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Brazil wants to cut foreign ownership in the Amazon

September 17th, 2009
amazon

A view of a deforested area on the border of Xingu river, 140 kms from Anapu city in the Amazon rain …

Brazil is looking at decreasing the amount of land foreigners are allowed to own in its vast Amazon region, the Folha de Sao Paulo newspaper reported Tuesday.

In a draft bill set to be presented to Congress, the government wants to limit foreign ownership in the region to 10 percent, down from 25 percent, the newspaper reported.

The legislation would declare the parts of the Amazonia that could be sold a special zone, separate from the rest of Brazil where the 25 percent limit would continue to apply.

Under its terms, foreigners living in Brazil, foreign companies with operations in Brazil, and Brazilian companies controlled by foreign capital could buy land in the Amazon region only until the 10 percent limit was reached.

Foreigners living abroad and companies without the right to operate in Brazil would be barred from owning land.

The government delayed submitting the bill fearing foreigners would be wary of investing in Brazil as the country was recovering from the global economic crisis, Folha de Sao Paulo reported.

Left open to debate in the bill was land purchases by married couples in which a Brazilian was married to a foreigner.

AFP


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