Lithuania's parliament on Tuesday started adjusting restrictions on farmland sale to foreigners, as the old provisions could impede the country's accession to the Organization for Economic Cooperation and Development (OECD).
Lithuanian land
© Autoriaus archyvas

Amendments to the constitutional law update the criteria of the countries whose citizens could buy agricultural land in Lithuania, dropping the requirement for the countries to provide at least equal rights for Lithuanian citizens.

Authors of the law said the latter requirement was inconsistent with OECD standards, as it could encourage protectionism and restrict movement of capital.

Under the bill, land in Lithuania will be sold to citizens and companies of the European Union (EU), NATO, OECD and the European economic area, given that the countries are not members of organizations dominated by Russia, namely, the Commonwealth of Independent States or the Eurasian Union.

Russia is not yet part of OECD, however, is seeking membership in the organization.

Up until now, the law stipulated criteria of European and trans-Atlantic integration, however, the wording was a bit different.

In the first phase, the bill was approved for discussion by 95 votes, while two members abstained and none voted against. Final approval will require two more votes.

Lithuania expects to receive an invitation to OECD in 2018.

BNS
It is prohibited to copy and republish the text of this publication without a written permission from UAB „BNS“.
Leave a comment
or for anonymous commenting click here
By posting, you agree to terms
Read comments Read comments

Lithuania to incur EUR 200,000 medicine registration burden after Brexit

Lithuania will incur an additional burden related to the registration of medicines after Great Britain...

Lithuania gets EUR 1.6 mln in EU finding to promote mead, sparkling wine in China, US

Lithuania has received 1.6 million euros in funding from the European Union for the promotion of...

Lithuanian food watchdog receives four complaints over needles in food

Lithuania's State Food and Veterinary Service has received four complaints over this week on needles...

In response to criticism over pension cuts, Šimonytė tells Ušackas he was in same Cabinet

In response to criticism from Vygaudas Ušackas over pension cuts, Ingrida Šimonytė reminded her...

Lithuania will have more business financing alternatives

Lithuania creates one of the most favourable conditions in the European Union for the activities of...