case of a property with an area not exceeding three modules, the acquisition will be free,

regardless of any authorization or license, subject to the general requirements determined by

law.

Article 3 § 2 states that the executive branch will issue rules for the acquisition of an area

between three and 50 MEI.

Law No. 8,629 of February 25, 1993, provides for the regulation of constitutional provisions

related to agrarian reform, as set forth in Chapter III, Title VII, of the Federal Constitution of

1988.

According to article 23, foreigners residing in the country and legal entities authorized to

operate in Brazil may only lease rural property pursuant to Law No. 5709, of October 7, 1971.

All limits, restrictions, and conditions applicable to the acquisition of rural properties by aliens

Authorisation Procedure for Nationals of Third Countries, supra note 35.

Lei No. 5.709, de 7 de Outubro de 1971, art. 1, https://perma.cc/VEL6-VM52.

Decreto No. 74.965, de 26 de Novembro de 1974, art. 1, https://perma.cc/Y4TH-SBRT.

Id. art. 1 § 1.

Lei No. 5.709, de 7 de Outubro de 1971, art. 3. The MEI is a unit of measurement, expressed in hectares, based

on the rural module concept, for property with undefined exploration. It is used in processes related to the

acquisition of land by foreigners. The size of the MEI varies between five and 100 hectares, according to the

typical module zone (Zona Típica de Módulo, ZTM) of the municipality where the rural property is located.

Módulo de Exploração Indefinida, INCRA, https://perma.cc/WCD8-6SWX. The value of the MEI for each

municipality is available in the basic index table of the national rural registration system, e.g., Sistema Nacional

de Cadastro Rural, Índices Bàsicos de 2013, https://perma.cc/J88B-AN6B.

Lei No. 5.709, de 7 de Outubro de 1971, art. 3 § 1.

Id. art. 3 § 2.

Lei No. 8.629, de 25 de Fevereiro de 1993, art. 1, https://perma.cc/U6RR-WRAP.

Id. art. 23.

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contained in Law No. 5,709, also apply to leasing.

It is incumbent upon the National Congress

to authorize either the acquisition or lease beyond the limits of area and percentage established

in Law No. 5,709, of October 7, 1971, such as the acquisition or leasing, by a foreign company, of

an area greater than 100 MEI.

The sum of rural areas belonging to foreign persons, individuals or legal entities may not exceed

a quarter of the surface of the municipalities where they are located, proven by a certificate from

the Registro de Imóveis (Real Estate Registry).

Persons of the same nationality may not own, in

each municipality, more than 40% of this limit.

Canada

The Prohibition on the Purchase of Residential Property by Non-Canadians Act (PRPNCA),

which came into force on January 1, 2023, states at section 4 that

4 (1) Despite section 34 of the Citizenship Act, it is prohibited for a non-Canadian to

purchase, directly or indirectly, any residential property.

(2) Subsection (1) does not apply to

(a) a temporary resident within the meaning of the Immigration and

Refugee Protection Act who satisfies prescribed conditions;

(b) a protected person within the meaning of subsection 95(2) of that Act;

property in Canada with their spouse or common-law partner if the

spouse or common law-partner is a Canadian citizen, person registered as

an Indian under the Indian Act, permanent resident or person referred to

in paragraph (a) or (b); or

(d) a person of a prescribed class of persons.

Under the Prohibition on the Purchase of Residential Property by Non-Canadians Regulations

promulgated by the government under section 8 of the PRPNCA exempts certain temporary

residents from the general prohibition, namely

(a) if they are enrolled in a program of authorized study at a designated learning

institution, as defined in section 211.1 of the Immigration and Refugee Protection

Regulations,

Id. art. 23 § 1.

Id. art. 23 § 2.

Lei No. 5.709, de 7 de Outubro de 1971, art. 12.

Id. art. 12 § 1.

Purchase of Residential Property by Non-Canadians Act, S.C. 2022, c. 10, s. 235 at s. 4,

https://perma.cc/XWM6-XXPB.

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(i) they filed all required income tax returns under the Income Tax Act for each of

the five taxation years preceding the year in which the purchase was made,

(ii) they were physically present in Canada for a minimum of 244 days in each of

the five calendar years preceding the year in which the purchase was made,

(iii) the purchase price of the residential property does not exceed $500,000, and

(iv) they have not purchased more than one residential property; or

(b) if they hold a work permit, as defined in section 2 of the Immigration and Refugee

Protection Regulations, or are authorized to work in Canada under section 186 of those

Regulations,

(i) they have 183 days or more of validity remaining on their work permit or work

authorization on the date of purchase, and

(ii) they have not purchased more than one residential property.

The provisions also do not apply to permanent residents of Canada.

Section 236 of the Budget Implementation Act, 2022, No.1 repeals the PRPNCA as of

January 1, 2025.

Various provinces have restrictions on foreigners owning property. Many of these rules protect

agricultural land, for example the Foreign Ownership of Land Regulations in Alberta, which

excludes certain residential developments from the prohibition on the ownership of more than

20 hectares (approximately 50 acres) of land.

Manitoba, Quebec, and Saskatchewan have similar

restrictions.

In Prince Edward Island, the Lands Protection Act limits foreign land ownership to no more than

five acres and a maximum shoreline of 165 feet, unless an exemption is given by the Lieutenant-

Governor in Council (i.e. the provincial cabinet).

Prohibition on the Purchase of Residential Property by Non-Canadians Regulations, SOR/2022-250, s. 8,

https://perma.cc/5DCG-NY7D.

Budget Implementation Act, 2022, No.1, S.C. 2022, c. 10, s. 236-237, https://perma.cc/MRC5-EGYX.

Foreign Ownership of Land Regulations, SOR/79-416, s. 4-8, https://perma.cc/XZY8-KL9V.

The Farm Lands Ownership Act, C.C.S.M., c. F35, https://perma.cc/RTZ5-98X4; Act Respecting the

Acquisition of Farm Land by Non-Residents, C.Q.L.R., c. A-4.1, https://perma.cc/N8K2-P5EK; The

Saskatchewan Farm Security Act, S.S. 1988-89, https://perma.cc/9VG2-VL6S.

Lands Protection Act, R.S.P.E.I.1988, c. L-5, https://perma.cc/X52Q-KS8Y.

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Chile

The general rule is that natural and legal foreign nationals have the same rights as Chilean citizens

to acquire property rights over land in the country. However, some exceptions in Chilean law

restrict foreigners’ acquisition of real estate.

Decree Law No. 1.939,

which lays down rules on the acquisition, administration, and disposal

of public property, establishes the following main limitations:

• Public lands located up to 10 kilometers from the border may only be owned or leased by

Chilean natural or legal persons.

• Public lands located up to 5 kilometers from the coast may only be owned or leased by Chilean

natural or legal persons, except that foreigners domiciled in Chile may do so subject to a

favorable report from the Undersecretariat of the Navy.

• Nationals of bordering countries, that is, Argentines, Bolivians, and Peruvians, may not

acquire the domain and other property rights or possess tenancy of real estate located totally

or partially in areas of the currently declared border, unless a presidential decree expressly

exempts nationals of neighboring countries.

• The prohibition described above also extends to companies or legal persons with their

principal place of business in a neighboring country (Argentina, Bolivia, or Peru), or whose

capital is 40% or more owned or whose effective control is in the hands of nationals of those

countries.

The president of the republic may expressly exempt nationals of neighboring

countries from this prohibition.

China

Individuals cannot privately own land in the People’s Republic of China (PRC or China).

According to the PRC Constitution, land in urban areas is owned by the state, whereas land in

rural and suburban areas is owned by rural collectives, except where ownership belongs to the

state according to law.

The Land Management Law proclaims that the land of the PRC is subject

Decreto Ley No. 1.939, que fija normas sobre adquisición, administración y disposición de bienes del Estado,

Noviembre 10, 1977, https://perma.cc/5PLT-CTN7.

Id. art. 6.

Id. art. 7.

PRC Constitution (adopted by the National People’s Congress (NPC) on Dec. 4, 1982, as amended Mar. 11,

2018) art. 10, https://perma.cc/QF3J-FVU8 (in Chinese), https://perma.cc/VEW7-PMVK

(English translation).

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to socialist public ownership, “namely, ownership by the whole people or collective ownership

of the working masses.”

In urban areas, the state grants (churang in Chinese, also translated as “assigns”) land use rights

to land users for a certain number of years, where land users pay the state granting fees.

Land

use rights may also be allocated (huabo in Chinese), which is limited to such purposes as

government or military use, urban infrastructure, or public utilities. For allocated land-use rights,

land users pay no fee or only compensation or resettlement expenses.

Foreign individuals and

enterprises may obtain urban land use rights and engage in land development, unless otherwise

provided by law, according to the Urban Land Assignment Regulations.

Individuals can privately own residential houses and apartments, although not the land on which

the buildings and structures are situated.

Foreign individuals who work or study in China as

well as the branches and representative offices established by foreign entities in China may

purchase residential houses or offices in China for their own use, according to a circular jointly

issued by several central government authorities in 2015.

In those cities that implement policies

restricting house purchases, such policies also apply to foreign individuals.

Foreign individuals may also incorporate foreign-invested enterprises in accordance with the

Foreign Investment Law to invest in real estate in China.

Anyone engaging in real estate

development or other related activities in China, domestic or foreign, must obtain a qualification

certification for real estate development enterprises from the government.

In rural areas, China has implemented a “contractual management system” regarding

agricultural land.

Agricultural land includes cultivated land, forestland, grassland, and other

Land Management Law (adopted by the NPC Standing Committee (NPCSC) on June 25, 1986, as amended

Aug. 26, 2019) art. 2, https://perma.cc/CDC5-HNPF (in Chinese).

Law on the Administration of Urban Real Estate (adopted by the NPCSC on July 5, 1994, as amended Aug.

26, 2019) art. 8, https://perma.cc/W47T-LMWY (in Chinese).

Id. art. 23.

Urban Land Assignment Regulations (promulgated by the State Council on May 19, 1990, as revised Nov. 29,

2020) art. 3, https://perma.cc/7MGZ-B64H (in Chinese).

Civil Code (adopted by the NPC on May 28, 2020, effective Jan. 1, 2021) art. 266, https://perma.cc/5XQ3-

NVWF (in Chinese), https://perma.cc/JC6H-NZUW (English translation).

Ministry of Hous. & Urban-Rural Dev., Ministry of Com. (MOFCOM), Nat’l Dev. & Reform Comm. (NDRC),

People’s Bank of China, State Admin. for Indus. & Com., State Admin. of Foreign Exch., Circular on Adjusting

Policies on the Market Access and Administration of Foreign Investment in the Real Estate Market (Aug. 19,

2015), https://perma.cc/C26Y-ARPL (in Chinese).

Id.

Foreign Investment Law (adopted by the NPC on Mar. 15, 2019, effective Jan. 1, 2020) art. 2,

https://perma.cc/9KQH-JVH4 (in Chinese), https://perma.cc/E6JM-W2K9 (English translation).

NDRC, MOFCOM, Negative List for Market Access (2022 Edition) (Mar. 12, 2022), https://perma.cc/FB9U-

G9B7 (in Chinese).

Civil Code art. 330.

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land in rural areas that is used for agricultural production according to law.

Under the system,

the members of a rural collective have the right to use agricultural land by entering into a contract

with the rural collective economic organization or village committee.

After the land is

contracted, ownership of the land remains unchanged, and the contracted land may not be

purchased or sold.

Because the “contractual management right” over agricultural land is, in

principle, only granted to households of the collective,

no other individuals, domestic or

foreign, can acquire the contractual management right.

The country is building a system of “circulating the land management right” regarding

agricultural land. The system would allow the holder of the contractual management right, while

still retaining that right, to transfer (“circulate”) the “land management right” to others by means

permitted by law, such as a lease (subcontract).

In January 2021, China’s Ministry of Agriculture

and Rural Affairs (MARA) issued the Administrative Measures for the Circulation of Rural Land

Management Right. The measures require the transferees of land management rights to be

“organizations and individuals with agricultural management capabilities or qualifications,” and

“under the same conditions, members of the collective economic organization enjoy priority.”

