USDA informs public about Agriculture Foreign Invest Disclosure Act of 1978

The United States Department of Agriculture wanted to inform the public about the Agriculture Foreign Investment Disclosure Act of 1978 and what it entails. 

This act became effective on February 2nd, 1979 and it requires any foreign person who acquires or transfers any interest other than a security interest in agricultural land to submit a completed form FSA-153 to the secretary of agriculture no later than 90 days after the date of acquisition or transfer or holds any interest, other than a security interest, in agricultural land on February 1st, 1979.

Foreign investors who buy, sell, or hold a direct or indirect interest in U.S. agricultural land must report their holdings and transactions to the US Secretary of Agriculture. The data gained from these disclosures will be utilized in the preparation of periodic reports to the president and congress concerning the effect of such holdings upon family farms and rural communities. Failure to timely file an accurate report can result in a penalty with fines up to 25 percent of the fair market value of the agricultural land. 

Who must report:
Individuals who are not US citizens, individuals who are not lawfully admitted to the United States for permanent residence, any organization created under the laws of a foreign government or which has located its principal place of business outside the United States, any US organization in which a significant interest or substantial control is directly or indirectly held by foreign individuals, organizations, or governments, and any foreign governments.

What to report:
Each tract of agricultural land in the U.S. and leaseholds of 10 years or more. 

The FSA-153 form can be found at www.fsa.usda.gov. From there click on the eForms link.