Exhibit 8.1

Our subsidiaries, each of which is incorporated under the laws of the Federative Republic of Brazil, are listed below:

●

Imobiliária Jaborandi Ltda.

●

Imobiliária Cremaq Ltda.

●

Imobiliária Araucária Ltda.

●

Imobiliária Mogno Ltda.

●

Imobiliária Cajueiro Ltda.

●

Imobiliária Ceibo Ltda.

●

Imobiliária Flamboyant Ltda.

●

Agrifirma Agro Ltda.

●

Agrifirma Bahia Agropecuária Ltda.

●

Companhia Agrícola Novo Horizonte S.A.

Additionally, we also have subsidiaries incorporated under the laws of Bolivia and Paraguay, as listed below:

●

Palmeiras S.A. (Paraguay)

●

Agropecuária Morotí S.A. (Paraguay)

●

Agropecuaria Acres del Sud S.A. (Bolivia)

●

Ombú Agropecuaria S.A. (Bolivia)

●

Yuchán Agropecuaria S.A. (Bolivia)

●

Yatay Agropecuaria S.A. (Bolivia)