While MARA’s measures do not specifically exclude foreign-invested enterprises or overseas

investors as transferees, they would be subject to conditions provided by other laws and

regulations.

Egypt

Law No. 230 of 1996 regulates the ownership of a foreign national to real properties and lands in

Egypt for residential purposes. The Law sets a number of conditions governing the ownership of

land or a residential property by a foreign national.

Those conditions include the following:

• A foreign national must not own more than two pieces of land or two real estate properties

for residential purposes.

Law on Land Contracting in Rural Areas (adopted by the NPCSC on Aug. 29, 2002, as amended Dec. 29,

2018) art. 2, https://perma.cc/4CVN-MP8R (in Chinese).

Id. arts. 3, 13.

Id. art. 4.

Id. art. 16.

Id. art. 36.

MARA, Administrative Measures for the Circulation of Rural Land Management Right (Jan. 26, 2021) art. 9,

https://perma.cc/U22G-U3LS (in Chinese).

Gen. Off. of the State Council, Opinions on Guiding the Healthy Development of the Rural Property Transfer

Trading Market (Dec. 30, 2014), https://perma.cc/B6S6-Z32T (in Chinese).

Law No. 230 of 1996, Al-Jaridah Al-Rasmiyah [official gazette], vol. 27 (duplicate), 14 July 1996,

https://perma.cc/P2P5-HUVF (in Arabic).

Id. art. 2(1).

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• The size of the land or the property owned by the foreign national must not exceed 4,000

square meters.

• The property owned by the foreign national should not be considered as a land that includes

an antiquity, which is regulated by the Antiquities Protection Law.

• A foreign national has no right to dispose of the owned property before five years of the

purchase date of this property.

• A foreign national purchasing land for a residential purpose must begin the construction on

this land within five years from the purchase date.

Prime Minister Resolution No. 548 of 2005 waives the restrictions under Law No. 230 of 1996 for

the purpose of allowing foreigners seeking to acquire land and real estate in touristic areas, such

as the city of Sharm El Sheik.

Additionally, Prime Minister Resolution No. 548 stipulates that a

foreigner national has the right to obtain a usufruct right of any property in an area allocated as

touristic for a period of 99 years.

However, before the foreign national purchases any piece of

land or property in touristic areas, he or she must obtain the approval of the Ministry of Defense,

Ministry of Interior, and the National Security Authority.

Law No. 143 of 1981 regulates the ownership of foreign entities and nationals to desert lands.

Ownership of desert lands by foreigners must be a joint ownership with an Egyptian party. The

Law limits the right to ownership of desert lands by foreign entities and foreign nationals to 49%

and 51% by the Egyptian party.

Law No. 15 of 1963 prohibits the ownership of agriculture lands by foreign nationals.

Moreover,

Prime Minister Resolution No. 215 of 2017, on the ownership of land by foreigners in the Sinai

Peninsula, prohibits the ownership of any properties and lands in Sinai by foreign nationals. It

limits the ownership of land and properties in Sinai to Egyptian citizens who are born to an

Egyptian mother and father.

Id. art. 2(2).

Id. art. 2(3).

Id. art. 5.

Id. art. 4.

Prime Minister Resolution No. 548 of 2005, art. 2, issued on April 5, 2005, posted on the official website of the

Egyptian Court of Cassation, https://perma.cc/XSP3-TAD8 (in Arabic).

Id.

Amr Hamdy, Foreign Ownership of Real Estate in Egypt, Residential Property, Al-Tammi & Co. (Mar. 2017),

https://perma.cc/BBZ2-HTRH.

Law 143 of 1981, art. 11 (b), Al-Jaridah Al-Rasmiyah, vol. 35 (duplicate), 31 Aug.1981,

https://perma.cc/T3J4-XYHH (in Arabic).

Law No. 15 of 1963, art. 1, Al-Jaridah Al-Rasmiyah, vol. 16, 19 Jan. 1963, https://perma.cc/GFQ3-WBAU (in

Arabic).

Prime Minister Resolution No. 215 of 2017, art. 7, Al-Jaridah Al-Rasmiyah, vol. 4 duplicate (a), 30 Jan. 2017,

https://perma.cc/R4U6-B6VB (in Arabic).

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Law No. 72 of 2017 applies to Investment Zones, Technological Zones, or Free Zones.

Apparently, the law does not impose restrictions on the ownership of real properties and land

located in the aforementioned zones by foreign nationals. Pursuant to Law No. 72 of 2017, a

foreign investor has the right to own, manage, use, and dispose of the investment projects located

in the aforementioned zones.

Finland

Finland does not restrict the purchase or sale of property to or from foreign legal persons or

entities in general.

However, the Act on Monitoring of Foreigner’s Corporate Acquisitions

specifies that a foreigner’s purchase of certain businesses with vital interests for Finland must

receive prior approval from the Ministry of Economic Affairs and Employment before the

purchase is completed.

This could include land. Businesses with vital interests for Finland

include defense industry corporations, businesses that produce or supply critical products or

services to Finnish government agencies, or a business or organization that is critical to securing

vital functions of society.

100

The Ministry must approve any sale in which a vital interest is at

stake; further, it cannot deny applications where vital interests are not at risk.

101

However, the autonomous region of Åland (the Åland Islands), which is part of Finland but

enjoys autonomy, restricts land ownership to Ålandic citizens (persons with Åländsk

hembygdsrätt).

102

In order to own land on Åland, a person must prove that he or she is a Finnish

citizen, has lived on Åland for a minimum of five years, and speaks Swedish.

103

A person without

hembygdsrätt, including foreigners, can only acquire real property with the prior approval from

the Government of Åland (Ålands landskapsregering).

104

Finland has made no reservation on land ownership under GATS XVII.

105

Law No. 72 of 2017, art. 1, Al-Jaridah Al-Rasmiyah, vol. 21 (duplicate), 31 May 2017,

https://perma.cc/MUN2-YFGQ (in Arabic).

Id. arts. 6, 57.

Maakaari (Land Code) (1995/540), https://perma.cc/2G68-LUAX (in Finnish), Jordabalk (FFS 1995/540),

https://perma.cc/5ZSW-DFR2 (in Swedish).

3-5 §§ Laki ulkomaalaisten yritysostojen seurannasta [Act on Monitoring of Foreigner’s Corporate

Acquisitions] (2012/172), https://perma.cc/L5QP-3JHA (in Finnish), Lag om tillsyn över utlänningars

företagsköp (FFS 2012/172), https://perma.cc/97AG-LN6C (in Swedish).

100

Id. § 2(2).

101

Id. §§ 4(2), 5(2).

102

2 § Jordförvärvslag för Åland (Ålandic Land Acquisition Act) (ÅLS 1975:7) (1991/72),

https://perma.cc/2GU9-CPHB (in Swedish).

103

7 § Självstyrelselag(ÅLS 1991:71), https://perma.cc/Z7Y7-FNG3; Landskapslag om åländsk hembygdsrätt

(ÅLS 2015:99), https://perma.cc/RXU5-KSUJ.

104

2 § Ålandic Land Acquisition Act.

105

General Agreement on Trade in Services GATS/EL/33 (April 15, 1994) (94-1116), Finland,

https://perma.cc/57T3-27ZH.

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France

A search of relevant French law did not reveal any regulation limiting foreigners’ rights to

own land.

Germany

Currently, Germany does not impose any restrictions on foreigners buying property in Germany.

The Introductory Act to the Civil Code (Einführungsgesetz zum Bürgerlichen Gesetzbuche,

EBGBG) provides that starting July 30, 1998, provisions that restrict the acquisition of property

rights by foreigners or foreign legal persons or that make them dependent on obtaining prior

authorization will no longer apply.

106

However, the federal government, with the consent of the

German Bundesrat, is authorized to enact ordinances imposing such restrictions on or requiring

prior authorization from foreigners if the country in question imposes restrictions on Germans or

German legal persons with regard to acquiring rights and foreign policy reasons, in particular the

right to retorsion, require it.

107

Such restrictions cannot be imposed on foreigners and foreign legal

persons from the European Union.

108

No such ordinance has been enacted.

Articles 86 and 88 of the Introductory Act to the Civil Code used to provide that various state

level laws that were enacted before the German Basic Law, the country’s constitution, entered

into force in 1949 and imposed restrictions on foreigners buying property would remain in

force.

109

As a reason for amending the law, the German Bundestag (parliament) stated in 1998

that such restrictions “impede the relocation of foreign embassies [from Bonn] to Berlin and

complicate negotiations with other countries to remove barriers for German companies to acquire

property abroad.”

110

Greece

There appears to be no general prohibition on foreign persons’ acquisition of real property in

Greece. The only legal restriction on acquisition of real property based on the owner’s nationality

is provided in Law 1892/1990.

111

This law designates certain localities and islands as “border

areas” and prohibits the acquisition of real estate in these areas by non-Greek natural and legal

106

Einführungsgesetz zum Bürgerlichen Gesetzbuche [EGBGB], Sept. 21, 1994, Bundesgesetzblatt [BGBl.] I at

2494; 1997 BGBl. I at 1061, as amended, art. 86, sentence 1, https://perma.cc/EF5K-UYQJ.

107

Id. art. 86, sentence 2.

108

Id. art. 86, sentence 3.

109

A list of the state laws is available in § 1, para. 1 of the Gesetz zur Aufhebung von Erwerbsbeschränkungen

für Staatsangehörige und Gesellschaften der Mitgliedstaaten der Europäischen Wirtschaftsgemeinschaft,

Apr. 2, 1964, BGBl. I at 248, https://perma.cc/YJ6Z-X68U.

110

Deutscher Bundestag: Drucksache [BT-Drs.] 13/10966, at 5, https://perma.cc/3CF6-53NA.

111

Law 1892/1990 “on Modernization and Development and Other Provisions”, E.K.E.D. 1990, A:101,

https://perma.cc/F6KH-TNRS (in Greek). See also Greece/Legal Restrictions, Eur. Land Registry Ass’n,

https://perma.cc/K7TJ-W8QP.

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persons.

112

Citizens of European Union (EU) member states and the member states of the

European Free Trade Association (EFTA), and legal persons registered in these countries, are

exempted from the prohibition.

113

Citizens of the non-exempted countries and legal persons

registered in these countries may request a waiver from the prohibition by submitting an

application to a committee established in each decentralized administration and which includes

representatives of several governmental ministries, with the representative of the Ministry of

National Defense having a veto right.

114

The committee may lift the prohibitions for certain

transactions and limit the prohibitions in terms of value or location of the property, or specify

terms or conditions for waivers.

115

The acquisition of public property in border areas by legal

entities registered in non-EU and non-EFTA countries for the purposes of privatization under

Law 3986/2011 requires a special approval of the Ministry of National Defense.

116

India

Restrictions on foreigners buying immovable property and agricultural land in India can be

found in the Foreign Exchange Management Act (FEMA), 1999

117

and its subsidiary regulation

the Foreign Exchange Management (Acquisition and Transfer of Immovable Property in India)

Regulations, 2018.

118

The Law appears to allow the Reserve Bank of India (RBI) to issue regulations to limit and restrict

the ownership of immovable property. Below are some restrictions placed on foreigners and non-

resident Indians.

Section 4 of the 2018 Regulations stipulates that “No person being a citizen of Pakistan,

Bangladesh, Sri Lanka, Afghanistan, China, Iran, Nepal or Bhutan shall acquire or transfer

immovable property in India, other than lease, not exceeding five years without prior permission

of Reserve Bank.”

119

However, certain minorities from these countries who have a long term visa

appear to make an exception, as follows:

112

Law 1892/1990 lists the prohibited localities and islands as “the Prefectures of Dodecanese, Evros,

Thesprotia, Kastoria, Kilkis, Lesvos, Xanthi, Preveza, Rhodope, Samos, Florina, Chios, Thera and Skyros, the

former provinces of Nefrokopio in the former Prefecture of Drama, Pogoni and Konitsa in the former

Prefecture of Ioannina, Almopia and Edessa in the former Prefecture of Pella and Sintiki in the former

Prefecture of Serres, as well as the former municipalities of Othona, Mathraki and Erekoussi.” Law 1892/1990,

art. 24(1). The list may be amended by presidential decree. Id.

