MONROE - Foreign persons with an interest in agricultural lands in the United States are required to report their holdings and any transactions to the U.S. Secretary of Agriculture, according to a news release from the U.S. Department of Agriculture Farm Service Agency in Green County.
Transactions involving a foreign person acquiring, transferring or holding interest in agricultural land must be reported within 90 days, according to Teresa Zimmer, executive director for the Green County FSA.
Failure to do so or filing an inaccurate report can result in fines of up to 25 percent of the fair market value of the land.
Agricultural Foreign Investment Disclosure Act reports should be filed with the FSA county office that maintains reports for the county where the land is located.
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. Foreign investors must also file a report when there is a change in the status of ownership.
For more information regarding AFIDA and FSA programs, contact the Green County FSA office at 608-325-4195 or visit the USDA website at http://www.usda.gov.
Transactions involving a foreign person acquiring, transferring or holding interest in agricultural land must be reported within 90 days, according to Teresa Zimmer, executive director for the Green County FSA.
Failure to do so or filing an inaccurate report can result in fines of up to 25 percent of the fair market value of the land.
Agricultural Foreign Investment Disclosure Act reports should be filed with the FSA county office that maintains reports for the county where the land is located.
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. Foreign investors must also file a report when there is a change in the status of ownership.
For more information regarding AFIDA and FSA programs, contact the Green County FSA office at 608-325-4195 or visit the USDA website at http://www.usda.gov.
