Icelandic government investigates foreign land ownership restrictions

Icelandic Minister of Industries, Innovation and Trade, Hanna Katrín Friðriksson, has appointed an expert group to examine foreign ownership of land in Iceland. The group is tasked with assessing whether current legislation provides sufficient oversight and whether stricter regulations or other measures are necessary to manage foreign land acquisitions.

The investigation follows a parliamentary resolution passed on June 19. The expert group, consisting of six specialists, will analyze potential challenges associated with foreign ownership and evaluate the need for legislative changes. The findings are expected to be submitted to Althingi by March 1, 2027, and will serve as a basis for a potential bill to amend land laws during the 159th legislative session.

The process involves consultation with the Prime Minister, the Minister of Justice, the Minister of Infrastructure, and the Minister of Environment, Energy and Climate.