Argentina: Milei government defends bill to protect private property

The administration of Argentine President Javier Milei is actively defending a legislative proposal aimed at reinforcing the inviolability of private property, a cornerstone of its ultraliberal economic agenda. The bill is scheduled for a crucial debate in the Senate this week.

Presidential spokesperson Adrián Ravier stated that the initiative seeks to "strengthen" constitutional guarantees against arbitrary state seizure of assets. He argued that legal uncertainty has historically deterred investment and hindered economic growth and job creation in Argentina, contrasting it with opportunities seized by other nations. The government contends that the current expropriation law is outdated, contains legal loopholes, and lacks clear rules, often leading to international legal disputes.

The proposed reform aims to prevent state abuses by establishing more stringent definitions of "public utility" required to justify expropriation. Furthermore, it mandates that compensation paid to property owners must fully reflect the asset's value prior to the expropriation announcement. The bill also introduces expedited procedures for evicting individuals from properties acquired through illegal usurpation or occupation.

In addition to property rights, the legislation addresses rural land ownership by removing existing purchase restrictions for foreign individuals and companies. However, it imposes stricter controls on transactions involving foreign states and entities dependent on them. The bill also revises a 2020 law on agricultural fires, which the government claims has been ineffective in preventing blazes and has unfairly penalized rural producers for accidental fires on their land.

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