Foreign investors buying or selling land must report such transactions within 90 days of the date of the sale.
Failure
to file an accurate or timely report can result in a penalty with fines
up to 25 percent of the fair market value of the agricultural land.
Specifically, the act requires reports to be filed by:
-
individuals who are not U.S. citizens or citizens of the Northern
Mariana Islands or the Trust Territory of the Pacific Islands; -
individuals who are not lawfully admitted to the United States for
permanent residence or are not paroled into this country under the
Immigration and Nationality Act; -
any organization created
under the laws of a foreign government or which has located its
principal place of business outside the United States; -
any
U.S. organization in which a significant interest or substantial
control is directly or indirectly held by foreign individuals,
organizations, or governments;
any foreign governments.
Farm
Service Agency form FSA-153 is used to report land holdings and
transactions. The completed form must be returned to the FSA county
office where the land is located.
Bill Harmon is executive director of the Marion County FSA ofice.
