Braveheart16 19 | 142
21 Mar 2016 / #1
It would seem that the new legislation on farmland/agriculture purchase which is effective from 1 May 2016 will make things very difficult for owners of such land who wish to sell or pass it on to their family. There would appear to be many restrictions on the sale of such land. However whilst it seems to be intended to target foreign buyers it will seem that farmers will be severely restricted in what they can do with their farmland and the small print in the legislation provides much more detail on how things will be after 1 May.
- No EU nationals will be able to purchase farmland.
- No Polish nationals will be able to purchase farmland, unless they intend to become farmers and use the land for farming purposes for a minimum of 10 years.
- Existing owners of farmland cannot pass on the land to their family unless it will continue to be used as farmland.
- Anyone selling farmland can only sell to someone in their immediate local area and it must be bought by someone who will use the land for farming.
- If unable to find a buyer the government body for land will acquire the land at market value. (likely to be less than current value)
- Any abuse of the law on this will result in land being acquired the government body for land and sold on at market value.
- As land value drops farmers will find it difficult to sell at a price which covers their mortgage/loan.
These are just some points which appear in the legislation. I have attached a link to a short article on this subject which you may find helpful. Just wanted to see what your thoughts are on this.
thenews.pl/1/12/Artykul/211611,Act-to-restrict-purchase-of-land-by-foreigners-passed
- No EU nationals will be able to purchase farmland.
- No Polish nationals will be able to purchase farmland, unless they intend to become farmers and use the land for farming purposes for a minimum of 10 years.
- Existing owners of farmland cannot pass on the land to their family unless it will continue to be used as farmland.
- Anyone selling farmland can only sell to someone in their immediate local area and it must be bought by someone who will use the land for farming.
- If unable to find a buyer the government body for land will acquire the land at market value. (likely to be less than current value)
- Any abuse of the law on this will result in land being acquired the government body for land and sold on at market value.
- As land value drops farmers will find it difficult to sell at a price which covers their mortgage/loan.
These are just some points which appear in the legislation. I have attached a link to a short article on this subject which you may find helpful. Just wanted to see what your thoughts are on this.
thenews.pl/1/12/Artykul/211611,Act-to-restrict-purchase-of-land-by-foreigners-passed