Wednesday, September 22, 2021

Colombia Conservative Party wants to limit foreign land purchase

Colombia’s Conservative Party proposed a constitutional amendment to limit land purchases made by foreigners to avoid “land grabbing,” reported local media Thursday.

The legislative act was initiated by Senator Hernan Andrade to limit the amount of Colombian private property available for foreign purchase to 15% of the country’s total territory. Andrade said the served to preserve the country’s natural resources and keep foreign investors from “grabbing” all of its land.

- Advertisement -

Foreign Direct Investment has grown more than 500% in Colombia since 2001, a lot of which was caused by the rapidly expanding oil and mining industries in the country.

The reform states that the sum of foreign individuals, legal entities receiving foreign capital, or those acting on their behalf, can only purchase up to 15% of the country’s total land, including land that has already been acquired previously. In addition to the reform, no foreign property will be owned within approximately 165,000 feet of any of the country’s borders, including all mines, forests, water, fuel or energy sources.

Andrade said that he initiated the project to protect the country’s land as a natural resource and food source, because both Colombia’s land and water alike are in a vulnerable position.

The exceptions to the reform include those with a Colombian spouse or those that are descendents of Colombians.

- Advertisement -

Similar projects are already in effect in Brazil, Argentina, and Uruguay.

From Colombia Reports

- Advertisement -

FACT CHECK:
We strive for accuracy in its reports. But if you see something that doesn’t look right, send us an email. The Q reviews and updates its content regularly to ensure it’s accuracy.

Rico
"Rico" is the crazy mind behind the Q media websites, a series of onlinemagazines that includes TodayColombia.com. Rico brings his special kind of savvy to online marketing. His websites are engaging, provocative, informative and sometimes off the wall, where you either like or you leave it. The same goes for him, like him or leave him.There is no middle ground. No compromises, only a passion to present reality as he sees it!

Related Articles

Why electric cars will take over sooner than you think

Q REPORTS (BBC) I know, you probably haven't even driven one...

Is it all Greek to you? Coronavirus variants get new names

(REUTERS) Coronavirus variants with clunky, alphanumeric names have now been assigned...
- paying the bills -

MOST READ

- paying the bills -

WANT TO STAY UP TO DATE WITH THE LATEST!

Get our daily newsletter with the latest posts directly in your mailbox. Click on the subscribe and fill out the form. It's that simple!