Foreign landowners must report transactions

LINCOLN, Nebraska -- The Farm Service Agency, would like to reminded foreign investors who buy, sell or hold a direct or indirect interest in agricultural lands in the United States that they are required under the Agricultural Foreign Investment Disclosure Act to report their holdings and transactions to the U.S. Secretary of Agriculture.

The law requires all foreign investors who buy or sell agricultural land to report the transactions within 90 days of the date of the sale.

Report forms (FSA-153, Agricultural Foreign Investment Disclosure Act Report) are available at all Farm Service Agency offices and may be downloaded from the agency's Web site. The completed reports must be turned in to the Farm Service Agency county office where the land is located.

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.

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 who are not paroled into the United States 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; and

any foreign governments.

Individuals with questions concerning Foreign Investment should contact their local county FSA Office.