Agricultural life annuity

Abstract

The agricultural life annuity represents a measure taken by the State in order to reform the domain of the property by the Law 247/2005 concerning the reform in the field of property and justice. The aim is to concentrate the agricultural areas in efficient farms, objective imposed by the necessity of modernizing the Romanian agriculture. The agricultural life annuity is paid to the fund holder that alienates or leases the land he owns, which is situated outside built-over areas, with an area up to 10 hectares. The fund holder has the possibility to keep only up to 0.5 hectares for his own utility. A longer period to apply this programme is necessary to make it work and to have the effect we expect. The agricultural life annuity may be adopted under a form of an anticipated retiring of the farmers in our legislation.