MONROE - Foreign investors who buy, sell or hold a direct or indirect interest in agricultural lands in the United States are required under the Agricultural Foreign Investment Disclosure Act to report holdings and transitions to the U.S. Secretary of Agriculture.
The ag secretary designed the Farm Service Agency to collect the reports which are to be submitted on form FSA-153, the Agricultural Foreign Investment Disclosure Act. The act became effective on Feb. 2, 1979 and requires any foreign person who acquires or transfers any interest other than a security in agricultural land to report the transaction to FSA within 90 days of the sale or purchase.
"Failure to submit an accurate or timely FSA-153 could result in civil penalties of up to 25 percent of the fair market value of the property," said Teresa R. Zimmer, executive director of the Green County Farm Service Agency.
The ag secretary designed the Farm Service Agency to collect the reports which are to be submitted on form FSA-153, the Agricultural Foreign Investment Disclosure Act. The act became effective on Feb. 2, 1979 and requires any foreign person who acquires or transfers any interest other than a security in agricultural land to report the transaction to FSA within 90 days of the sale or purchase.
"Failure to submit an accurate or timely FSA-153 could result in civil penalties of up to 25 percent of the fair market value of the property," said Teresa R. Zimmer, executive director of the Green County Farm Service Agency.