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Foreign landowners must report transactions
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MONROE - Teresa R. Zimmer, county executive director of the Farm Service Agency, informs foreign investors who buy, sell or hold a direct or indirect interest in agricultural lands in the United States that they are required under the Agricultural Foreign Investment Disclosure Act to report their holdings and transactions to the U.S. Secretary of Agriculture.

The Agricultural Foreign Investment Disclosure Act became effective Feb. 2, 1979, and requires any foreign person who acquires or transfers any interest other than a security interest in agricultural land to report the transaction to FSA within 90 days of the sale or purchase.

The Secretary of Agriculture designated the Farm Service Agency to collect the reports which are to be submitted on form FSA-153, Agricultural Foreign Investment Disclosure Act Report. The completed from must be filed at the FSA county office where the land is located.

Failure to submit an accurate or timely FSA-153 could result in civil penalties up to 25 percent of the fair market value of the property.

County government offices, bankers, real-estate agents, attorneys and others involved in real estate transactions are encouraged to notify foreign investors of these reporting requirements.

An FSA-153 form can be obtained from the Green County FSA office or downloaded from: