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The Agricultural Foreign Investment Disclosure Act of 1978 requires all foreign owners of U. S. agricultural land to report their holdings, acquisitions, dispositions, leases (over 10 years) and land-use changes to the Agricultural Stabilization and Conservation Service.
Foreigners with land owned before February 2, 1979 should have reported it by August 1, 1979. Those who have acquired or disposed of farmland since that time are required to report these transactions within 90 days. Those who fail to report or who are late in reporting face possible fines. At the end of 1980, USDA had assessed 1,950 penalties for late filings, amounting to about S350JQOQ.
Agricultural land is defined as any tract of more than one acre now in agricultural, forestry or
86.5%