Latvian farmers sound alarm: foreigners are buying up land





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30.08.2010 12:09
Articles about real estate | Latvian farmers sound alarm: foreigners are buying up land Foreign citizens are beginning to acquire Latvian fields and meadows. The peasants are sounding the alarm if it goes, they will have to rent land from foreign owners.

Writes Neatkariga rita avize, in the first Volovich this year foreign legal and private persons in total purchased 15.000 acres of land, mostly in Ludza and Rezekne region.

Minister of Agriculture, Janis Duklavs plans to appeal to the European Commission, asking for a three-year period to increase restrictions on the sale of agricultural holdings.

At the moment the law on privatization of land in the villages revealed that from 1 May 2004 to May 1, 2011, EU citizens and companies registered in countries participating in the European Union, have restrictions on the acquisition of agricultural land in Latvia. EU citizens need a minimum of three years to live in Latvia and farming.

The law also established that the land could buy the company, most of the capital stock of which is owned by private or legal persons from countries with which Latvia has concluded treaties on investment.

The fact that this year, foreigners have purchased 15.000 hectares of the Latvian land. calls from local farmers fear: a year later, when all restrictions on the purchase of land will be lifted, foreigners will buy Latvian farm fields and woods. In this case, local farmers have to rent the land from foreign owners.
Content tags: Overseas property land
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