Iceland is a breathtaking country, it’s like a fairy tale with legends of elves, wolves and trolls. A country for adventurers ready to discover a land of ice and fire, waterfalls and hidden streams and caves.
An unreal and fascinating experience.
On a side note, Iceland is rather a expensive country, the standard of living is so high that it quite difficult for expatriates to establish themselves on the territory without substantial budget.
The average wage in Iceland is around 2500 € monthly with rent swinging around 1500€ in the main City Reykjavik.
The currency in Iceland is the Icelandic Krona (ISK)
1€= 123 ISK (keep in mind that this value may change due to inflation or deflation)
Iceland is a very safe country, one of the safest in Europe. Crime is very low to nonexistent. If you are not a citizen of EEA, it is better to verify with your consulate if you may travel to the territory and for how long.
Now, to come back to our subject: Can a foreigner buy a property in Iceland?
And the answer is…. Yes! But wait, it may come with few relevant details.
EEA Citizen or EEA resident permit holder : They may purchase a property in Iceland if they have been working in the country and have establish themselves or wish to do so.
In this case they won’t need the permission of the Minister of Justice.
In case you do not wish to establish a legal residence in Iceland, you may still ask a special permission to the Ministry of Justice. The outcome will depend on the Minister final decision.
Non EEA Member : if you are not a citizen of EEA, you will need to reside in Iceland for a certain times before submitting your request to the Ministry of Justice.
Again, Iceland is a very expensive country, you should expect between 250 000 – 450 000€ for a home in the City center. Those figures will of course change regarding your taste and the materials you may need in your future home.
Houses outside the city are obviously more cheaper sometimes less than 100 000€ and much cheaper in small villages.
It is a matter of long reflection but if Iceland feels like home to you, all efforts worth it.
Iceland case closed, see you very soon to the next one.