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| Foreign transactions must be reported |
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| News | |||
| Written by Staff | |||
| Wednesday, 10 March 2010 09:00 | |||
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Foreign investors dealing in agricultural lands in the United States are reminded by Myron Stroup, county executive director of the Miami/Johnson County Farm Service Agency, they are required to report holdings and transactions to the U.S. Secretary of Agriculture. The Secretary of Agriculture has delegated the responsibility for collecting this information to the Farm Service Agency. Foreigner investors buying or selling land must report such transactions within 90 days of the date of the sale, according to Stroup. Failure to file an accurate or timely report can result in a penalty with fines up to 25 percent of the fair market value of the agricultural land. Stroup said the Agricultural Foreign Investment Disclosure Act requires reports to be filed by: Individuals who are not U.S. citizens or citizens of the Northern Mariana Islands or the Trust Territory of the Pacific Islands; Individuals who are not lawfully admitted to the United States for permanent residence or who are not paroled into the United States under the Immigration and Nationality Act; Any organization created under the laws of a foreign government or which has located its principal place of business outside the United States; Any U.S. organization in which a significant interest or substantial control is directly or indirectly held by foreign individuals, organizations, or governments; and Any foreign governments.
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