The U.S. Department of Agriculture has proposed revisions to the Agricultural Foreign Investment Disclosure Act to update reporting requirements for foreign persons with interests in U.S. agricultural land. The proposed rule includes expanded reporting, leases of more than one year that may become reportable, and ownership and holding disclosures. The proposal outlines new penalty procedures, including a civil penalty of 2.5 percent of the fair market value every seven days for certain foreign adversary or adversary-controlled entities and 1.5 percent for other foreign persons, with penalties capped at 25 percent of the relevant fair-market value.
Was this helpful?
