Regarding the purchase of rural lands, foreigners (individuals and companies) can only acquire properties with an area up to 50 indefinite exploration modules (MEI). MEI varies from 5 to 100 acres, depending on the municipality. Brazilian companies controlled by foreign nationals need prior approval from the government to complete an acquisition of between 3 and 50 MEI. Foreign companies can only acquire rural land for agricultural, cattle-raising, industrial or development projects. No more than 25% of the rural areas of any municipality may be owned by foreigners, and no more than 40% may be owned by foreigners of the same nationality.
"Article 190. The law shall regulate and limit the acquisition or lease of rural property by a foreign individual or legal entity, and shall establish the cases that shall depend on authorization by the National Congress." (Brazilian Federal Constitution (October 5, 1988), Article 190 [unofficial translation])
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"Article 1 - Foreigners residing in the country and foreign legal entities authorized to operate in Brazil may only acquire rural property as provided for in this Law.
§ 1 - The Brazilian legal entity in which foreign natural or legal persons who have the majority of its share capital and reside or are headquartered abroad are, however, subject to the regime established by this Law.
[...]
Article 3 - The acquisition of rural property by a foreign individual cannot exceed 50 (fifty) modules of indefinite exploitation, in a continuous or discontinuous area.
§ 1 - In the case of property with an area not exceeding 3 (three) modules, the acquisition will be free, regardless of any authorization or license, except for the general requirements determined by law.
§ 2 - The Executive Branch will issue rules for the acquisition of an area comprised between 3 (three) and 50 (fifty) indefinite exploration modules.              
§ 3 - The President of the Republic, after consulting the National Security Council, may increase the limit established in this article.
Article 4 - In rural subdivisions carried out by private colonization companies, the acquisition and occupation of at least 30% (thirty percent) of the total area must be carried out by Brazilians.
Article 5 - The foreign legal entities referred to in art. 1 of this Law may only acquire rural properties intended for the implementation of agricultural, livestock, industrial, or colonization projects, linked to their statutory objectives.
§ 1 - The projects referred to in this article must be approved by the Ministry of Agriculture, after consulting the competent federal agency for regional development in the respective area.
§ 2 - Regarding industrial projects, the Ministry of Industry and Commerce will be heard.
[...]
Art. 12 - The sum of rural areas belonging to foreign persons, natural or legal, may not exceed one quarter of the surface of the Municipalities where they are located, as evidenced by a certificate from the Real Estate Registry, based on the auxiliary book referred to in art. . 10.
§ 1 - Persons of the same nationality cannot own, in each Municipality, more than 40% (forty percent) of the limit established in this article.
§ 2 - The purchases of rural areas are excluded from the restrictions of this article: I - less than 3 (three) modules;[...]" (Law No. 5.709 Regulating the Acquisition of Rural Property by Foreign Persons (7 October 1971), last amended by Law No. 13,986 of 2020, Articles 1, 3, 4, 5 and 12 [google translation])
Brazilian Federal Constitution (October 5, 1988), Article 190
Law No. 5.709 Regulating the Acquisition of Rural Property by Foreign Persons (7 October 1971), last amended by Law No. 13,986 of 2020, Articles 1, 3, 4, 5 and 12
[<a href="http://www.planalto.gov.br/ccivil_03/Constituicao/Constituicao.htm">Constitution</a>],[<a href="https://www.oas.org/es/sla/ddi/docs/acceso_informacion_base_dc_leyes_pais_b_1_en.pdf">Constitution_ENG</a>],[<a href="http://www.planalto.gov.br/ccivil_03/leis/L5709.htm">Law</a>]