August 24 (SeeNews) - Serbia's parliament says the government has drafted a bill allowing foreign ownership of up to two hectares of agricultural land, to be voted upon on September 1.
The draft bill introduces a minimum residency requirement of ten years for EU citizens or legal entities wishing to acquire land in the country, according to the text of the document posted on the website of the Serbian parliament.
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EU citizens need to have cultivated the land for three years before acquiring ownership. They will not be permitted to acquire land for construction purposes or land located close to military facilities, the draft bill says.
The proposed legislative amendments are designed to comply with the provisions of the Stabilisation and Association Agreement of Serbia with the EU, which sets equal rights of the citizens of the EU and Serbia for the purchase of agricultural land.
Foreign individuals and legal entities have been expressly forbidden from owning agricultural land in Serbia so far.