The Brazilian government is planning to restrict land ownership by foreigners. A constitutional amendment addressing the issue is being written by representatives from various government ministries.
According to the Associated Press, Denise Mantovani, a Ministry spokeswoman, "confirmed published remarks by Minister Guilherme Cassel, who said that the government does not want foreigners to buy agricultural land." Minister Cassel stated, "Because of food security, Brazilian lands must remain in Brazilian hands."
The current law restricts the purchase of "large rural properties" to citizens or residents of Brazil. Mantovani stated that "10 million acres (4 million hectacres) of land had been registered by foreigners as of 2008 and that between 2002 and 2008, foreigners invested $2.43 billion to purchase land."
Additionally, Mantovani stated that the amendment "could include the revoking of land titles already purchased by foreigners."
To read the Associated Press story, click here.
To read the Businessweek story, click here.
Posted: 06/23/2010
