OBS_VALUE: In the case of a limited liability company or an institution, the board and directors must be Icelandic citizens or domiciled in Iceland for at least 5 years.In case of corporations, five year prior residence is required for natural and legal persons to acquire land.EEA nationals may acquire property without special permission if certain conditions laid down in the 2002 Regulation are satisfied.English translations of the Act on ownership and use of real estate and the 2002 Regulation are available at https://www.government.is/topics/foreign-nationals/foreign-nationals-real-property-rights/