Global Trade Alert

On December 6, 2011, the Brazilian National Land Reform and Settlement Institute (INCRA) issued Instruçăo Normativa nr. 70, further limiting foreign ownership of agricultural land (going beyond an earlier initiative, see this measure.) The area purchased or leased by foreign natural or legal persons, or Bazilian legal persons deemed equivalent to foreigners, can no longer exceed 25 per cent of the total area of agricultural land in any municipality. In addition, no more than 10 per cent of the area of agricultural land of a municipality can be sold or leased to persons of the same nationality. Finally, Congressional approval is required for acquisition or lease of large areas.