Argentina Scraps 15% Cap on Foreign Ownership of Rural Land

Argentina: Property & Agribusiness

Argentina’s Supreme Court has removed the main legal barrier to foreign purchases of rural land, restoring a decree by President Javier Milei that scraps limits in place since 2011 — a decision with direct consequences for investors, agribusiness and expats watching Argentine property.

What the Court Decided — and What It Did Not

On Tuesday, 29 September 2026, the three justices of the Supreme Court — Horacio Rosatti, Carlos Rosenkrantz and Ricardo Lorenzetti — revoked a ruling by the Federal Court of Appeals of La Plata that had declared Article 154 of Milei’s emergency decree 70/2023 unconstitutional. That article repealed the Rural Lands Law, known as Law 26,737.

The justices did not endorse the substance of the repeal. They found that the plaintiff, the Centre of Former Malvinas Islands Combatants of La Plata (CECIM), lacked the legal standing — “active legitimacy” — to litigate in the name of national sovereignty. In the written ruling, the court stressed it saw no “case or controversy” before it and made no judgment on the merits.

The distinction matters. A future plaintiff with recognised standing could in principle challenge the repeal again. For now, though, Article 154 is back in force, and with it the repeal of the land law.

The Rules That Fall Away

Law 26,737, passed in December 2011, capped foreign ownership of rural land at 15% of the national territory — and separately at 15% within any single province, municipality or department. No more than 30% of that allowance could sit with owners of one nationality. In the fertile “core zone” covering parts of Buenos Aires, Santa Fe and Córdoba provinces, a single foreign owner was limited to 1,000 hectares or a local equivalent.

Milei repealed the law by emergency decree in late December 2023, days after taking office. A federal court froze the repeal in March 2024, and the cap stayed in place while the case moved upward. We reported on that standstill in August, when Congress separately debated — and Milei then withdrew — a proposal to raise the cap to 25%. Tuesday’s ruling ends the standstill in the government’s favour.

What Still Limits Foreign Buyers

Two restrictions survive because they sit in different laws. Land in declared border security zones remains restricted under the Border Security Zone regime, and rural plots containing or bordering large permanent bodies of water stay off-limits to foreign buyers. Long-term residents were already exempt from the old caps — that exemption is now moot for the cap itself, but the zone rules still apply to them.

Politically, the fight is not finished. The Senate approved a government-backed Law of Inviolability of Private Property on 7 August 2026, which would restrict only foreign states and government entities rather than private buyers. It awaits a vote in the Chamber of Deputies. CECIM condemned the ruling in a statement: “We can die in defence of sovereignty,” the veterans’ group wrote, “but not go to a court.”

What It Means for Expats and Investors

For private foreign buyers, the practical change is immediate on paper: no quota certificate, no nationality tally, no hectare ceiling in the core zone. In practice, registries and notaries will need to adjust procedures, and provincial authorities may take weeks to align. Anyone mid-transaction should have their escribano (notary) confirm locally before signing.

The longer view: farmland is Argentina’s strategic asset, and its price moves with export earnings, the peso and politics. The same court that decided on standing today left the constitutional question open. Buyers who need legal certainty over a 10- or 20-year horizon should price in the possibility that a future Congress or court re-opens the regime. For context on the investment climate, see our report on Argentina’s investment-grade push and energy package.

What We Could Not Confirm

Whether new plaintiffs with recognised standing will challenge the repeal; how quickly provincial land registries will implement the change; and the full text of the court’s written ruling beyond the passages quoted by agencies. The Chamber of Deputies’ timetable for the property bill is also unconfirmed.

Frequently Asked Questions

Can foreigners now buy unlimited farmland in Argentina?

Yes, in principle. The Supreme Court’s 29 September 2026 ruling restored the repeal of the 2011 Rural Lands Law, so the 15% ownership cap, the 30% single-nationality limit and the 1,000-hectare core-zone ceiling no longer apply. Border security zones and land beside large permanent water bodies remain restricted under separate laws.

Did the court say the repeal is constitutional?

No. The justices dismissed the case because the veterans’ group that sued lacked standing. They explicitly made no judgment on the merits, which leaves the constitutional question open to a future challenge by a different plaintiff.

How much Argentine land do foreigners already own?

About 13 million hectares, according to national registry figures cited in August 2026. That was within the old quota system; the ruling removes the ceiling for new purchases.

Can Congress bring back the limits?

Yes. Congress could pass a new land law at any time. A separate government bill now in the Chamber of Deputies would go the other way, limiting only foreign states and government entities rather than private buyers.

Sources: Supreme Court ruling of 29 September 2026 as reported by Argentine news agencies via teleSUR and El Demócrata; Law 26,737 (2011) and DNU 70/2023 texts; Prensa Latina registry figures (August 2026); The Rio Times archive reporting of 7 August 2026.

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