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Farm service agency news

Fri, Dec 9th, 2011
Posted in Agriculture

Foreign persons must report U.S. agricultural land holdings

Preston, MN - Nov 25, 2011 - Fillmore County USDA Farm Service Agency (FSA) Executive Director, Tammy Martin, reminds foreign persons with an interest in agricultural lands in the United States that they are required to report their holding and any transactions to the US Secretary of Agriculture.

"Any foreign person who acquires, transfers or holds any interest, other than a security interest, in agricultural land in the United States is required by law to report the transaction no later than 90 days after the date of the transaction," said Martin.

Foreign investors must file Agricultural Foreign Investment Disclosure Act (AFIDA) reports with the FSA county office that maintains reports of the county where the land is located.

"Failure to file a report, filing a late report or filing an inaccurate report can result in a penalty with fines up to 25 percent of the fair market value of the agricultural land," said Martin.

For AFIDA purposes, agricultural land is defined as any land used for farming, ranching, or timber production, if the tract totals 10 acres or more.

Disclosure reports are also required when there are changes in land use. For example, reports are required when land use changes from nonagricultural to agricultural or vice versa. Foreign investors must also file a report when there is a change in the status of owner such as owner changes from foreign to non-foreign, from non-foreign to foreign, or from foreign to foreign.

Data gained from these disclosures is used to prepare an annual report to the President and Congress concerning the effect on such holding upon family farms and rural communities in the United States.

For more information regarding AFIDA and FSA programs, contact the Fillmore County FSA office at 507 765-3892 or visit the USDA Website at http://www.usda.gov.

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