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World | February 18, 2014, Tuesday // 12:31
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Vilnius. Photo by: Soares da Silva
Lithuania will hold a referendum on keeping a ban on land sales to foreigners, officials said on Monday.
The referendum will be held after nationalist formations, unions of the large farmland owners in Lithuania and the Green party gathered the necessary 350 000 signatures.
The eventual continuation of the ban on the sale of land to foreigners would put the country at odds with EU regulations on the free flow of capital.
Surveys show that two-thirds of Lithuanians support the ban, because they fear that the liberalization of the market would drive the land prices beyond the reach of locals.
The referendum will be held in May at the latest, when the current ban expires and will be deemed valid, if 50% of the voters participate.
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