Estrangeiro e propriedade rural: estudo da regulação da aquisição de propriedade rural por estrangeiros no Brasil e respectivos impactos nos investimentos externos ao agronegócio sob a perspectiva de Direito e Economia

Abstract

Using the theoretical (with emphasis on the Theory of Rational Choice) and empirical tools developed by Economic Science, Law and Economics (or Economic Analysis of Law) provides an in-depth understanding of the legal phenomenon. In this paper, from the perspective of Law and Economics, specially the Economic Analysis of Property Rights, we study the legal framework that governs the acquisition of rural properties by foreigners in Brazil, Law No. 5,709/1971, and the problem generated by Opinion AGU/LA No. 01/2010 issued by the Brazilian Attorney General’s Office (Advocacia-Geral da União), which significantly increased the transaction costs related to foreign investments in the Brazilian agribusiness, impacting the list of guarantees available to foreign investors. In addition, with the intent to contribute to the discussion, we study the current legislative proposals for the matter, Bill No. 2,289/2007 and its substitute, Bill No. 4,059/2012. Finally, through the analysis of the main differences between both referred Bills, as well as their expected consequences in the economic field, in accordance with Law and Economics, Bill No. 4,059/2012 is identified as the more appropriate legal response to the problematic resulting from the current opinion of the Brazilian Attorney General’s Office (Advocacia-Geral da União).