Purchasing Property in Greenland: Can Foreigners Buy? Exploring Regulations and Opportunities

Have you ever considered buying a property in Greenland? Maybe you’re wondering, “Can a foreigner buy property in Greenland?” It’s a great question and we’re here to provide you with all the necessary information.

Background Information

Greenland is the world’s largest island and is a self-governing territory of the Kingdom of Denmark. It has a unique polar climate that is perfect for those looking for a different experience.

This island has a small population, and as of 2021, the estimated population is just over 56,000. As a result, it’s not surprising that property ownership in Greenland is concentrated among locals. In fact, fewer than 10% of properties are owned by foreigners.

Can a Foreigner Buy Property in Greenland?

The short answer is yes, foreigners are allowed to buy property in Greenland. However, there are some certain restrictions you must be aware of.

According to the Greenlandic Landsting Act, foreign individuals or entities (even those located within Denmark) require authorization from the Danish Ministry of Justice to purchase real estate in Greenland.

To obtain authorization, the foreign individual or entity must demonstrate that their purpose for purchasing the property is to use it for a legitimate purpose such as starting a business or building a second home for recreational use. In addition, the property must be intended for personal use rather than commercial use. Once authorization is obtained, the foreigner is then held to the same property ownership rights and obligations as Greenlandic citizens.

Process of Purchasing Property in Greenland

The process of purchasing property in Greenland is relatively similar to that of other countries. The first step is to find a property that suits your needs and desires. A good place to start might be contacting a local real estate agent who understands the unique nuances of buying property in Greenland.

Once you have found a property you would like to purchase, you will need to engage the services of a lawyer who can help with the legal aspects of the transaction. This includes ensuring that all necessary authorizations are in order and that the transaction is conducted legally.

During the transaction, it is important to keep in mind that there may be fees and taxes that are specific to Greenland. These costs will vary depending on the value and location of the property being purchased. It’s important to budget accordingly and be aware of all expenses before making any final decisions about purchasing property in Greenland.

Conclusion

Greenland offers a unique opportunity for those looking to purchase property in a stunning and unique location. While foreign ownership is restricted, it is possible for foreigners to buy property in Greenland if they are able to obtain the necessary authorization.

Remember, if you are considering purchasing property in Greenland, it is important to engage the services of a local real estate agent and a trusted lawyer. With careful planning and research, you can make your dream of owning property in Greenland a reality.