Vol. 451 No. 8
234 Mr. Ellis asked the Minister for Agriculture, Food and Forestry if Statutory Instrument 56 of 1995 means the total abolition of the regulations governing the purchase of land by non-nationals; and if he will make a statement on the matter. [7272/95]
244 Mr. Hughes asked the Minister for Agriculture, Food and Forestry the additional category of qualified person, to include body corporate, referred to in Statutory Instrument No. 56 of 1995; the additional countries referred to in the regulation; and if each of these countries, including the countries of the European Union, has similar reciprocal regulations entitling an Irish person or body corporate based in this jurisdiction to purchase land. [7478/95]
I propose to take Questions Nos. 234 and 244 together.
Two additional categories of persons qualified under Section 45 of the Land Act 1965 are provided for by Statutory Instrument No. 56 of 1995 as follows:
(a) a person (other than a body corporate) whose principal place of residence is in a member state of the European Union or other European State which is a contracting party to the European Economic Area Agreement.
(b) a body corporate incorporated in a member state of the European Union or other European State which is a contracting party to the European Economic Area Agreement and having its registered office, central administration or principal place of business within the territory of those States.
The above regulations cover persons or bodies corporate resident in the European Union and the European Economic area (EEA). This area includes the member states of the EU, Norway and Iceland. It is expected that Liechtenstein will join the EEA shortly.
Under the terms of the EU Directive on the liberalisation of capital movements which came into force in 1990, impediments to the movement of capital, including impediments to investment in real estate, within the Union by residents of member states were to be removed. This Directive is European law and applies equally in all member states. Apart from the EU requirement, Ireland, as a contracting member to the European Economic Area Agreement (EEA) which came into force at the beginning of 1994, is also obliged to extend capital movements liberalisation to the EEA. This obligation extends to all EEA States.
