Romania may suspend farmland purchases by foreigners for three years

Romania may suspend farmland purchases by foreign individuals and companies for a period of three years if a draft law currently debated in the Parliament is approved. The new bill aims to set stricter rules for foreign individuals and companies who want to buy farmland in Romania, writes local Profit.ro. Romania liberalized land purchases seven years ago, allowing foreigners to buy land in the same conditions as Romanians. Since then, foreign companies, especially investment funds, have bought large surfaces of agriculture land. Foreign individuals and companies will not be allowed to buy more than 50 hectares of agricultural land in Romania if the draft bill initiated passes the Parliament. Moreover, several other conditions should also be met. For example, Romania should have a treaty of reciprocity with the buyer’s home state, reports local Digi 24. There is also another option. Foreigners who are married to Romanian citizens will also be buy land in Romania. Even so, these rights would be granted three years after the adoption of the bill. Until then, non-residents can't purchase land in Romania. The draft law also stipulates that the foreigners who become agricultural land owners in Romania can’t change the its destination for 15 years. Draft law: Foreigners allowed to buy up to 50 hectares of arable land in Romania Irina Popescu, irina.popescu@romania-insider.com