County reminds foreign investors that they must report U.S. agricultural land holdings
By Patrick Lynn
Foreign investors with an interest in agricultural lands in the United States are reminded that they are required to report their land holdings and transactions to USDA.
In a press release sent this week by Laurie Konkol Glodowski, executive director of Portage County’s Farm Service Agency (FSA), an arm of the U.S. Department of Agriculture (USDA), she explains that under the Agricultural Foreign Investment Disclosure Act (AFIDA), foreign investors who buy, sell or hold an interest in U.S. agricultural land are required to report their holdings and transactions to the USDA.
Foreign investors must file AFIDA Report Form FSA-153 with the FSA county office in county where the land is located, she said.
According to the Code of Federal Regulations 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 value of the agricultural land,” said Konkol Glodowski
Foreign investors should report holdings of agricultural land totaling 10 acres or more used for farming, ranching or timber production, including leaseholds of 10 years. AFIDA reports are also required when there are changes in land use, such as agricultural to non-agricultural use. Foreign investors must also file a report when there is a change in the status of ownership.
The information from the AFIDA reports is used to prepare an annual report to the President and Congress on the effect of foreign land holdings on family farms and rural communities in the United States.
Assistance in completing the FSA-153 report may be obtained from the local county FSA office. For more information regarding AFIDA or FSA programs, contact the Portage County FSA office at 715-346-1313 or visit farmers.gov.
The Portage Co. USDA office is located at 4949 Kirschling Ct. in Stevens Point.
