The Manitowoc, Sheboygan, and Calumet County Farm Service Agency Executive Director are reminding foreign investors with agricultural interests that they are required to report their land holdings and transactions to the United States Department of Agriculture.
Vicky Mueller says it’s required by The Agricultural Foreign Investment Disclosure Act (AFIDA).
Failure to file a report or filing a late or inaccurate report can result in a penalty with fines of up to 25% of the fair market value of the agricultural land.
Foreign investors should report holdings of agricultural land totaling 10 acres or more used for farming, ranching, or timber production, including leaseholds of 10 years.
The information from the AFIDA report is used to prepare an annual report to the President and Congress on the effect of foreign land holdings on family farms and rural communities in the US.
Assistance in completing a report form can be found at the Manitowoc County FSA Office by calling 920-683-5119 or by visiting farmers.gov.
