Argentina Pres Sends Congress Bill Limiting Foreign Land Ownership
Argentine President Cristina Fernandez has sent a bill to Congress placing strict limits on the amount of farm and rural land that foreigners can purchase, throwing cold water on a wave of foreign buying of farmland in the agricultural powerhouse.
Under the proposed bill, foreigners will be limited to buying 1,000 hectares (2,500 acres) each and a nationwide survey will be conducted to ensure that no more than 20% of the country's total rural area is in the hands of foreigners, Fernandez announced.
Existing landholdings held by foreigners will not be affected, Fernandez said.
Source: CME News For Tomorrow