Reservations by Chile Sample Clauses

Reservations by Chile. Sector: All sectors Subsector: Level of Government: National Legal source or authority of the measures: Decreto Ley 1939, Diario Oficial, noviembre 10, 1977, Normas sobre Adquisición, Xxxxxxxxxxxxxx x Xxxxxxxxxxx xx Xxxxxx xxx Xxxxxx, Título I Decreto con Fuerza xx Xxx 4 del Ministerio de Relaciones Exteriores, Diario Oficial, noviembre 10, 1967 Succinct description of the measure: Chile may only dispose of the ownership or other rights over "State land" to Chilean natural or juridical persons, unless the applicable legal exceptions, such as in Decreto Ley 1939, apply. "State land" for these purposes refers to State-owned land up to a distance of 10 kilometers from the border and up to a distance of 5 kilometers from the coastline. Corporeal immovable property situated in areas declared the borderland zone by virtue of Decreto con Fuerza xx Xxx 4, 1967, of the Ministerio de Relaciones Exteriores may not be acquired, either as property or in any other title, by (1) natural persons with nationality in a neighboring country; (2) juridical persons with their principal seat in a neighboring country; (3) juridical persons with 40 percent or more of capital owned by natural persons with nationality in a neighboring country; or (4) juridical persons effectively controlled by such natural persons. Notwithstanding the foregoing, this limitation may not apply if an exemption is granted by a Decreto Supremo of the President of the Republic based on considerations of national interest. Sector: All sectors Subsector: Level of Government: National Legal source or authority of the measure: Any existing or future measure as described below Description: Chile reserves the right to adopt or maintain any measure relating to the ownership or control of land within five kilometers of the coastline that is used for agricultural activities. Such measures could include a requirement that the majority of each class of stock of a Chilean juridical person that seeks to own or control such land be held by Chilean persons or by persons residing in Chile for 183 days or more per year.
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