The Act on Acquisition of Real Estate by Foreigners requires that until 1 May 2016 foreigners from the European Economic Area should obtain a permit prior to acquisition of an agricultural property. Until 1 May 2004 the Act required that they obtain a permit before acquisition of any real estate. It was a common practice for foreigners, with a view to avoiding this requirement, to conclude agreements with shareholders of Polish companies, under which companies acquired real properties and then the shareholders transferred the shares in these companies to foreigners. However, in practice there are doubts whether the agreements for acquisition of real estate concluded by such companies have been valid. The article presents arguments in favour of the position that in most cases there are no grounds for challenging the presented mechanism.365