The Emergency Decree N° 70/2023 (hereinafter, the Decree) implements several reforms to real estate regimes, including some concerning rural lands in Argentina, opening interesting opportunities for foreigners to invest.
1) Abrogation of the Rural Lands Law
Under Law No. 26,737 on the Regime for the Protection of the National Domain on the Ownership, Possession, or Tenure of Rural Lands, there were restrictions on the purchase of rural land by foreigners.
The Decree has repealed the above-mentioned law, allowing foreign individuals and companies to freely purchase rural land.
2) Security areas
However, restrictions to purchase land in security areas stand.
Foreigners who want to buy property in areas deemed key to national security are required to apply for prior consent from the National Commission of Security Zones and provide specific information about the intended use of the property, as per Decree Number 15,385/1944, which was ratified by Law No. 12,913. The transaction will be void if prior approval is not obtained. The usage of such areas, the transfer of a controlling interest in, mergers, and spin-offs of legal entities that possess property located in a security area are also regulated.
Should you want to consult a brief on the reforms to the civil and commercial lease regimes, please, review the following post: https://cspabogados.com.ar/en/amendments-to-the-civil-and-commercial-code-of-the-nation/.
For general insights on the new legal and business environment of Argentina, please, see our post: https://cspabogados.com.ar/en/new-legal-and-business-environment-in-argentina/.
Mario E. Castro Sammartino
Our publications exclusively express the author´s opinion and do not purport to be legal counsel on any case. Should you need it, you must consult with your trusted lawyer.