FSA reminds foreign investors of reporting rule
Tina McManus, County Executive Director, of the Steuben County Farm Service Agency reminds foreign investors who have bought or sold agricultural land in Steuben County to report the transaction within 90 days.
The Agricultural Foreign Investment Disclosure Act (AFIDA) requires all foreign owners of U. S. Agricultural land to report their holdings, acquisitions, dispositions, leases of 10 years or more, and land-use changes to FSA. “This law is still in effect, and those who fail to report or who are late in reporting face possible fines,” Ms. McManus said.
For reporting purposes, Ms. McManus defined agricultural land as any tract of more than 10 acres now in farming, ranching, forestry, or timber production. “This includes land in agricultural use when purchased as well as land later converted to agricultural use.” Foreign persons who own or have an interest in 10 acres or less do not need to report unless annual proceeds from the sale of agricultural products grown on these acres exceeds $1,000.00.
Individuals or companies that specialize in land holdings, land transfers, or management services should contact the local FSA Office for details on reporting on behalf of foreign clients.