Rowan County USDA: Foreign persons must report agricultural land
(Salisbury, NC) Rowan County USDA Farm Service Agency (FSA) Executive Director Kathy Dudley reminds foreign persons with an interest in agricultural lands in the United States that they are required to report their holdings and transactions to the U.S. Secretary of Agriculture.
“Any foreign person who acquires, transfers or holds 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,” said Dudley.
Foreign investors must file Agricultural Foreign Investment Disclosure Act (AFIDA) reports with the Rowan County FSA office. FSA County offices maintain 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,” said Dudley.
Agricultural land is defined as any land used for farming, ranching or timber production, if the tracts total 10 acres or more.
Disclosure reports are also required when there are changes in land use. Reports are required when land use changes from nonagricultural to agricultural or from agricultural to nonagricultural. Foreign investors must file a report when there is a change in ownership status as owner changes from foreign to non-foreign, from non-foreign to foreign or from foreign to foreign.
Data gained from these disclosures is used to prepare an annual report to the President and Congress concerning the effect of such holdings upon family farms and rural communities in the United States.
For more information regarding AFIDA and FSA programs, contact the Rowan County FSA office at 704-637-1602 or visit the USDA Web site at http://www.usda.gov.