|
Trempealeau County Farm Service Agency reminds foreign investors who buy, sell or hold a direct or indirect interest in agricultural lands in the United States to report their holdings and transactions to the U.S. Secretary of Agriculture.
Under the Agricultural Foreign Investment Act, any foreign person who buys or sells agricultural land must report the transaction to FSA within 90 days of the sale or purchase.
"This requirement has been in place since 1979, so it's nothing new," said CED, Jim Hannula "Each year, we work with county government offices, bankers, realtors and others involved with real estate transactions to remind them of the requirements."
Report Form FSA-153 is available online or at any local FSA office. The completed form must be filed at the FSA county office where the land is located.
Reporting land transactions is the responsibility of foreign landowners. Failure to report accurate and timely information can result in civil penalties of up to 25 percent of the fair market value of the property.
An FSA-153 form is available online at http://www.fsa.usda.gov/wi/programs/factsheets/afida/ FSA0153.pdf
|