113

Id. art. 25(1).

114

Id. art. 26(1).

115

Id. art. 26(3); Law 3986/2011 “Urgent Measures for the Implementation of the Medium-Term Fiscal Strategy

Framework 2012-2015,” E.K.E.D. 2011, A:152, https://perma.cc/GX8M-J85H (in Greek).

116

Law 1892/1990, art. 27.

117

Foreign Exchange Management Act (FEMA), No. 42 of 1999, https://perma.cc/G6UJ-W9FB.

118

Foreign Exchange Management (Acquisition and Transfer of Immovable Property in India) Regulations,

2018, https://perma.cc/6424-SCUK.

119

Id. § 4.

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[a] person being a citizen of Afghanistan, Bangladesh or Pakistan belonging to minority

communities in those countries, namely, Hindus, Sikhs, Buddhists, Jains, Parsis and

Christians who is residing in India and has been granted a Long Term Visa (LTV) by the

Central Government may purchase only one residential immovable property in India as

dwelling unit for self-occupation and only one immovable property for carrying out self-

employment subject to the following conditions:

a. the property should not be located in and around restricted/protected areas so notified

by the Central Government and cantonment areas;

b. the person submits a declaration to the Revenue Authority of the district where the

property is located, specifying the source of funds and that he/she is residing in India

on LTV;

c. the registration documents of the property should mention the nationality and the fact

that such person is on LTV;

d. the property of such person may be attached/confiscated in the event of his/her

indulgence in anti-India activities;

e. a copy of the documents of the purchased property shall be submitted to the Deputy

Commissioner of Police (DCP)/Foreigners Registration Office (FRO)/Foreigners

Regional Registration Office (FRRO) concerned and to the Ministry of Home Affairs

(Foreigners Division);

f. such person shall be eligible to sell the property only after acquiring Indian citizenship.

However, transfer of the property before acquiring Indian citizenship shall require

prior approval of DCP/FRO/FRRO concerned.

120

According to the Ministry of Foreign Affairs

[f]oreign nationals of non-Indian origin resident outside India are not permitted to acquire

any immovable property in India unless such property is acquired by way of inheritance

from a person who was resident in India. Foreign Nationals of non Indian origin who have

acquired immovable property in India by way of inheritance with the specific approval of

RBI can not transfer such property without prior permission of RBI.

121

This rule appears to be derived by Section 6(5) of the Act, which allows a person residing outside

of India to hold immovable property in India if it was acquired when the person was resident

in India

(5) A person resident outside India may hold, own, transfer or invest in Indian currency,

security or any immovable property situated in India if such currency, security or property

was acquired, held or owned by such person when he was resident in India or inherited

from a person who was resident in India.

122

Diplomatic personal associated with a foreign embassy or consulate in India are allowed to

purchase and sell immovable property in India other than agricultural land, plantation property,

and farm house, provided that

120

Id. § 7.

121

Ministry of External Affairs, Acquisition And Transfer Of Immovable Property In India, at 3,

https://perma.cc/A3J8-VH74.

122

Foreign Exchange Management Act (FEMA), § 6(5).

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(i) clearance from Government of India, Ministry of External Affairs is obtained for

such purchase/sale, and

(ii) the consideration for acquisition of immovable property in India is paid out of

funds remitted from abroad through banking channel.

123

According to the Ministry of External Affairs, a person resident outside India who is a person of

Indian Origin (PIO) can acquire any immovable property in India other than agricultural land,

farm house, and plantation property

i. By way of purchase out of funds received by way of inward remittance through

normal banking channels or by debit to his NRE/FCNR(B)/NRO account.

ii. By way of gift from a person resident in India or a NRI or a PIO. By way of

inheritance from any a person resident in India or a person resident outside India

who had acquired such property in accordance with the provisions of the foreign

exchange law in force or FEMA regulations at the time of acquisition of the

property. A PIO may transfer any immoveable property other than agricultural

land/Plantation property/farm house in India

a) By way of sale to a person resident in India.

b) By way of gift to a person resident in India or a Non resident Indian or a PIO. A

PIO may transfer agricultural land / Plantation property / farm house in India by

way of sale or gift to person resident in India who is a citizen of India.

124

An Indian citizen residing outside India is designated as a Non-resident Indian (NRI). Overseas

Citizen of India (OCI), on the other hand, refers to an Indian citizen residing outside India who

is registered as an Overseas Citizen of India Cardholder under India’s Citizenship law. The OCI

cardholder has certain rights and benefits including lifelong visa to visit India, “exemption from

reporting to Police authorities for any length of stay in India” and certain financial, economic and

educational benefits.

125

Section 3 of the 2018 Regulations apply to NRIs and OCIs.

126

According to

the Ministry of External Affairs

[a] person resident outside India who is a citizen of India (NRI) can acquire by way of

purchase, any immovable property in India other than agricultural land/plantation

property/farm house. He can transfer any immovable property other than agricultural or

plantation property or farm house to:

a) A person resident outside India who is a citizen of India or

b) A person of Indian origin resident outside India or

123

Ministry of External Affairs, supra note 5, at 2.

124

Ministry of External Affairs, supra note 5, at 1-2.

125

Benefits, Overseas Citizen of India (OCI), https://perma.cc/2CHG-TXTJ.

126

Foreign Exchange Management (Acquisition and Transfer of Immovable Property in India) Regulations,

2018, § 3.

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c) A person resident in India. He may transfer agricultural land/plantation

property/farm house acquired by way of inheritance, only to Indian citizens

permanently residing in India.

127

Indonesia

The Indonesian Agrarian Law (Law No. 5 of 1960 on Basic Agrarian Principles

128

) provides for

different types of land ownership.

129

Two of the strongest rights, Ownership Right (Hak Malik or

HM) and Right to Build (Hak Guna Bangunan or HGB) are not available to foreign individuals.

130

In addition, the Cultivation Right (Hak Guna Usaha or HGU) can only be obtained by Indonesian

citizens and legal entities established under Indonesian law and domiciled in Indonesia.

131

land is owned exclusively by Indonesian individuals, whose right is considered inheritable.

132

HGB is the right to establish and have buildings on particular land; the land is not owned by the

building owner.

133

Resident foreigners and foreign legal entities with representation in Indonesia can obtain a

Utilization Right (Hak Pakai or HP)

134

and Lease Right (Hak Sewa).

135

A 2021 government regulation (Government Regulation No. 18 of 2021 on Right of Land

Management, Land Rights, Condominium Units, and Land Registration

136

(GR 18/2021)) “made

it easier for foreigners to own real estate” in Indonesia.

137

Under this regulation, a resident

foreigner

138

can hold HP over HM land, HP over state land, or HP originating from the conversion

of HM or HGB.

139

127

Ministry of External Affairs, supra note 5, at 1.

128

Law No. 5 of 1960 on Basic Agrarian Principles, https://perma.cc/FB3Z-YVT4.

129

Id. art. 16(1).

130

Id. arts. 21(1) & 36(1).

131

Id. art. 30(1).

132

Id. arts. 20(1) & 21(1). See also Marshall Situmorang & Audria Putri, Indonesia: Land & Property Title

Ownership in Indonesia: Common Misconceptions of Foreigners, Mondaq (Dec. 21, 2022), https://perma.cc/4T8P-

HKXX.

133

Law No. 5 of 1960 art. 35(1); Situmorang & Petri, supra note 5.

134

Law No. 5 of 1960 art. 42.

135

Id. art. 45.

136

Government Regulation No. 18 of 2021 on Right to Manage, Land Right, Apartment Unit, and Land

Registration (GR 18/2021), https://perma.cc/V63C-38PY.

137

Ayman Falak Medina, Indonesia’s Omnibus Law: Relaxed Foreign Ownership Laws on Real Estate, ASEAN

Briefing (Nov. 10, 2021), https://perma.cc/5CSQ-BPGX.

138

See GR 18/2021 art. 69, stating that foreigners who can own residential houses or residences are those who

possess immigration documents in accordance with the provisions of legislation.

139

Wimbanu Widyatmoko, Global Corporate Real Estate Guide: Indonesia – Real Estate Law, Baker McKenzie,

https://perma.cc/K7R4-H97T.

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An ASEAN briefing on the regulation states that

[a] notable provision under GR 18/2021 stipulates that foreigners and foreign legal entities

can now own apartments and landed houses. However, foreigners will only be able to own

apartments located in special economic zones, free trade zones, industrial estates, and

other economic zones. Further, the property must be worth more than the minimum

threshold – which differs depending on the province where the property is located.

140

The briefing further explains that

[t]here are two types of right to use (HP) titles:

• Right to use within a certain period; and

• Right to use for land used for specific purposes.

This land title usually refers to the right to use/harvest land directly owned by the state or

private land. This land could also be used for a building site in addition to

agricultural purposes.

The right to use the title for a certain period can be granted to foreign legal entities that

have a representative office, foreign citizens, as well as local entities and citizens. This

encompasses state land, freehold title land, and the right to manage land.

If granted for state land and the right to manage land, the title is for a maximum term of

30 years and extendable for another 20. Once the time period expires, the title can be

extended for another 30 years (total 80 years). Previously, an HP title could only be granted

for 25 years, and extended for another 20 years, before another renewal of 25 years (total

70 years).

The right to build (HGB) is a title that is granted over state or freehold land to Indonesian

citizens and foreign companies (PT PMA) for the purpose of erecting or using a building

on the land. The maximum term for an HGB title is 30 years and is extendable for another

20 years. Once this expires, it can be renewed again for another 30 years (80 years in total).

The right to cultivate (HGU) is normally granted to state land for the development of

plantations and can be granted to foreign companies. The maximum term for this land title

is 35 years and is extendable for another 25 years. Upon expiry, this can then be extended

by another 35 years.

GR 18/2021 requires that HGU, HGB, and HP title holders must commence activities on

the land, whether building construction, cultivation, or other use of land, within two years

of the title being granted.

141

“PT PMA” refers to foreign investment companies (Penanaman Modal Asing). Such companies are

domiciled and established under the laws of Indonesia and have one or more foreign

140

Situmorang & Putri, supra note 5.

141

Id.

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shareholders.

142

Therefore, although a foreign individual cannot own land, “any foreign investor

can “purchase” land leases through their PMA company thereafter such PMA company will be

the party in the sale-and-purchase agreement.”

143

As noted above, under the 2021 regulation, an

HM holder can grant HGB over the land to such companies for up to a total of 80 years.

144

A Baker McKenzie real estate guide provides additional information on the ability for foreign

residents to obtain HP with respect to residential property:

[u]nder the new HP related regulations, if a house or apartment currently under HM or

HGB title is purchased by a resident foreigner, then the conversion of the title to become

HP will automatically happen, and if the house or apartment is then transferred to an

Indonesian, the title can be re-converted to a HM and HGB title.

If a resident foreigner buys a residential property (built on land with HGB title), the title

of the residential property will be deemed to be converted into HP upon the signing of the

sale and purchase document before a PPAT [land deed official, Pejabat Pembuat Akta

Tanah]. The PPAT will then register the transaction at the relevant Land Office so that the

Land Office can manually update the title certificate to reflect the change of the residential

property from HGB to HP.

For strata title apartments or HMSRS, the title of the underlying land will remain HGB

title. So upon a purchase by a resident foreigner, only that particular unit will be converted

into a HP strata title (Hak Pakai Atas Satuan Rumah Susun). Only if all apartment units

are owned by resident foreigners can the underlying land be converted to HP title.

The government stipulates minimum prices for houses or apartments that can be

purchased by resident foreigners depending on the location of the house or apartment. For

example, in Jakarta the price of a house must be IDR 10 billion or more while for an

apartment it must be IDR 3 billion or more. For the Banten and Bali provinces, the price of

a house must be IDR 5 billion or more while for an apartment IDR 2 billion or more.

