Argentina decides to limit land ownership by foreign property investors

Politians in Argentina have approved a controversial new law to restrict the sale of agricultural land to foreign buyers.

The bill, which has been approved by the Chamber of Deputies and is expected to be endorsed by the Senate later this week, limits the amount of land that can be bought by an overseas buyer to 1,000 hectares in key areas of the country. It also sets a limit of 15% of total land being owned by foreigners.

Chamber of Deputies general law committee head Luis Cigogna said the purpose of the new law it to keep strategic and non-renewable land for Argentines.

However, the new law makes an exception for foreigners who have married Argentines or have lived in the country as permanent residents for more than 10 years.