U.S. Department of Agriculture Farm Service Agency Executive Director Janice Majette in Gloucester reminds foreign investors with an interest in agricultural land in the United States that they are required to report their land holdings and transactions to USDA.
The Agricultural Foreign Investment Disclosure Act requires foreign investors who buy, sell or hold an interest in U.S. agricultural land to report their holdings and transactions to the USDA. Foreign investors must file AFIDA Report Form FSA-153 with the FSA county office in the county where the land is located. Large or complex filings may be handled by AFIDA headquarters staff in Washington, D.C.
According to CFR Title 7 Part 781, any foreign person who holds an interest in U.S. agricultural land is required to report their holdings no later than 90 days after the date of the transaction.
“Failure to file a report or filing a late or inaccurate report can result in a penalty with fines up to 25 percent of the fair market val...