Foreign ownership of agricultural land is prohibited, except for EU citizens who, since 1 September 2017, have been allowed to acquire ownership of agricultural land provided that he/she has been a permanent resident of the local self-government unit in which agricultural land situated for at least 10 years. Otherwise, foreign individuals and legal entities are expressly forbidden from acquiring ownership over agricultural land in Serbia. Previously, this strict rule could be circumvented by a foreigner establishing a company in Serbia and then purchasing the land through such company. Since 1 September 2017, this rule can no longer be circumvented because only citizens and domestic legal persons, which have been registered in the Register of Agricultural farms and is in active status for 3 years or more, may obtain ownership rights over agricultural land. Natural or legal persons may lease state-owned land for up to 30 years (40 years in the case of vineyards).
"Subject
Article 1. [...]
The owner of agricultural land cannot be a foreign natural or legal person, unless this law provides otherwise in accordance with the Stabilization and Association Agreement between the European Communities and their member states, on the one hand, and the Republic of Serbia, on the other hand ("Official Gazette of RS - International Agreements", No. 83/08 and 12/14 - hereinafter: Agreement)
[...]
Concepts
Article 2.
Certain terms used in this law have the following meanings:
1) agricultural land is land that is used for agricultural production (fields, gardens, orchards, vineyards, meadows, pastures, ponds, reeds and wetlands) and land that can be brought to the purpose of agricultural production;
[...]
Prohibition of using arable agricultural land for non-agricultural purposes
Article 22.
The use of arable agricultural land of the first, second, third, fourth and fifth cadastral classes for non-agricultural purposes is prohibited.
Exception to the ban on the use of arable agricultural land for non-agricultural purposes
Article 23.
Arable agricultural land can be used for non-agricultural purposes in the following cases:
1) for the establishment of artificial meadows and pastures on arable agricultural land of the fourth and fifth cadastral class, as well as for the establishment of forests regardless of the class of the land, upon prior approval of the Ministry;
[...]
Article 61. [...]
State-owned agricultural land can be used without paying compensation to state-owned legal entities registered for forestry operations.
If state-owned agricultural land has not been issued for at least the last three agro-economic years and has not been subject to use, through public bidding at an initial price of 0 dinars, that agricultural land can be given for use for agricultural production to natural and legal persons registered in the Register of Agricultural farms and is in active status, for a period of up to five years.
Agricultural land from paragraph 5 of this article under the same conditions can be given to persons engaged in the production of energy from renewable sources of biomass and animal husbandry, with the fact that the period of use can be up to 30 years, with approval for investment works granted by the Ministry and in accordance with Article 67 of this law.
On the basis of legally binding decisions from para. 4, 5 and 6 of this article, the Ministry and the user conclude a contract on the use of state-owned agricultural land without payment of compensation.
The period of use of agricultural land from paragraph 5 of this article can be extended up to 25 years if the agricultural inspector determines that the user is using the land for agricultural purposes, and for areas over 10 ha, the period of use of agricultural land can be extended only if the user receives approval for investment works issued by the Ministry in accordance with Article 67 of this law.
[...]
2.1. Lease of state-owned agricultural land
Lease
Article 62.
State-owned agricultural land and land referred to in Article 3 of this law may be leased, if the annual program for the protection, arrangement and use of agricultural land referred to in Article 60 of this law provides for leasing to a natural or legal person for a period not exceeding it can be shorter than one year or longer than 30 years , and for ponds and vineyards 40 years.
State-owned agricultural land that is leased cannot be subleased.
[...]
The right of priority of lease and the right of first lease
Article 64a
The right of priority of lease for a period of up to 30 years belongs to a legal entity that is registered in the Register of Agricultural Holdings and is in an active status and that submits an investment plan to which approval is given, along with the proposed measures for the realization of the lease, by the commission, with the fact that the total area intended for leasing on this basis cannot amount to more than 30% of the total area of ​​state-owned agricultural land intended for leasing in a local self-government unit.
[...]
Alienation of state-owned agricultural land
Article 72.
State-owned agricultural land cannot be alienated except under the conditions stipulated by this law .
Article 72a
State-owned agricultural land can be acquired by a natural person through a legal transaction under the conditions prescribed by this law, except in the area of ​​the administrative line towards the Autonomous Province of Kosovo and Metohija.
Agricultural land in state ownership can be acquired by a natural person if:
1) is a citizen of the Republic of Serbia;
2) has a registered agricultural holding in active status for at least three years or is the holder of a family agricultural holding in active status for at least three years; 
[...]
Article 72c
Based on the final decision on the sale of state-owned agricultural land, the Ministry and the buyer conclude a contract on the sale of state-owned agricultural land.
State-owned agricultural land that is the subject of a sales contract may not be alienated, leased for at least fifteen years from the date of sale, or subject to mortgage or other encumbrances, except in the case prescribed in paragraph 5 of this article. [...]
After the deadline from para. 2. and 3. of this article, the Republic of Serbia has the right of first refusal if the purchased land is subject to sale.
The contract for the purchase and sale of state-owned agricultural land may stipulate the payment of the price in installments within a period of no longer than ten years from the date of conclusion of the purchase contract with the provision of security.
[...]
Conditions for the transfer of agricultural land in private ownership 
Article 72 of the
A citizen of a member state of the European Union may acquire agricultural land in private ownership, based on the Agreement, through a legal transaction with or without compensation under the conditions prescribed by this law.
Privately owned agricultural land may be acquired by a person from paragraph 1 of this article if:
1) has been a permanent resident of the local self-government unit in which agricultural land is traded for at least ten years;
2) cultivates agricultural land that is the subject of a legal transaction for at least three years with or without compensation;
3) has a registered agricultural holding in active status as the holder of a family agricultural holding, in accordance with the law regulating agriculture and rural development without interruption for at least ten years;
4) owns machinery and equipment for agricultural production.
The subject of the legal transaction referred to in paragraph 1 of this article may be privately owned agricultural land if:
1) it is not agricultural land that is designated as construction land in accordance with a special law;
2) does not belong to protected natural assets;
3) does not belong to or does not border a military installation and military complex and is not located in protective zones around military installations, military complexes, military facilities and military infrastructure facilities, nor does it belong to and does not border the territory of the Land Security Zone. 
The subject of the legal transaction referred to in paragraph 1 of this article cannot be agricultural land in private ownership located at a distance of up to 10 km from the border of the Republic of Serbia.[...]" (Law on Agricultural Land, Official Gazette of RS no. 62 of July 19, 2006, as amended [google translation])
Law on Agricultural Land, Official Gazette of RS no. 62 of July 19, 2006, as amended [google translation]
[<a href="http://www.pravno-informacioni-sistem.rs/SlGlasnikPortal/eli/rep/sgrs/skupstina/zakon/2006/62/7/reg">Law</a>]