Brazil imposes restrictions on the purchase of land by foreigners

23.03.2011 14:54
Articles about real estate | Brazil imposes restrictions on the purchase of land by foreigners After the entry into force of new legislation foreigners can not buy controlling stakes in companies that own large areas of agricultural land.

The initiative came from the Minister of Agriculture of Brazil Wagner Rossi, in his words, due to the need to ensure the independence of the country. Brazilian authorities fear that foreign countries, particularly China, will be bought up land in the emerging markets to maintain their food security, reports Property Wire.

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Under current law, since 1971, foreign citizens and legal entities can own no more than a quarter of agricultural land in Brazil. According to official data, has about 1.8 million hectares of Brazilian land owned by non-residents, and the inflow of foreign investment in this area in 2008 increased by 11,5%.

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Content tags: Overseas property land
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