GREENLAND LIMITS FOREIGN PROPERTY OWNERSHIP

Greenland’s Parliament has passed legislation sharply restricting property ownership by foreigners amid increasing interest from U.S. investors.

• Residency & Tax Requirements for Foreigners:
  Non-Danish citizens and foreign companies may purchase property or land-use rights only if they have lived in Greenland permanently and paid all taxes for the previous two years.
• Exceptions for Danish Citizens:
  People holding Danish nationality can continue to buy property and land-use rights without the new residency requirements.
• Eligible Buyers Limited to Three Regions:
  Under the legislation, only individuals and companies from Greenland, the Faroe Islands, and Denmark are permitted unrestricted access to property purchases.
• Context of Rising U.S. Interest:
  The move follows mounting American interest, including past attempts by former U.S. President Donald Trump to explore purchasing the island.
• About Greenland:
  • World’s largest island, located in the North Atlantic Ocean.
  • Known for vast tundra landscapes and immense glaciers.
  • Part of the Kingdom of Denmark, but with extensive home-rule powers over domestic affairs.
  • Majority population is Inuit.
  • Two-thirds of the island lies within the Arctic Circle.
  • Northern tip is less than 500 miles (800 km) from the North Pole.
  • Separated from Canada’s Ellesmere Island by just 16 miles (26 km).

Source: TH