Resident foreigners (except for foreign country representatives or international agency

representatives) can only have one plot of land per person/family and the maximum land

area is 2,000 square meters (which can be increased subject to approval from the Minister

of Agrarian Affairs and Spatial Planning/Head of Land Office).

145

Iran

Iranian laws provide for restriction of foreigners’ ownership rights, usually depending on

reciprocity and bilateral agreements with foreign countries. Ownership of agricultural lands,

investment properties, and land in sensitive areas, including free trade-industrial zones, is

prohibited.

146

However, foreign-owned companies registered in Iran as resident legal entities are

142

Situmorang & Putri, supra note 5.

143

Id.

144

GR 18/2021 art. 52(3).

145

Widyatmoko, supra note 12. See also GR 18/2021 arts. 72, 144(1).

146

Foreign Nationals Ownership Regulations 1949 (1328 Solar Year) art. 1, https://perma.cc/8AVE-TSYU (in

Farsi); Foreign Promotion and Protection Act (FIPPA) 2001 (1380 Solar Year), https://perma.cc/F7NF-UJ5V (in

Restrictions on Land Ownership by Foreigners in Selected Jurisdictions

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exempt from most of the restrictions. It appears that there is no differentiation between the

ownership rights of foreign nationals generally and those of citizens of particular countries. As a

general principle, the Iranian Constitution prohibits any agreements that could result in

domination and control of the country’s economic, cultural, natural, military, and other resources

by foreign nationals or governments.

147

Stricter measures are imposed against Iranian nationals

who obtain dual citizenship without the Iranian government’s permission. They lose all their

rights to real estate properties in Iran. These properties will be sold under the supervision of the

local public prosecutor, and the proceeds will be paid to the dual citizens after deduction of the

expenses of the sale.

148

The Civil Code does not directly establish foreign nationals’ ownership rights pertaining to

immovable properties; however, it implies that such rights are possible with some limitations,

which should be explicitly provided by national laws. According to the Foreign Nationals

Ownership Regulations of 1949, foreign nationals legally resident in Iran can petition the General

Bureau for Registration of Deeds and Landed Properties for permission to purchase real estate

for residential or business purposes. Foreign legal persons that are registered in Iran can submit

similar applications for purchasing real estate.

149

Foreign citizens who change their resident

status in Iran and move out of the country should transfer their real estate rights to an Iranian

citizen within six months of moving. Otherwise, the government will hold a real estate auction

and provide the remittances to the foreign national owners or their heirs. The sale option is not

required if the foreign national is from a country that liberally allows property ownership rights

to Iranian nationals.

150

Inherited property can be transferred to non-Iranian heirs of foreign nationals, if the application

is filed within two years of the passing of the original foreign national owner. Otherwise, the

property will be auctioned, and the remittances will be given to the heirs after deduction of

the costs.

151

Nonresident foreigners (visitors) who have regularly and continually traveled to Iran for

recreational purposes throughout the years can apply for permission to purchase real estate

suitable for their living needs in Iran without obtaining a resident permit. The property cannot

be an investment property, and its purchase is subject to approval from the Ministries of Foreign

Affairs, Interior, and Intelligence and the Council of Ministers.

152

Farsi); Law on the Administration of Free Trade-Industrial Zones of the Islamic Republic of Iran 1993 (1372

Solar Year) art. 24, amend. 1, https://perma.cc/9BFL-J6PH (in Farsi).

147

Constitution of the Islamic Republic of Iran 1979, as amended, arts. 43 (pt. 8), 153, https://perma.cc/WMB8-

B542 (unofficial English translation).

148

Id. art 989.

149

Foreign Nationals Ownership Regulations 1949 (1328 Solar Year) art. 2.

150

Id. art. 1 (§ H, amend. 2).

151

Regulations for Ownership of Immovable Properties by Nonresident Foreign Nationals in the Islamic

Republic of Iran 1995 (1374 Solar Year) arts. 5, 6, https://perma.cc/357N-DEAV (in Farsi).

152

Foreign Nationals Ownership Act 1963 (1342 Solar Year) art. 1, https://perma.cc/4N83-CHEM (in Farsi).

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The Law on Foreign Nationals Immovable Properties of 1931 (1310 Solar Year) forbade ownership

of any agricultural immovable properties by foreign nationals, which include agricultural

irrigation canals and spring waters. Foreign nationals who inherit agricultural land must put it

up for auction according to the law. Another real estate ownership ban extends to real estate in

Iranian Muslim holy sites. According to the Law on Protection of Schemes for

Improvement/Renovation of the Muslim Holy Sites of 2006, the government can approve the sale

of up to 4% of real estate properties in these areas, and only to Muslim foreign nationals for

residential developmental projects.

153

Ireland

There appear to be no prohibitions on the foreign ownership of property across the Republic of

Ireland and a search of GATTS XVII reveals no reservations on land ownership in the country.

154

There is a distinction in the payment of taxes between nonresident and resident landlords.

Tenants of nonresident owners are required to hold 20% of the annual rent and pay this

withholding tax directly to Revenue,

155

unless a resident person acts as a collection agent.

Collection agents may deduct the withholding tax from the rent paid and remit this, and other

information, to Revenue.

156

Israel

The Basic Law: Israel Lands prohibits the transfer of “Israel’s lands” by sale or by any other way,

except with regard to “categories of real estate and categories of transactions prescribed on this

matter by law.”

157

“Israel’s lands” consist of “the real estate belonging to the State, [to] the

Development Authority, or [to] the Jewish National Fund.”

158

The Israel Lands Authority manages Israeli lands based on policies issued by the Israel Lands

Council (ILC), which is appointed by the government.

159

The grant or transfer of rights in Israeli

lands to a foreigner requires approval by the ILC in accordance with procedures issued by the

153

Foreign Nationals Immovable Properties Law 1931 (1310 Solar Year), https://perma.cc/QY8J-94S5 (in

Farsi); Law on Protection of Schemes for Improvement/Renovation of the [Named] Muslim Holy Sites 2006

(1384 Solar Year) single art., art. 1, https://perma.cc/G6SH-24PX (in Farsi).

154

Schedules of Specific Commitments and Lists of Article II Exemptions, World Trade Organization,

https://perma.cc/MM44-TAQQ.

155

Taxes Consolidation Act 1997, No. 39, §§ 238 & 1041, https://perma.cc/MH2G-3FS9.

156

Id. See further, Revenue, Notes for Guidance - Taxes Consolidation Act 1997 Finance Act 2022 edition Part 45

Charging and Assessing of Non-Residents (Dec. 2022), at 5, https://perma.cc/XXK7-MZS6.

157

Basic Law: Israel Lands § 2, Knesset website, https://perma.cc/4GX4-V68M (unofficial translation).

158

Id. § 1.

159

Israel Law Administration Law, 5720-1960, § 3, Nevo Legal Database (hereafter Nevo),

https://perma.cc/EE7K-RLK2 (in Hebrew, by subscription).

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ILC.

160

The Israel Land Law, 5720-1960

161

defines a “foreigner” as a person who is not an Israeli

citizen or a resident; not eligible to immigrate to Israel under the Law of Return 5710-1950;

162

is a corporation, the control of which is vested in an individual or a group who is either of the

above, or anybody acting on their behalf.

163

The ILC chair may approve a request for purchase or transfer of rights in land to a foreigner,

based on the recommendation of the ILC subcommittee, and after consultation with the Minister

of Defense and the Minister of Foreign Affairs, and other entities as relevant, depending on the

designation of the land and the identity of the applicant.

164

In reviewing an application, the ILC chair must consider

(a) the public welfare and security;

(b) the foreigner’s connection to Israel, including his personal data, his periods of

residence in Israel and his family proximity to a non-foreigner;

(d) the extent of the land purchased by such foreigner or transferred to him, prior to the

date of the application;

(e) the characteristics of the requested land, including the size of the requested area, the

location and purpose of the land . . . .

165

The Director of the ILC or the director’s designee may further approve the acquisition or transfer

of rights in Israeli lands to a foreigner who is not a corporation, who wishes to purchase one

residential unit on land designated for residential use according to a plan, provided that the

foreigner does not have rights in the land in another residential unit. Approval may similarly be

granted to a foreigner that has received “a grant under the Encouragement of Capital Investments

Law, for the purpose of implementing the program for which the grant was approved . . . .”

166

Until 2009, “almost all of Israel's residents lived in homes built on land owned by the State of

Israel, which was leased to them for many years.”

167

Amendment No. 7 to the Israel Land

Administration Law was adopted on August 10, 2009. The amendment law authorizes the ILC to

160

See Sale or Transfer of Rights in Israel Land to Foreigners, Procedure no. 05.02M, ILC (Apr. 11, 2019),

https://perma.cc/9C3D-5AAC (in Hebrew).

161

Israel Land Law, 5720-1960, Nevo, https://perma.cc/NU3L-9H9H (in Hebrew, by subscription).

162

Law of Return 5710-1950, Knesset website, https://perma.cc/4NDK-DSDB (unofficial translation).

163

Israel Land Law, 5720-1960, § 2A(a).

164

Id. § 2A(b)(2-3).

165

Id. § 2A(b)(4), translated by author.

166

Id. § 2A(b)(5).

167

Ori Chudy & Shay Pauzner, Guidance to the Perplexed on the Reform of the Israel Land Administration, Calcalist

(June 23, 2009), https://perma.cc/B4XP-FJ3J.

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grant ownership in land to lessees of residential and employment properties on urban land.

168

The reform thus enabled

the transfer of land ownership from the state to the residents of the cities, free of charge or

for a very low price compared to the prices of private land today . . . the reform . . . [was]

supposed to cut off a large part of citizens from dependence on the administration every

time they sell the property or make a change to it.

169

Amendment No. 7 established a mechanism that enabled limiting the transfer of ownership to

foreigners by registering a notice in the land registry. The notice prevents the transfer of private

ownership to foreigners without the approval of the ILC.

170

Italy

Concerning the acquisition of land by non-Italian citizens, Italian law distinguishes between

foreigners in general, EU and EEA citizens, as well as stateless persons and refugees under

certain conditions.

The prologue of the Civil Code contains a general principle (so-called preleggi; that is, applicable

to all legislation) concerning the treatment of foreigners in Italy, in the following terms:

[t]he foreigner is allowed to enjoy the civil rights attributed to the [Italian] citizen on

condition of reciprocity and without prejudice to the provisions contained in special laws.

This provision also applies to foreign legal entities.

171

Only foreigners holding certain residence permits may acquire land in Italy on the same terms

provided to Italian citizens, even in the absence of the reciprocity condition. According to the

Ministry of Foreign Affairs,

172

the following persons are deemed as legally equal to Italian citizens

and, therefore, are exempt from the condition of reciprocity for the acquisition of land in Italy

173

168

Israel Land Administration (Amendment No. 7) Law, 5769-2009, Nevo, https://perma.cc/7A62-SJ96 (in

Hebrew, by subscription).

169

Ori Chudy & Shay Pauzner, supra note 11.

170

Israel Law Administration Law, 5720-1960, § 4S, as amended under Amendment No. 7 Law, Nevo,

https://perma.cc/EE7K-RLK2 (in Hebrew, by subscription).

171

Regio Decreto 16 marzo 1942, n. 262 Approvazione del Testo del Codice Civile, art. 16,

https://perma.cc/S7DM-2C47.

172

Diritti e Reciprocità, Lo Straniero e la Condizione di Reciprocità, Ministero degli Affari Esteri e della

Cooperazione Internazionale, https://perma.cc/4UU7-ATPN.

173

Decreto Legislativo 25 luglio 1998, n. 286, Testo unico delle Disposizioni concernenti la Disciplina

dell’Immigrazione e Norme sulla Condizione dello Straniero (D.L. No. 286), arts. 1(2) & 26(1),

https://perma.cc/2ZT9-7K82.

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• citizens (both physical persons and legal entities) of European Union member states, as well

as citizens of European Economic Area countries;

174

• non-EU citizens who reside in Italian territory and hold a residence card or a regular residence

permit issued for reasons of employment, self-employment, for the exercise of an individual

business, or for family, humanitarian, or study reasons; and

• stateless persons or refugees residing in Italy for at least three years.

