MercoPress. South Atlantic News Agency
Brazilian senate approves bill facilitating purchase of rural properties by foreign companies
If passed, the legislation could attract investments in agriculture and other sectors such as wind and solar energy farms, along with mining. The Brazilian Senate unexpectedly approved a bill this week to facilitate the purchase and leasing of rural properties in Brazil by foreign nationals or foreign companies. The legislation must be approved by the lower house of Congress before the president can sign it into law.
If passed, the legislation could attract investments in agriculture and other sectors such as wind and solar energy farms, along with mining.
According to the bill, foreign ownership can account for no more than 25% of the territory in an municipality, and foreign owners must use the land to “fulfill a social function.”
The senator who proposed it has publicly said he hopes the law would attract some 50 billion reais (US$ 9.8 billion) in new investments per year to Brazil. Its approval in the upper house comes as the government of right-wing President Jair Bolsonaro pushes to further open the economy to private investment.
In the case of intended land purchases in the Amazon region, the new law would require final clearance from the National Defense Council.
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Read all commentsI Think..., Yank Mr. FortHay is confounding Brasil with Mexico...
Dec 20th, 2020 - 11:15 pm +1Not at all unusual for his kind...
Capisce...?
Where can one read a transcript of this bill? Does it include the removal of prohibition against foreign ownership of coastline property?
Dec 19th, 2020 - 10:37 am 0FortHay
Dec 19th, 2020 - 03:41 pm 0Made a brief search, did not find the actual text of “Projeto de Lei 2.963/2019”, but by what I gather (having read very little about it, and hearing even less on the news), the project refers to rural property, with the (main) objective of boosting agricultural production, and making the land fulfill its social function (as defined in the Constitution - and this can probably mean whatever the politicians want it to).
As far as large tracts of land in coastline areas are concerned, believe they are excluded from the project, given that it specifically mentions the exclusion of frontier /border areas, plus the fact that some coastal areas might be considered strategic by the Navy, and in these cases, their occupation would need to be authorized by the Navy.
On the other hand, have never seen, or heard of any restrictions to buy small plots of land near, or on beaches, for personal use, unless they are inside permanent preservation areas....and which have nothing to do with the project.
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