Foreign investment in land calls for change in law

Foreign investors are increasingly purchasing land in Iceland, and one of the ways to prevent large pieces of land from being purchased by wealthy foreign investors is to reinstate a right, which would give municipalities and the government pre-emption, that is, the right to purchase before others. “It’s nothing new that wealthy individuals covet salmon fishing rights,” Steingrímur Sigfússon, speaker of Alþingi, the Icelandic parliament, said. “What may be new is that a wealthy foreign individual does so to such a large extent. Gísli Ásgeirsson, CEO of the Strengur fishing club, states that the purchase of land aims to secure salmon fishing rights. “It is done out of interest in developing salmon fishing.” The aim is to increase salmon numbers in the rivers. Gísli reports that wealthy foreigners are ready to pay large amounts of money for their privacy. The development, he says, is part of building up luxury tourism in Iceland. - Iceland Monitor -



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