175

The verification of the reciprocity condition is addressed in article 1 of Presidential Decree No.

394 of 1999,

176

which provides that government agents responsible for the administrative

procedure applicable to the admission of foreign natural persons to the full enjoyment of the civil

rights attributed to Italian citizens, as well as the notaries who draw up the deeds involving the

exercise of some of those rights or who provide assistance to such foreigners, must request the

assessment of the reciprocity condition from the Ministry of Foreign Affairs. However, this only

applies in the situations contemplated in Presidential Decree No. 394 of 1999 and in international

agreements that include the reciprocity condition.

177

Foreigners lawfully residing in Italy but who do not hold one of the residence permits indicated

above are unable to acquire real estate in Italy, unless the reciprocity condition between Italy and

the foreigner’s country is fulfilled; that is, if the law of the foreigner’s country of origin allows

Italian citizens, on equal terms, to purchase real estate in the foreigner’s national territory.

Japan

There appear to be no prohibitions on the foreign ownership of property in Japan. Though there

is the Act on Foreign Nationals’ Rights in Relation to Land, which states that the government can

prohibit the acquisition of land-related rights by foreigners or foreign corporations by a cabinet

order,

178

no such order has been enacted yet. In 2021, a law to restrict certain uses of lands around

facilities and remote islands that are important for national security was enacted.

179

The Diet and

174

The European Economic Area (EEA) is composed by the EU Member States and three of the EFTA States

(Iceland, Liechtenstein, and Norway). The Basic Features of the EEA Agreement, EFTA, https://perma.cc/J85B-

ZVV7.

175

Real Estate Laws and Regulations Italy 2023, ICLG.com (Dec. 22, 2022), https://perma.cc/3RVX-7LGK.

176

Decreto del Presidente della Repubblica 31 agosto 1999, n. 394, Regolamento recante Norme di Attuazione

del Testo Unico delle Disposizioni concernenti la Disciplina dell’Immigrazione e Norme sulla Condizione dello

Straniero, a norma dell'articolo 1, comma 6, del Decreto Legislativo 25 luglio 1998, n. 286,

https://perma.cc/8BYK-FKER.

177

Purchasing a Property in Italy, LAWYERSITALY (Mar. 28, 2023), https://perma.cc/5VSC-6ZCA.

178

Act on Foreign Nationals' Rights in Relation to Land (Act No. 42 of 1925), art. 4, https://perma.cc/9BE2-

8WQQ (in Japanese).

179

Act on the Review and Regulation of the Use of Real Estate Surrounding Important Facilities and on Remote

Territorial Islands (Act No. 84 of 2021), https://perma.cc/N2VM-KVES.

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the government aimed to prevent threats to important facilities by foreign land owners,

180

but the

law applies to both Japanese nationals and foreigners.

Mexico

Mexico’s Constitution provides that the government may grant foreigners the right to own land

provided that they agree before Mexico’s Department of Foreign Relations to consider themselves

Mexican nationals with respect to such property and not to invoke the protection of the

governments of their countries with respect to such property, under penalty of its forfeiture to

Mexico in case of noncompliance.

181

The Constitution also provides that foreigners may not acquire direct ownership over lands

located within 100 kilometers of the country’s borders and 50 kilometers of the country’s coasts.

182

Notably, Mexico’s Foreign Investment Law provides that foreign individuals or entities may

obtain a permit from the Ministry of Foreign Relations whereby they may use and enjoy real

property in these restricted zones, without having ownership rights over it, through a trust

arrangement in which the foreign party is the beneficiary and a Mexican bank is the trustee of

the land.

183

Netherlands

Currently, the Netherlands does not impose any restrictions on foreigners buying property in the

Netherlands. However, a civil law notary must perform and register the transfer of the property

in question.

184

The deed is generally executed in the Dutch language.

185

If one of the parties does

not have sufficient command of Dutch, the law requires an interpreter to be present during the

signing to translate. The interpreter co-signs the notarial deed.

186

Nigeria

Nigeria is a federation of 36 states. It has a three-tiered government structure, including the

federal government, 36 states, and a federal capital (Abuja), as well as 768 local government areas

180

Hideki Hirano, やっと始まる外資の土地取引規制、阻むのは何者? (Who Hamper the Regulation of Land

Acquisition by Foreign Capitals that finally starts?), JB Press (Mar. 4, 2021), https://perma.cc/6G3T-YJL4 (in

Japanese).

181

Constitución Política de los Estados Unidos Mexicanos, as amended, art. 27(I), DOF, Feb. 5, 1917,

https://perma.cc/E9FC-YQWT.

182

Id.

183

Ley de Inversión Extranjera, as amended, arts. 2(VI), 10 (A), 11(II), and 12, DOF, Dec. 27, 1993,

https://perma.cc/BC5A-7LHB.

184

Burgerlijk Wetboek Boek 3, Nov. 22, 1991, Staatsblad van het Koninkrijk der Nederlanden [Stb.] 1991, 600,

art. 89, para. 1, https://perma.cc/RZ75-TVDA (original), https://perma.cc/RJQ4-EXKD (English translation).

However, the deed may be executed in another language or in Frisian if the notary has sufficient command of

that language and the law requiring a notarial deed does not provide otherwise.

185

Wet op het notarisambt, Apr. 3, 1999, Stb. 1999, 190, art. 42, para. 1, https://perma.cc/8LYB-5N7Q.

186

Id.

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within the states.

187

The federal Land Use Act No. 6 of 1978 vests ownership of land in the states

through the governors of the constituent states.

188

Governors have the authority to “grant

statutory rights of occupancy to any person for all purposes . . . .”

189

While land control and

management (this includes allocation of land) in urban areas is vested with the governors of

states, local governments enjoy similar authority with regard to lands within the area of

jurisdiction in which the land is located.

190

In a 2018 decision, the Supreme Court of Nigeria upheld a lower court decision that the Land Use

Act restricts ownership of land to Nigerians and bars aliens from applying for statutory or

customary right of occupancy.

191

Nonetheless, it appears that aliens may be able to apply for and acquire short term occupancy

rights under state laws.

192

For instance, the Lagos State Acquisition of Lands by Aliens Law

provides for acquisition of occupancy rights by aliens under specific circumstances.

193

This law

allows an alien to acquire an interest in a land so long as the acquisition is approved by the

governor and the interest is for less than three years, stating that

1) Except as provided by this law and any regulation or orders made under the law─

a) An alien may not acquire any interest or right in or over land from a citizen of

Nigeria unless the transaction under which the interest or right is acquired has been

previously approved in writing by the Governor.

b) Provided that where any such interest or right to be acquired by an alien is less than

three (3) years (including any option for renewal) the provisions of the law will not

apply; and

c) Where such interest or right has been lawfully acquired by an alien, that interest or

right will not be transferred, alienated, demised or otherwise disposed of to any

other alien or be sold to any other alien under any process of law, without prior

approval in writing by the Governor of the transaction or sale as the case may be.

2) Any agreement and any instrument in writing or under seal by or under which an alien

purports to acquire any interest or right in or over any land (other than any interest or right

acquired pursuant to the provisions of this law and regulations and orders made under

187

Constitution of Nigeria (1999), § 3, https://perma.cc/Q8AV-2AHT.

188

Land Use Act No. 6 of 1978, §§ 1, 28, 29 (Mar. 29, 1978), https://perma.cc/5LJL-9NP4; Chineze Sophia

Ibekwe, An Outline of Property Law and Essential Land Reforms for Nigeria, 5(2) J. Prp. L 14, 22 (2018),

https://perma.cc/49SB-6HEV.

189

Land Use Act § 5.

190

Id. § 2; Ibekwe, supra note 8, at 22.

191

Huebner v. Aiepm Co. Ltd. (2017) 267 LRCN 33, 58qq; Deborah O. Onafadeji, Nigeria: Acquisition of Real

Estate by Aliens in Nigeria, Mondaq (Dec. 19, 2022), https://perma.cc/6YZV-E4NW; Adam Wahab & Russel

Eraga, Supreme Court Decision Restricts Foreign Ownership of Land in Nigeria, Kayode Sofala & Associates (2018),

https://perma.cc/DGL9-JNNL.

192

Adam Wahab & Russel Eraga, supra note 11.

193

Acquisition of Lands by Aliens Law, 2 Laws of Lagos State of Nigeria, Cap. A.1 (rev. ed., 2015).

Restrictions on Land Ownership by Foreigners in Selected Jurisdictions

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this law) and which forms part of or gives effect to a transaction that has not been duly

approved in accordance with the provisions of this law will be void and of no effect.

194

The law also states that a foreigner may not acquire an interest or right of ownership in any land

from a citizen of Nigeria.

195

If a foreigner acquires interest or right of ownership lawfully, “that

interest or right must not be transferred, alienated demised or otherwise disposed of” by another

foreigner.

196

Regulations issued under the law include a number of conditions for the approval of transactions

for the acquisition of lands by foreigners. One of the conditions states that a term of interest or

right acquired by a foreigner “shall not exceed, including any option to renew, twenty-five (25)

years . . . .”

197

The law accords the governor of the State broad discretionary powers to exempt a foreigner from

the application of the above-described restrictive land acquisition provisions.

198

Norway

There are no restrictions on land ownership due to nationality of physical or legal persons in

Norway. However, the acquisition of certain businesses that may have a security interest for

Norway must be reported to the National Security Authority.

199

This act is currently

under review.

200

Norway has made no reservation on land ownership under GATS XVII.

201

Philippines

The Philippines Constitution provides that “lands may be transferred or conveyed to individuals,

corporations, or associations qualified to acquire or hold lands in the public domain.”

202

It also

provides that Congress has the authority to reserve certain areas of investments to citizens of the

Philippines or to corporations or associations at least 60 percent of whose capital is owned by

194

Id. § 1.

195

Id. § 2.

196

Id.

197

Acquisition of Lands by Aliens Law: The Acquisition of Lands by Aliens Regulations, §§ 2, 4, 2 Laws of

Lagos State of Nigeria, Cap A1 (rev. ed., 2015).

198

Acquisition of Lands by Aliens Law, § 6.

199

10-1§ Sikkerhetsloven (LOV 2018-06-01-24), https://perma.cc/9XCY-R9ME.

200

For commentary in English see White & Case, Foreign Direct Investment Reviews 2023: Norway (Mar. 2023),

https://perma.cc/8B5T-EVSZ.

201

General Agreement on Trade in Services GATS/EL/66 (15 April 1994) (94-1135), Norway,

https://perma.cc/GJ24-DVQD.

202

Constitution of the Republic of the Philippines, art. XII, sec. 7, Feb. 2, 1987, https://perma.cc/8WBH-Z52W.

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such citizens.

203

These constitutional provisions have been implemented by statutory law, which

provides that those qualified to own land are individuals who are citizens of the Philippines or

Philippine corporations at least 60 percent of whose stock is owned by Philippine citizens.

204

Poland

In Poland, the acquisition of real estate by foreigners is regulated by the Act on the Acquisition

of Real Estate by Foreigners of 1920.

205

According to this act, the purchase of real estate means

“acquisition of the ownership rights to real estate or the right of perpetual usufruct, on the basis

of any legal event.”

206

The act was significantly amended after Poland joined the European Union

(EU).

207

Purchase of agricultural real estate by foreigners should be in line with provisions of the

so-called National Agricultural Constitution of April 11, 2003.

208

Under the 1920 Act, ownership of real estate by foreign nationals, including land and forests,

required a special permit issued by the Ministry of Interior and Administration of the Republic

of Poland. Since May 1, 2016, due to Poland’s joining the EU, the permit requirement has been

lifted for legal entities registered in the countries of the European Economic Area and Switzerland

and citizens of these states. However, the exemption does not cover acquisition of real estate

located in the border areas or agricultural land if the area of purchased land exceeds one hectare

(approximately 2.47 acres.)

209

Such land acquisitions require prior government authorization. The

Ministry of Interior and Administration issues its approval of the land transaction in the form of

an administrative decision, if there is no objection by the minister of National Defense regarding

the sale of land in the border zone and by the minister of Rural Development in the case of

agricultural real estate.

