The Colombian Ministry of Agriculture and Rural Development has released the draft of a new decree for public comment. This decree intends to modify and add to Decree 1071 of 2015, as per Article 61 of Law 2294 of 2023, also known as the National Development Plan for 2022-2026. Interesting to note, there’s also a mention of Law 160 of 1994 within this project decree, which is particularly related to the agrarian procedures the National Land Agency (ANT) handles, and most importantly, what has been defined as the extinction of domain.
Seemingly, this draft seeks to shed light upon the enforcement of Law 160 regarding the extinction of property right, a legal concept that allows the state to transfer property assets linked to criminal activities without compensating the previous owner. The specificity of this draft, its implications, and the changes it might bring about is yet something that stakeholders are keen on understanding.
To get a comprehensive view of the projected decree and its implications, you can review it on JD Supra, shared by Holland & Knight LLP.
This prospective legal development is something worth keeping an eye on, particularly by those actively navigating the Colombian real estate sector or dealing with agricultural matters. It is critical to monitor any further development surrounding this project to stay abreast of any potential legal implications and prepare accordingly.