Greenland’s parliament has passed legislation restricting foreigners from owning property on the Arctic island, following increased interest from U.S. investors. The law was approved on Thursday with 21 votes in favor and six abstentions.
Under the new rules, non-Danish citizens and foreign companies can only purchase property or land-use rights if they have been permanent residents of Greenland and have paid all taxes for the past two years.
Danish nationals as well as residents from Greenland and the Faroe Islands remain fully eligible to buy property.
The move comes amid growing attention from the United States. A survey earlier this year by Danish daily Politiken showed there was growing U.S. interest in acquiring property in Greenland. Since returning to the White House in January, President Donald Trump has repeatedly emphasized Greenland’s strategic importance.
The new law is set to take effect on January 1st.