210

European Economic Area and Swiss citizens are exempt from the requirement to obtain a permit

for land acquisition if, prior to the purchase, they were leasing this land, legally resided in Poland,

203

Id. art. XII, sec. 10.

204

Commonwealth Act 141, Public Land Act, §§ 22, 23, https://perma.cc/8BDK-D6WT. See also Republic of

the Philippines Securities and Exchange Commission, Office of the General Counsel, SEC-OGC, Opinion No.

12-11, Foreign-owned Corporation; Real property (Aug. 8, 2012), https://perma.cc/ZNX3-ZCLV; World Trade

Organization, Schedule of Specific Commitments and Lists of Article II Exemptions. Philippines, Limitations on Market

Access, Acquisition of Land, https://perma.cc/9FGX-663N; Manolito Alvarez Manalo & Joan Roshen M. Dueñas

Ocampo, The Real Estate Law Review: Philippines, The Law Reviews (Mar. 9, 2023), https://perma.cc/G8GV-

FG5N.

205

Act of March 24, 1920, on the Acquisition of Real Estate by Foreigners (Act on the Acquisition of Real Estate

by Foreigners), amended in 2017, https://perma.cc/M8AT-HDZA (in Polish), https://perma.cc/PJ3Z-JGP8

(consolidated text in English).

206

Id. art. 4.

207

Treaty of Accession, Sept. 23, 2003, 2003 O.J. (L 236), https://perma.cc/3DQG-C3X7 (in Polish). “Poland has

been a member of the EU since May 1, 2004, under the Accession Treaty signed in Athens on April 16, 2003.”

Poland in the EU, Gov.pl., https://perma.cc/3PH8-DRFM.

208

Act of April 11, 2003, on Formation of Agricultural System, https://perma.cc/NJ2H-GN7F (in Polish).

209

Act on the Acquisition of Real Estate by Foreigners, art. 8.1, paras. 2(a), 3.

210

Id. art. 1.1.

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and conducted agricultural activities personally for an established number of years. The required

minimum term of land lease and residency in Poland varies for different Polish provinces and is

between three and seven years.

211

The act also limits the size of non-agricultural land that can be purchased by a foreign national

for personal living needs by 0.5 hectares (approximately 1.23 acres).

212

Current Polish legislation

imposes serious restrictions on sale of agricultural land in state ownership, but they apply equally

to Polish and foreign nationals.

213

Portugal

Research of relevant Portuguese legislation did not reveal any restriction to foreign

land ownership.

Russian Federation

The Constitution of the Russian Federation declares that foreign nationals and stateless persons

have the same rights and obligations as Russian citizens. Exceptions from this rule can be made

in cases specifically determined by federal legislation or international agreements of the

Russian Federation.

Major legal acts regulating property rights in Russia are the Civil Code,

214

Land Code,

215

and laws

regulating the registration of land and real estate ownership.

216

While confirming the

constitutional principle of property rights equality and declaring the equal rights of Russian

citizens and foreign states, foreign legal entities, international organizations, and foreign

individuals to own real estate in the Russian Federation,

217

these acts provide for the possibility

of having special rules for foreigners exercising their property rights in Russia.

218

Current

legislation stipulates some restrictions to foreigners’ ownership rights, mainly based on the type

of property, its use, and location. These restrictions are general and do not single out individuals

from a particular country in their ownership right.

211

Id. arts. 2a, (12).

212

Id. art. 1a, para. 5.

213

Act of April 14, 2016, on Suspending the Sale of Real Estate of the Agricultural Property Stock of the State

Treasury and Amending Certain Acts, https://perma.cc/PK5Y-28Z4 (in Polish).

Constitution of the Russian Federation with Amendments of 2020 art. 62(3), https://perma.cc/2SNJ-RNM6

(in Russian).

214

Civil Code of the Russian Federation, adopted on Oct. 21, 1994, https://perma.cc/S2U2-AL6R (in Russian).

215

Land Code of the Russian Federation, Federal Law No. 136-FZ, adopted on Oct. 25, 2001,

https://perma.cc/NZ7L-LR8X (in Russian).

216

Federal Law No. 218-FZ on State Registration of Real Estate, adopted on July 13, 2015,

https://perma.cc/E9AH-LHJU (in Russian).

217

Civil Code art. 1196; Federal Law on State Registration of Real Estate art. 4.

218

Land Code art. 5.

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Currently, individual regulations prohibit foreign ownership of agricultural land and land

located in areas not accessible by foreigners due to national security reasons or designated as of

national security significance.

Foreigners are prohibited from purchasing land and residential and industrial real estate in the

following categories:

• agricultural land,

219

• land plots located near the state border of the Russian Federation,

220

• land plots located in areas of military purpose or defense significance,

221

and

• real estate located on the territory of administrative urban areas closed to foreigners.

222

The government regulates the mechanism for establishing the price of land in state or municipal

possession that is sold to foreigners. In such cases, the price can be established by government

authorities without considering the market value of the property in question.

223

Concerning agricultural land, foreign nationals, foreign companies, and Russian companies with

foreign capital exceeding 50% of charter capital can possess agricultural land plots under

leasehold conditions only. The length of the lease cannot be longer than 49 years.

224

However, the

prohibition on possession of agricultural land does not apply to garden plots and other small land

areas used for personal needs.

225

Private possession of forests is not allowed in Russia; however, non-Russian individuals and

companies are not included in the list of those who might be involved in legal relations

regarding forests.

226

In February 2022, restrictive measures against citizens and companies from so-called “unfriendly

nations” were introduced by the Russian Government as an attempt to counter sanctions imposed

219

Federal Law No. 101 of July 24, 2002, on Circulation of Lands of Agricultural Designation arts. 2, 3,

https://perma.cc/N83C-3MHT (in Russian).

220

Land Code art. 15.

221

Id.

222

Government Regulation No. 508 of July 5, 2001, on Approval of the List of Closed Administrative Territorial

Units, Garant.ru, https://perma.cc/DT4A-ZH4T (in Russian).

223

Land Code art. 39_4(4).

224

Federal Law on Circulation of Lands of Agricultural Designation art. 9.

225

Stanislav Lipsky, Agricultural Land Owned by Foreign Citizens, in 2 Legal Issues of Real Estate: Trends in

Changing Legislative Approaches to Land Regulations (2019), ConsultantPlus.ru, https://perma.cc/R4PT-6L3U (in

Russian).

226

Forestry Code of the Russian Federation art. 4, adopted Dec. 4, 2006, by Federal Law No. 200-FZ,

https://perma.cc/M9FN-7FGT (in Russian).

Restrictions on Land Ownership by Foreigners in Selected Jurisdictions

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on Russia after it attacked Ukraine.

227

The list of unfriendly states includes Australia, Canada,

Japan, the United Kingdom, the United States, the states of the European Union, and a number

of other countries.

228

A decree by Russia’s president established a new procedure for real estate

transactions with the participation of individuals and companies from these countries. Under the

new rules, all transactions related to land and immovable property, including purchase, gifting,

exchange, testing, etc., as well as purchase of any type of securities in Russia, require approval

from the Government Commission for Foreign Investments Supervision upon submission of a

special application. The decree grants the commission the authority to impose special conditions

and requirements for such transactions.

229

Saudi Arabia

The Law on Real Estate Ownership and Investment by Non-Saudis is one of the main legal

instruments regulating the right of foreign nationals to own land and real estate property in

Saudi Arabia.

230

The Law allows a non-Saudi investor (whether an entity or a person) to own real estate property

or a piece of land necessary to establish an investment activity or for residential purposes. The

purchased land or property for investment purposes must not be less than 30 million Saudi Riyals

(approx. US$7.9 million). The foreign national must complete all constructions and developments

of the investment property within five years from the purchase date.

231

It is not permissible for a non-Saudi by any means other than inheritance to acquire the right of

ownership or the right of easement or usufruct over a property or land located within the borders

of the cities of Mecca and Al-Madinah Al-Munawwarah.

232

Royal Decree No. 22 of 2011, promulgating Cabinet Decree No. 91 of 2011, regulates real estate

ownership in Saudi Arabia by citizens of Gulf Cooperation Council (GCC) countries, including

Oman, Kuwait, Bahrain, United Arab Emirates and Qatar.

233

A citizen of one of the

227

Decree of the President of the Russian Federation No. 79 of Feb. 28, 2022, on Special Economic Measures in

Relation to Unfriendly Actions of the United States of America and Allied Foreign States and International

Organizations, https://perma.cc/E4T5-HQDR (in Russian).

228

Government of the Russian Federation, Regulation No. 430 of Mar. 5, 2022, on the List of Foreign States and

Territories Committing Unfriendly Actions Against the Russian Federation, Russian Legal Entities and

Individuals, https://perma.cc/8YMA-V53X (in Russian).

229

Decree of the Russian Federation President No. 81 of Mar. 1, 2022, on Additional Temporary Economic

Measures to Ensure the Financial Stability of the Russian Federation, ConsultantPlus.ru,

https://perma.cc/FD7G-26FB (in Russian).

230

Law on Real Estate Ownership and Investment by Non-Saudis, issued on 1421/01/01 Hijri corresponding to

April 6, 2000 posted on the official website of the Cabinet, https://perma.cc/L785-9BJY (in Arabic).

231

Id. art. 1.

232

Id. art. 5.

233

Royal Decree 22 of 2011, promulgating Cabinet decree no. 91 of 2011, on Real Estate Ownership by Gulf

Cooperation Council (GCC) Nationals for Residential and Investment Purposes, issued on 1432/04/03 Hijri

Restrictions on Land Ownership by Foreigners in Selected Jurisdictions

The Law Library of Congress 43

aforementioned GCC countries (whether an entity or person) is allowed to rent and own built

real estate and lands for the purpose of housing or investment in Saudi Arabia.

234

If a GCC citizen purchases land, its construction or exploitation must be completed within four

years from the date it was registered in his or her name.

235

A GCC citizen who owns a real estate

property (building) may dispose of this property at any time. However, if he or she owns land,

the GCC citizen has the right to dispose of it after finishing its construction. If a GCC citizen has

not conducted any constructions on the purchased land, he or she may dispose of it after four

years from the date he or she registers the land under his or her name.

236

South Africa

South Africa permits foreigners to own land.

237

The only restriction placed on land ownership by

foreigners is the prohibition under the Immigration Act on “letting or selling or in any manner

making available any immoveable property in the Republic” to “illegal foreigners.”

238

In 2017, the South African government proposed a bill, among others, aimed at barring

acquisition of agricultural land by certain foreign persons.

239

The restrictions as written would

not extend to “Africans, Coloureds and Indians.”

240

The restrictions would also not be applicable

to permanent residents or juristic persons over which South African citizens or permanent

residents have controlling interests.

241

This bill has not been enacted.

242

South Korea

Under the Act on Report on Real Estate Transaction, a sales contract involving real estate must

be reported to a competent local government within 30 days from the date of the contract.

243

This

applies to Korean nationals and foreigners. Foreigners must also report the acquisition or

corresponding to March 8, 2011, posted on the official website of the Cabinet, https://perma.cc/AW3B-7P67

(in Arabic).

234

Id. art. 1.

235

Id. art. 2.

236

Id. art. 3.

237

South African Government Portal, Progress Report of the Panel of Experts on the Development of Policy on the

Regulation of Ownership of Land in South Africa by Foreigners [Non-Citizens] 5-6 (Vol. 1, 2005),

https://perma.cc/482X-CG3E.

238

Immigration Act 13 of 2002, § 42 (Mar. 12, 2003), https://perma.cc/SS4A-7CVM.

239

Regulation of Agricultural Land Holdings Bill, § 19 (Mar. 17, 2017), https://perma.cc/S252-CCQS.

240

Id.; Employment Equity Act 55 of 1998, § 1 (Oct. 19, 1998), https://perma.cc/V284-YKU4.

241

Regulation of Agricultural Land Holdings Bill, § 1.

