Uruguay Considers Ban on Foreign Ownership of Land

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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