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FOREIGN BUYERS AND SELLERS MUST REPORT U.S. AGRICULTURAL LAND HOLDINGS
05/16/2011 06:12 PM EDT
MEDIA RELEASE 047
CONTACT: James Robello, County Executive Director
(808) 871-5500 extension 2
FOREIGN BUYERS AND SELLERS MUST REPORT U.S. AGRICULTURAL LAND HOLDINGS
Kahului, Hawaii, January 5, 2011- Foreign investors 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, through the USDA Farm Service Agency.
Any foreign person who acquires or transfers 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.
Foreign investors or entities must file Agricultural Foreign Investment Disclosure Act (AFIDA) reports with the Farm Service Agency County Office that maintains reports for 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.
For AFIDA purposes, agricultural land is defined as any land used for farming, ranching or timber production, if the land is more than 10 acres in size or if the land is 10 acres or less and in the aggregate producing gross annual receipts of more than $1,000 from the sale of farm, ranch, or timber products in total.
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 from agricultural to nonagricultural.
When the Agricultural Foreign Investment Disclosure Act was signed into law in 1978, the reporting requirement was adopted as part of the same legislation. Data gained from these disclosures is used in the preparation of periodic reports to the President and Congress concerning the effect of such holdings upon family farms and rural communities in the United States.
Foreign investors must also file a report when there is a change in the status of ownership such as owner changes from foreign to non-foreign, from non-foreign to foreign or from foreign to foreign.
For more information regarding AFIDA and FSA programs, contact the USDA Farm Service Agency office at (808) 871-5500 ext. 2 or visit the USDA Web sites at http://www.usda.gov.
The U.S. Department of Agriculture (USDA) prohibits discrimination in all its programs and activities on the basis of race, color, national origin, age, disability, and where applicable, sex, marital status, familial status, parental status, religion, sexual orientation, genetic information, political beliefs, reprisal, or because all or part of an individual’s income is derived from any public assistance program (Not all prohibited bases apply to all programs.) Persons with disabilities who require alternative means for communication of program information (Braille, large print, audiotape, etc.) should contact USDA’s TARGET Center at (202) 720-2600 (voice and TDD). To file a complaint of discrimination, write to USDA, Director, Office of Civil Rights, 1400 Independence Avenue, S.W., Washington, D.C. 20250-9410, or call (800) 795-3272 (voice) or (202) 720-6382 (TDD). USDA is an equal opportunity provider and employer.
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