242

Parliamentary Monitoring Group (PMG), Regulation of Agricultural Land Holdings Bill (X-2017),

https://pmg.org.za/bill/690/.

243

Act on Report on Real Estate Transaction, Act No. 13797, Jan. 19, 2016, art. 3, https://perma.cc/V5UL-

UN5Q.

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possession of real estate by means other than a sales contract (such as inheritance) to the local

government within 60 days from the conclusion date of the transfer or the possession.

244

When a

foreigner intends to acquire land in military bases and installation protection zones, designated

cultural heritage protection zones, ecological and scenery conservation areas, or special districts

for protection of wildlife, prior permission from a competent local government is required.

245

the acquisition would not disrupt attainment of the purpose of the designation of the relevant

zone or area, permission is granted. If it would disrupt the attainment, the foreigner cannot own

the land.

246

The principle of reciprocity also applies to land acquisition by foreigners.

247

In the case of farmland, a person, including a foreigner, can obtain farmland for one’s own

farming

248

upon obtaining a qualification certificate from the local government,

249

except for

acquisition by inheritance and auction of mortgaged farmland, among others.

250

Under the Foreign Exchange Transactions Act, non-residents who intend to acquire real estate in

South Korea must file a report with the Minister of Economy and Finance.

251

Spain

The general rule is that natural and legal foreign nationals have the same rights as Spanish citizens

to acquire property rights over land in the country, with the exceptions provided by Law 8/1975

over Zones of National Defense Interest.

252

Under article 1 of the law, acquisition by foreigners of the following three types of land

is restricted:

• zones of interest to the national defense,

• zones of security for military installations or civilian installations declared of military interest,

and

• zones of restricted access by foreigners to the property.

253

244

Id. art. 8.

245

Id. art. 9, para. 1.

246

Id. art. 9, para. 2.

247

Id. art. 7.

248

Farmland Act, Act No. 8352, Apr. 11, 2007, amended by Act No. 18021, Apr. 13, 2021, art 6, para. 1,

https://perma.cc/56ZJ-MNAQ.

249

Id. art. 8.

250

Id. art. 6, para. 2, art. 8, para. 2.

251

Foreign Exchange Transactions Act, Act No. 5550, Sep. 16, 1998, as amended by Act No. 18244, June 15, 2021,

art. 3, para. 1, subpara. 19(d), art. 18, para. 1.

252

Ley 8/1975, de Zonas e Instalaciones de Interés Para la Defensa Nacional, Mar. 12, 1975,

https://perma.cc/P23X-Z988.

253

Id. art. 1.

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Foreigners are banned from acquiring the first two types of property. Foreign nationals may

acquire the third type of property, but only with prior military authorization.

254

Finally, article 13 of the law establishes that the military authorization required in zones of

restricted access to the property by foreigners applies even to Spanish companies if their capital

belongs to foreign natural or legal persons that are not nationals of a Member State of the

European Economic Community in a proportion greater than 50%. The same is true when foreign

partners from states that are not in the European Union have a situation of dominance or

prevalence in the company, as ascertained from any circumstance that allows verifying the

existence of their decisive influence in the management of the company.

255

Sweden

Sweden does not restrict the ownership of land based on nationality or citizenship. Specifically,

the Code of Land Law does not restrict transfer of land based on citizenship.

256

Moreover, the

Property Development Act does not restrict property realignment, resizing, or transfer based

on citizenship.

257

However, there is currently a proposal pending before the Swedish parliament that would restrict

foreign ownership in certain companies that operate in Sweden.

258

It would require the prior

notification of foreign ownership in businesses that pursue “activities worthy of protection.”

259

Specifically, section 3 of the proposed act states that the following activities would be worthy

of protection:

3 § In this Act, activities worthy of protection refer to

1. socially important activity,

2. security-sensitive activities according to the Security Protection Act (2018:585),

3. exploration, extraction, enrichment or sale of critical raw materials or metals or minerals

that are otherwise strategically important for Sweden’s livelihood,

4. large-scale processing of sensitive personal data or location data in or through a good or

service,

5. manufacturing or development of, research into or provision of dual-use products or

provision of technical assistance for such products;

6. manufacturing or development of, research into or provision of military equipment

according to the Act (1992:1300) on military equipment or providing maintenance of

technical support regarding such military equipment, or

254

Id. art. 18.

255

Id. art. 19.

256

Chapter 4 e contrario Jordabalken (SFS 1970:994), https://perma.cc/WZR7-2SQN.

257

Fastighetsbildningslag (SFS 1970:988), https://perma.cc/QBC2-D9A6.

258

Justitiedepartementet, Lagrådsremiss Ett granskningssystem för utländska direktinvesteringar till skydd för

svenska säkerhetsintressen, https://perma.cc/MJ5T-PM9Y.

259

Id. Proposed legislative text 2 § at 6.

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7. research on or provision of products or technology within emerging technologies or

other strategically protectable technology or business with the ability to manufacture or

develop such products or such technology.

260

The government includes the following justification in the proposal:

Foreign direct investment is of great importance to Sweden’s economy and

competitiveness, but there are also risks associated with foreign actors acquiring Swedish

companies that conduct activities worthy of protection. Today, [Sweden] lacks a regulatory

framework that provides sufficient conditions to prevent foreign investors’ strategic

acquisition of companies whose operations, information or technology has significance for

Sweden’s security or for public order or public safety in Sweden.

261

The Swedish Law Council, which reviews proposed legislation, has recommended that the law

be adopted but recommended that the law be clarified.

262

If adopted, the law is scheduled to enter

into force on December 1, 2023.

263

The legislation comes following EU Regulation (EU) 2019/452

establishing a framework for the screening of foreign direct investments into the Union.

264

Sweden has made no reservation with regard to land ownership under GATS XVII.

265

Switzerland

Switzerland places restrictions on the acquisition of real property by foreigners to prevent the

“foreign infiltration of native lands.”

266

The Federal Act on the Acquisition of Real Estate by

Persons Abroad (Bundesgesetz über den Erwerb von Grundstücken durch Personen im Ausland,

BewG) and its related ordinance (Verordnung über den Erwerb von Grundstücken durch

Personen im Ausland, BewV) provide that foreigners must obtain prior authorization from the

competent cantonal authority to acquire real property.

267

Purchasing shares in a legal entity

whose real purpose is the acquisition of real estate also qualifies as acquisition of real estate,

260

Id. Proposed legislative text 3 § at 6.

261

Id. at 1.

262

Lagrådet, Utdrag ur protokoll vid sammanträde 2023-04-11, Ett granskningssystem för utländska

direktinvesteringar till skydd för svenska säkerhetsintressen, https://perma.cc/3V7R-FUE6.

263

Justitiedepartementet, Lagrådsremiss, supra note 3, at 1.

264

EU Regulation (EU) 2019/452 of the European Parliament and of the Council of 19 March 2019 Establishing

a Framework for the Screening of Foreign Direct Investments into the Union, 2019 O.J. (L79, 1/1),

https://perma.cc/EA9N-UUBK; Ett granskningssystem för utländska direktinvesteringar till skydd för svenska

säkerhetsintressen, Regeringskansliet (Mar. 16, 2023), https://perma.cc/7BGY-UFYP.

265

General Agreement on Trade in Services GATS/EL/82 (15 April 1994) (94-1146), Exemptions Sweden,

https://perma.cc/5SWN-KC6Q.

266

Bundesgesetz über den Erwerb von Grundstücken durch Personen im Ausland [BewG], Dec. 16, 1983,

Systematische Rechtssammlung [SR] 211.412.41, as amended, art. 1, https://perma.cc/S2VH-ZQYU.

267

BewG, art. 2, para. 1; Verordnung über den Erwerb von Grundstücken durch Personen im Ausland [BewV],

Oct. 1, 1984, SR 211.412.411, as amended, art. 15, https://perma.cc/F6L8-TDBU.

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among other cases.

268

No authorization is needed when the property will serve as a permanent

establishment for a commercial or manufacturing business or any other form of commercial

operation, craft undertaking, or a liberal profession; the property will serve as a primary

residence for the buyer; or an exception applies, such as propery transfers to legal heirs as part of

the estate or cross-border commuters from the European Union, European Economic Area

(EEA),

269

or Great Britain who purchase a secondary residence.

270

The acquisition will generally be authorized if the real estate will serve as capital investment for

the domestic business of a foreign or a foreign-controlled insurance company; if it will be used

for retirement plans benefiting staff in Switzerland or will be exclusively used for charitable

purposes; or if it will serve as collateral for a claim encumbered with a real estate mortgage of

foreign or foreign-controlled banks or insurance companies in a foreclosure or a liquidation

settlement.

271

Beneficiaries who are not legal heirs will be granted an authorization if they sell

within two years.

272

In addition, there are hardship cases.

273

The cantons may add additional

reasons for granting an authorization, such as property intended for subsidized public housing

or purchasing a secondary residence in a place with which the buyer has exceptionally close ties

worthy of protection.

274

In addition, the purchase of holiday homes and serviced flats can be

authorized to promote tourism if they stay within the annual quota assigned to the cantons.

275

The Swiss Federal Office of Justice has published non-binding guidelines for the acquisition of

real property by foreigners in English.

276

Taiwan

Taiwan applies the principle of reciprocity concerning foreigners’ land ownership. According to

the Land Act, only foreigners from countries that, by treaties or their domestic laws, allow the

people of Taiwan to acquire land there may enjoy the same rights to acquire land in Taiwan.

277

268

BewG, art. 4.

269

The EEA consists of the EU Member States and Iceland, Liechtenstein, and Norway. See European Economic

Area (EEA) / Relations with the EU, EFTA, https://perma.cc/LL36-U6NT.

270

BewG, arts. 1, 7.

271

Id. art. 8.

272

Id. art. 8, para. 2.

273

Id. art. 8, para. 3; BewV, art. 4.

274

BewG, art. 3, para. 2, art. 9, para. 1.

275

Id. art. 9, paras. 2-4, art. 10, art. 11; BewV, art. 9 in conjunction with annex I.

276

Federal Office of Justice, Acquisition of Real Estate by Persons Abroad. Guidelines (updated May 12, 2021),

https://perma.cc/UF6F-NAZZ.

277

Land Act (announced June 30, 1930, last amended June 22, 2022) art. 18, Laws & Regulations Database of the

Republic of China (Taiwan), https://perma.cc/LL3Q-ZDKE (in Chinese), https://perma.cc/G6XW-9BK7

(English translation).

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The Act specifies certain lands that cannot be privately owned, such as lands lying within certain

limits of the seacoast and the public roads.

278

Foreigners are further prohibited by the Act from

acquiring the following lands:

(1) Forest lands.

(2) Fisheries.

(3) Hunting grounds.

(4) Salt fields.

(5) Lands with mineral deposit.

(6) Sources of water.

(7) Lands lying within fortified and military areas and lands adjacent to the national

frontiers.

279

Foreigners may acquire lands of the following usages for self-use, investment, or public welfare,

while the area and location of such lands are subject to restrictions imposed by the relevant

authorities:

(1) Residences.

(2) Business place, office buildings, shops and factories.

(3) Churches.

(4) Hospitals.

(5) Schools for the children of foreigners.

(6) Diplomatic and consular buildings and office buildings of organizations for the

promotion of public welfare.

(7) Cemeteries.

(8) Investments helping important construction in the country, the economy as a whole,

and agriculture and pasture, which have been approved by the central authority in

charge of the business.

280

The government publishes a list of reciprocal nations for foreigners acquiring land in Taiwan.

281

Nationals from the fully reciprocal nations on the list may be exempted from providing the

required reciprocal documents when acquiring land.

282

Thailand

In Thailand, ownership of land by a foreigner is not allowed other than in specific exceptional

cases. Under the Land Code, a foreigner or a foreign company may acquire land only “by virtue

278

Id. art. 14.

279

Id. art. 17.

280

Id. art. 19.

281

Department of Land Administration, Ministry of Interior, List of Reciprocal Nations for Foreigners to Acquire or

Establish Land Rights in the Country (updated May 2021), https://perma.cc/PS7W-5R44 (in Chinese).

282

Department of Land Administration, Ministry of Interior, List of Reciprocal Nations for Foreigners Acquiring

Land in Taiwan, ROC (updated Dec. 30, 2016), https://perma.cc/A86Y-SKQR.

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of the provisions of a treaty that provides for ownership of immovable property.”

283

However,

“the last treaty allowing foreigners to own land in Thailand was terminated in 1970.”

284

A company is regarded as a foreign company if more than 49% of the total issued shares in the

company are held by foreigners or one whose alien shareholders are more than one-half of the

total number of its shareholders.

285

The Land Code also allows foreigners who bring in capital for investment equaling more than 40

million Baht (about US$1.18 million) to acquire land for residential purposes. In addition, the

following conditions must be satisfied:

• the types of businesses to be invested in must benefit the nation economically and socially or

be businesses eligible for investment promotion under the law on investment promotion;

• the period for maintenance of the investment must be at least three years;

• the area of land permitted to be acquired by aliens must be located within an area designated

as a residential area under the law on town planning.

286

Other laws also allow foreign ownership of land if conditions are met. A foreign company is

eligible to obtain a certificate of promotion from the Board of Investment if the conditions under

the Investment Promotion Act are met.

287

A company that obtains the certificate is permitted to

own the land required for the promoted business.

288

In addition, under the Financial Institution Business Act, “commercial bank” includes a

subsidiary of a foreign commercial bank and a branch of a foreign commercial bank that is

licensed to carry on commercial banking business in Thailand.

289

A commercial bank can own

immovable properties if the properties are for reasonable use as business premises or as places of

residence or welfare for its officers and employees, are acquired by the bank as a result of debt

settlement (limited term for five years), or are purchased or held by a finance company engaging

in the housing finance business.

290

283

Land Code B.E. 2497 (1954), as amended by Land Code Amendment Act (No. 13) B.E. 2556 (2013), sec. 86,

https://perma.cc/4F5L-53AE.

284

Robert M. Spelde, Foreign Land Property Ownership Thailand, Samuiforsale, https://perma.cc/AAL9-D9RX.

285

Land Code sec. 96, para. 1.

286

Id. sec. 96 bis.

287

Investment Promotion Act B.E. 2520 (1977), as amended by the Investment Promotion Action (No.3) B.E.

2544 (2001), sec. 4, 22, https://perma.cc/Z248-KGNY.

288

Id. sec. 27.

289

Financial Institution Business Act B.E. 2551 (2008), sec. 4, https://perma.cc/M54M-63J3.

290

Id. sec. 80, para. 2.

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Further, under the Industrial Estate Authority of Thailand Act, a foreign industrial or commercial

operator who is permitted by the Board of the Industrial Estate Authority of Thailand may hold

ownership of land in an industrial zone, for operation of a business.

291

Turkey

Law No. 2644 on Title Deeds (LTD) provides the legal framework governing the acquisition of

real property in Turkey by foreign persons.

292

The law provides different rules for foreign natural

persons, foreign business associations, and business associations registered in Turkey in which

foreign persons have a controlling interest.

Foreign natural persons who are citizens of countries designated by the president in light of the

interests of the country and bilateral foreign relations may acquire real property in Turkey,

provided that the total acreage of the property owned by foreigners in any administrative district

does not surpass 10% of the total land acreage subject to private property in that district, and the

total acreage owned individually by a foreign natural person in Turkey does not surpass 30

hectares (approx. 74.13 acres).

293

The president of the republic has the power to increase the

individual ownership limit to 60 hectares.

294

Business associations with legal personality established in foreign countries under their laws may

only acquire real property in Turkey in accordance with special laws.

295

Examples of special laws

that allow foreign business associations to acquire real property in Turkey are the Law on the

Incentivization of Tourism and the Law on Industrial Zones.

296

The LTD does not allow foreign

291

Industrial Estate Authority of Thailand Act, B.E. 2522 (1979), as amended by Industrial Estate Authority of

Thailand Act (No. 4), B.E. 2550 (2007), sec. 44, https://perma.cc/F57R-ELBW.

292

Tapu Kanunu (LTD), Law No. 2644, Official Gazette (O.G.) No. 2892, Dec. 29, 1932,

https://perma.cc/4NU7-LTVQ.

293

LTD art. 35/1. The ‘white list’ of designated countries is not public. According to a scholarly article, based

on a government response to a Turkish analogue to a Freedom of information Act request, citizens of 183

countries (out of 193 United Nations member states) were allowed to acquire real estate in Turkey in December

2015. Sezen Üçüncü, 6302 Sayılı Kanun’un Yürürlüğe Girmesinden Sonra Yabancı Uyruklu Gerçek Kişilerin Satın

Alma Yolu İle Türkiye’de Taşınmaz Mülkiyeti Edinimi, 34 Pub. & Priv. Int’l L. Bull. 89, 104 (2016),

https://perma.cc/2EC2-EDLU. The response to the request also stated that, while the whole content of the

white list could not be made public, whether a purchase was allowed by an individual foreigner could be

ascertained from land registry directorates on a case-by-case basis. Id. A “Guide to Real Estate Purchasing

Procedures in Turkey for Foreigners” published on the website of the Ministry of Foreign Affairs, similarly

recommends that foreigners inquire whether they are allowed to purchase real estate in Turkey from the

Turkish diplomatic missions in their home countries or the diplomatic missions of their country in Turkey.

Yabancılar İçin Türkiye’de Taşınmaz Satın Alma İşlemleri Rehberi, Ministry For. Aff., https://perma.cc/2ERM-

6VK4.

294

LTD art. 35/1.

295

Id.

296

Turizmi Teşvik Kanunu, Law No. 2634, O.G. No. 17635, Mar. 16, 1982, art. 8(5)(D), https://perma.cc/2S3P-

MVX6; Endüstri Bölgeleri Kanunu, Law No. 4737, O.G. No. 24645, Jan. 19, 2002, art. 3/A,

https://perma.cc/4L6S-XVHA.

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The Law Library of Congress 51

legal entities other than business associations, such as nonprofit civil associations, to acquire real

property in Turkey.

Foreign natural persons and business associations established in foreign countries that have

acquired undeveloped land must submit a development plan for approval by the ministry

relevant to the development within two years of the acquisition. The start and end dates of the

development project as approved by the relevant ministry must be recorded in the land registry,

and the ministry must follow up on whether the project was completed in time.

297

The president of the republic has the authority to further partially limit or completely suspend or

prohibit the acquisition of real property by foreign natural persons or foreign business

associations established in foreign countries in terms of the country of nationality, identity of the

person, geographical region, duration, number of immovables, ratio of acreage, type, quality,

acreage and total quantity, where the interests of the country so require.

298

Legal entities that are registered in Turkey in which foreign natural persons, foreign legal entities,

or international organizations hold 50% or more ownership interest, or have the right to appoint

or dismiss a majority of the persons who have management rights, may acquire real property in

Turkey only in relation with the carrying out of the fields of activity specified in their articles

of association.

299

Foreign natural persons and foreign business associations may not acquire real property located

within prohibited military zones as designated in accordance with the Law on Military Forbidden

Zones and Security Zones.

300

Turkish legal entities with foreign controlling interest may acquire

real property in such zones only with permission of the Office of the General Staff.

301

United Arab Emirates

There is no federal legislation regulating the ownership by foreign nationals of lands and real

estate properties in the United Arab Emirates. However, the Emirate of Abu Dhabi and the

Emirate of Dubai have their own regional laws regulating foreigners’ right to own lands and real

estate properties.

302

297

LTD art. 35/4.

298

Id. 35/3.

299

Id. 36/1.

300

Askeri Yasak Bölgeler ve Güvenlik Bölgeleri Kanunu, Law No. 2565, O.G. No. 17552, Dec. 22, 1981, art. 9(b),

https://perma.cc/5X4H-CQTT. See also Gen. Directorate Land Registry & Cadastre, Acquisition of Real Estate

By Foreigners in Turkey 2 (undated), https://perma.cc/6W86-28S8.

301

LTD art. 36/3; 2644 Sayılı Tapu Kanununun 36ncı Maddesi Kapsamındaki Şirketlerin ve İştiraklerin

Taşınmaz Mülkiyeti ve Sınırlı Aynî Hak Edinimine İlişkin Yönetmelik, O.G. No. 28386, Aug. 16, 2012, art. 6,

https://perma.cc/8H3M-Q55H.

302

Expatriates Buying a Property in the UAE, United Arab Emirates Government portal, https://perma.cc/P6QY-

YM4C.

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Law No. 19 of 2005, as amended, regulates the right of foreigners to own pieces of land and real

estate properties in the emirate of Abu Dhabi. Pursuant to article 3 of the law, the right to own

real estate is limited to citizens of the United Arab Emirates.

303

The same law restricts the right of ownership by a foreign national to buildings only and not to

the lands where those buildings are constructed. Also, the right of a foreign national to own a

property is limited to investment zones only.

304

Foreigners have the right to usufruct of their

residential units for 99 years.

305

A foreign national has no right to dispose of the unit or the

building before 10 years from the initial exercise of the right to usufruct or ownership.

306

In contrast to Law No. 19 of 2005, which allows foreigners to own only the property (building)

and not the land on which the property was built, Law No. 13 of 2019, amending Law No. 19 of

2015, permits foreign nationals and entities to own and acquire all rights over properties in the

investment zones of Abu Dhabi.

307

Article 3(2) of Law No. 13 of 2019 stipulates that a foreign

national (whether a person or an entity) has the right to own and acquire all original and in-kind

rights in real estate properties located within investment zones.

Additionally, Law No. 7 of 2006, on the registration of the ownership of a real estate property in

the Emirate of Dubai, restricts the ownership by foreign nationals of lands and real estate

properties, except in designated locations where the foreign nationals are allowed to own land or

a real estate property.

308

Law No. 7 of 2006 stipulates that the right to own a real property in Dubai shall be restricted to

emeriti citizens and citizens of the Gulf Cooperation Council countries, including Oman, Kuwait,

Qatar, Saudi Arabia and Bahrain. Foreign nationals may be granted free right of ownership in

certain locations, as determined by the Ruler of the Emirate.

309

United Kingdom

There appear to be no prohibitions on the foreign ownership of property across the UK and a

search of GATTS XVII reveals no reservations on land ownership.

310

The only restriction on the

foreign ownership of property in the UK is that “overseas entities that own land or property in

303

Law No. 19 of 2005 on real estate in the Emirate of Abu Dhabi, issued on Aug. 10, 2005,

https://perma.cc/R8K6-PPH4 (in Arabic).

304

Id. art. 4

305

Id.

306

Id. art. 4, para 2.

307

Law No. 13 of 2019 amending Law No. 19 of 2005, Al-Jaridah Al-Rasmiyah [official gazette], vol.4, year 48,

30 Apr. 2019, https://perma.cc/5N4S-6H2D (in Arabic).

308

Law No. 7 of 2006, issued on March 13, 2006, posted on the government of the emirate of Dubai, Land

Department official website, Real Estate Legislation book, pp-176-185, https://perma.cc/8XAT-QEP3.

309

Id. art. 4.

310

Schedules of Specific Commitments and Lists of Article II Exemptions, World Trade Organization,

https://perma.cc/MM44-TAQQ.

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the UK [must] declare their beneficial owners and/or managing officers”

311

on the Register of

Overseas Entities.

312

Without such registration, which is kept on a publicly available register held

by the Companies House, an overseas entity will not be able to buy, sell, lease, or create a charge

against land in the UK.

313

The register brings the regime for beneficial owners of overseas entities

into line with the regime for UK entities, which has a register for the beneficial owners of entities

known as the “people with significant control” register.

314

311

The New Register of Overseas Entities is Live, Gov.uk (Aug. 1, 2022), https://perma.cc/KC5Y-ERT2.

312

Economic Crime (Transparency and Enforcement) Act 2022, c. 10, https://perma.cc/YM2T-SHCD.

313

Id.

314

Summary Guide for Companies – Register of People with Significant Control, Gov.uk, https://perma.cc/WX2G-

C9AL.