Amended regulations on real estate acquisition by foreigners

Poland's accession to the European Union and the need to implement the nego tiated terms regarding the rules for acquisition of real estate by foreigne rs provide the legal grounds for the bill on amendments to Act on Acquisiti on of Real Estate by Foreigners, setting out modified rules regarding condi tions applicable to acquisition of real estate, as well as regulating proce dures related to such acquisitions. It is particularly important to note the amended provision, according to which any foreigner intending to acquire a real estate in Poland is required to evidence the existence of circumstances confirming their links with Poland, which may include, without limitation, the person being a member of the corporate authorities of a company incorpo rated in Poland. At the same time, it should be stressed that with regard to citizens and companies from member states of the European Economic Area, the requirement to obtain permits for the acquisition of real estate will apply, for farmland and forest properties, only for the period of 12 years followi ng Poland's accession to the EU, and, respectively, 5 years for real estate intended for residential or leisure purposes which will not be the place of permanent residence of a foreign citizen. Citizens and companies from coun tries outside the European Economic Area will still be required to obtain t he relevant permits. For information, please contact Lejb Fogelman or Jaros ław Grzesiak at Dewey Ballantine Grzesiak LP. Tel +48 22 690 6100; fax +48 22 690 6222; www.deweyballantine.com