OREANDA-NEWS Foreigners, stateless persons and foreign companies are prohibited from owning land in most areas of Crimea. The corresponding decree of the President of Russia entered into force on Saturday, March 20.

According to the document, foreigners will not be able to own land in 19 of the 25 municipalities of the republic, including Yevpatoria, Kerch, Yalta and Sudak. In addition, the ban applies to 12 municipalities of Sevastopol. The ban did not include the territories in Simferopol, Dzhankoy, Krasnoperekopsk, as well as in Belogorsk, Krasnogvardeisky and Pervomaisky districts.

The Land Code of the Russian Federation prohibits foreign ownership of land in the Russian border territories. According to the Civil Code, a foreign citizen must transfer the rights to land within a year from the moment the ownership right arises. If this is not done in due time, the property will be forcibly put up for sale by a court decision. The money from the sale will be transferred either to the former owner or to the property of the authorities with compensation to the former owner of the value of the property determined by the court.