According to the CFR Title 7 Part 781, any foreign person who holds an interest in U.S. agricultural land is required to report their holdings no later than 90 days after the date of the transaction.

"Failure to file a report or filing a late or inaccurate report can result in a penalty with fines up to 25 percent of the fair market value of the agricultural land," said Tripp.

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. AFIDA reports are also required when there are changes in land use, such us agricultural to nonagricultural use. Foreign investors must also file a report when there is a change in the status of ownership.

The information from the AFIDA reports 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 United States.

Assistance in completing the FSA-153 report may be obtained from the local county FSA office. For more information regarding AFIDA or FSA programs, contact your local USDA Service Center or visit farmers.gov.