Argentina Relaxes Restrictions on Ownership of Rural Properties by Foreigners
Source: JD Supra
By: Victor P. Haley
On June 29, 2016, the Argentine executive branch enacted decree 820/2016 (the New Decree), easing certain restrictions imposed under existing law on the acquisition and leasing of rural lands by foreign individuals and legal entities (Law No. 26,737, enacted in 2011 by the former administration, hereinafter, the Rural Land Law).
The New Decree reaffirms the decision of the elected Argentine president, Mauricio Macri, to repeal existing barriers restricting foreign investment. The Argentine government has made significant economic changes since President Macri began his term in December 2015, including an end to currency controls, new tax cuts, and the settlement of the sovereign debt dispute with holdouts after a 14-year litigation. New investment promotion programs also are in place, including investment incentives in sectors such as renewable energies and the timber industry.
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