Uruguay Considers Ban on Foreign Ownership of Land

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Companies with any link to foreign owners may soon be cutoff from purchasing land in Uruguay. President José Mujica sees such ownership as a threat to the sovereignty of the nation, given what he claims is its nonrenewable nature, and the Uruguayan Congress has a draft bill on the matter.

Further, rising prices are fueling concerns that foreigners are gaining access ahead of less-well-off natives, and proponents note similar protections in New Zealand, Australia, Brazil, and Argentina. The Ministry of Agriculture and Fisheries has released data that indicates a nine-fold increase in the price per hectare of land (in face-value currency), from US$385 dollars in 2002 to $3,472 dollars currently.

Source: MercoPress.

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