Revised land bill set to cap rural land purchases by foreigners at 25%

Senator Patricia Bullrich, leader of ruling party La Libertad Avanzas (LLA) bloc, announced on Wednesday a series of changes to a land reform bill set to be debated on Thursday in the upper house.  While the original proposal was set to eliminate current restrictions on the sale of productive rural land to foreign individuals and foreign-owned companies, the modified bill will increase the current ownership cap from 15% to 25% per district.  Bullrich acknowledged that the 25% cap was requested by allied lawmakers and said the government accepted it because it seemed “reasonable” and because Brazil has the same limit.  “We set the limit at 25% because that’s the percentage Brazil uses. Uruguay, Chile, Paraguay, and Mexico have no such limit. It was agreed upon with our allies, and over the past 30 years Brazil has increased its agricultural productive capacity fourfold compared with us,” she explained in a press conference. Presenting the amendments to the land bill, Bullrich said she wanted to “dispel fears that they are going to take over the water and natural resources.  She went on to say that water access is guaranteed under all Argentine laws and overseen by the provincial judiciary.  “It’s absurd to think that if a foreigner owns two factories, they’re taking away part of Argentina’s sovereignty. Legal entities, joint ventures, temporary business associations, and any collaborative arrangement with direct or indirect state participation will require joint approval from both the federal government and the provincial authorities.” Bullrich went on to say that property changes hands; sovereignty does not, emphasizing that foreign states cannot buy a single meter of rural land in Argentina, period.” The senator argued that the current law, enacted during the Cristina Kirchner administration in 2011, has only served to deter investment.”  She also took a swipe at former President Kirchner herself, saying that the only time Argentina surrendered its sovereignty was when it allowed the Chinese government to establish a space station.” A vote that will come down to the wire According to Herald sister publication mbito, voting on the bill will be tight. Current projections estimate that the ruling party has between 34 and 35 votes, meaning that the race to the magic number of 36 (50% of the chamber if all lawmakers are present) will come down to the wire.  In recent weeks, growing public opposition to foreign ownership of land has translated into declining support among centrist opposition blocs. Even Vice President Victoria Villarruel has publicly criticized the bill, once again distancing herself from President Javier Milei on a key policy issue. Political parties and non-governmental organizations are expected to stage a demonstration outside Congress on Thursday. This will be the third attempt to bring the bill to the Senate floor, after previous efforts were postponed due to insufficient support.