Adirondack Country Homes Realty Inc.
Serving the "Entire" Adirondack Park with offices at:
Schroon Lake Region (Main Office): PO 488, 1098 US Route 9, Schroon Lake, NY 12870 * 518.532.7900
High Peaks Region/Auction Sales: 2918 US Route 9, North Hudson, NY 12855 * 518.532.9323
Lake Champlain Region: 25 Munsey Way, Elizabethtown NY 12932 * 518.569.8884
Lake George: 2022 State Route 9, Lake George, NY 12845 * 518.668.2677
North Country Region: 113 Flynn's Line Road, Burke, NY 12917 * 518.483.4538
Speculator Region: Route 30, Speculator, NY 12164 * 518.569.8884
Washington Country Region: 4156 County Route 30, Salem, NY 12865* 518-584-3294
EXTRA! EXTRA! EXTRA! Read all about it ...
Adirondack Country Homes Realty agents would like to share this news in our International Investors.
Foreign Investors Who Hold Agricultural Land
The Agriculture Foreign Investment Disclosure Act (AFIDA) of 1978 requires that a foreign person who acquires, disposes of, or holds an interest in United States agricultural land must disclose such transactions and holdings to the Secretary of Agriculture. Foreign persons must file an FSA-153 in the Farm Service Agency (FSA) Service Center where the land is physically located within 90 days of the date of the transaction. Failure to report is subject to civil penalty up to 25 percent of the fair market value of the land on the date the penalty is assessed.
AFIDA reports (FSA-153) are required of the following agricultural land holders:
• Entities in which interest is held by 10 percent or more foreign persons or groups of foreign persons acting in concert
• Entities in which 50 percent interest is held by a group of foreign persons not acting in concert
• Individuals with direct ownership
• Individuals with indirect ownership
• Individuals who are direct holders of leases for 10 years or more.
Agriculture land includes all crop, ranch, forestland and timberland more than 10 acres in size in the aggregate. Land totaling 10 acres or less in the aggregate that produces annual gross receipts in excess of $1,000 from the sale of farm, ranch, or timber products must be reported. An FSA-153 is not required of nationals of the United States, citizens of the Northern Mariana Islands and the Trust Territory of the Pacific Islands, individuals paroled into the United States under the Immigration and Nationality Act or permanent residents of the United States who carry a green card or I-551. AFIDA is required by7 CFR Section 781. Contact your local FSA Service Center for more information. Click here to view the AFIDA bill (pdf).
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