Foreigners shouldn’t be allowed to acquire too much property in the Faroe Islands, the Republican Party, Tjóðveldi, says; hence the party plans to propose a new bill to prevent foreigners from acquiring property in the Faroe Islands.
On Wednesday, the Faroese real estate company, Betri Heim, pointed out the growing interest in Faroese property among foreigners.
– This could mean private citizens or companies, foundations and hedge funds. In our neighbouring countries and all around the world, the trend is clear. Foreigners are moving in on the housing market, and they set the terms for people, who wish to settle down in that country.
While other countries have rules and restrictions regarding the acquisition of property, that is not the case in the Faroe Islands, and according to Tjóðveldi, the consequences of that could be huge.