foreign buyers...land
Bears
Canada has imposed a ban on foreign buyers of cottages, land with fishing or hunting cabins. A25% tax on foreign buyer purchasing just recreational land. Ban comes in January 1rst 2023. Government says this is needed to curb speculators from buying up Canada.
A Tourist resort of less than 6 cabins is also affected in the ban. Announced earlier this year.
smart...USA needs to do the same
We need that here. China is buying our farm land.
Ya I'm not usually a fan of government intervention but I'm a fan of this one. We don't need Chinese control here.
Completely agree with the above statements.
Heck it is expensive enough to buy property as an American citizen. Don't need outside influences running up prices anymore.
Not sure that would pass a Constitutional 'smell' test here in US, but I like it.
I've always said only US citizens should be able to own US land. Makes great sense so politicians will never allow it.
It is one thing I do wish the us government would step in on. Having to compete with other countries for real estate is just wrong. Unless you live on the land/house full time.
"Not sure that would pass a Constitutional 'smell' test here in US, but I like it." - BigDanaC
Ever hear of a strawman purchase?
Benedict Arnold was selling the plans to West Point.
Clintons were selling overnights in the Lincoln bedroom.
States have the right to regulate purchases within their borders. Also, https://www.heartland.org/news-opinion/news/states-challenge-federal-control-of-western-lands
About 50 years too late but better late than never. I wonder how easy this is to get around. I guess 25% may also not be the biggest deterrent?
It would be legal to do so in the US. Nebraska currently prohibits aliens (or corporations owned or led by aliens) from owning farmland. https://nationalaglawcenter.org/wp-content/uploads/assets/aglandownership/Nebraska.pdf
M.Pauls, my thoughts exactly. Seems like there would be an easy work around.
Good idea, that’s why we will never do it, just makes too much sense.
" States have the right to regulate purchases within their borders"
Based on what criteria? I'm still not sure 'nationality of buyer' is valid. And yeah, I can see a group of foreign investors setting up a 'US-based' dummy company to buy it. So there are work-arounds. Might be able to stipulate that farm land must be actively farmed. But by who?
(Here in MA we have gravel quarries owned by a corporation in New Jersey - that is owned by a company in Italy...)
Where's Trump when you need him? China is very smart. smarter then use. Buy all the farm ground then end trade are increase are prices. They want world power and looks like there going to get it.
China is not smarter. Just more ruthless. US needs to wake up and stand up for itself!!!
It's amazing how many company's in us they Owen.
Great idea, only citizens should be land owners.
problem is our constitution give "persons in the US" rights, not just citizens.
Spike, How will that affect the market value of let's say an outfitters business if you ever wanted to sell?
In mean time china does not allow foreigners to Owen property.
Just to be clear, I agree, US citizens should only own US property. But here is what I found. China owns and controls almost 192,000 acres of farmland right here in the United States. To be clear, it's not a huge percentage of our total farm acreage by any stretch. Aug 17, 2022
U.S. Farmland Controlled by the Chinese - Ralph Normanhttps://norman.house.gov › news › documentsingle
• People also ask What foreign country owns the most farmland in the United States? Canadians In all, foreign owners control less than 3% of the country's farmland. Canadians represent the biggest share controlling a bit less than a third of the total. Owners from the Netherlands, Italy, Germany and the United Kingdom hold another third. Chinese owners, meanwhile, hold just 0.5% of privately held U.S. farmland.Aug 26, 2022
They are trying to manage the skyrocketing prices of Houses, cabins and Tourist resorts less than 6 cabins. Tourist resorts I think is just an unplanned casualty of moratorium. Planned for 2 years. Will make prices go down. Also foreign owners will be stuck with say, private hunting land that cant sell to the foreigners who always pay top dollar. Alot of land will be sold to Canadians for much less. Back in 1991 I bought a 110 acre land locked piece with 3500 foot of shoreline for $6000.00. Now price is in the 6 digits. Will go down for sure now. Market to sell to is in half.
A1: USDA records provide the best source of information on foreign-held agricultural land, although they are still incomplete and contain many errors (as explained in A3 below). According to USDA data, foreign investors owned at least 35.2 million acres of U.S. agricultural land in 2019—2.7 percent of U.S. farmland, an area almost the size of Iowa. While foreign land ownership has been reported in all 50 states and Puerto Rico, the holdings are concentrated in particular states. The greatest share is in Texas, with over 4.4 million acres, followed by Maine (3.3 million acres) and Alabama (1.8 million acres). Over 40 percent of the additional 3.4 million acres acquired by foreign investors in 2019 was located in Texas, Oklahoma, and Colorado.
Canadian investors hold the largest share of this land, at 29 percent, with the Netherlands, Italy, Germany, and the United Kingdom collectively owning another 33 percent. The remaining 38 percent is held by entities from almost a hundred other countries. Although Congress has become increasingly concerned about Chinese land purchases, investors from China currently own only a small fraction of this land, at 191,652 acres (0.05 percent of the total).
Foreign entities buy agricultural land for a variety of reasons, such as food production, wind farming, carbon offsets, or speculative investments. In 2019, 49 percent of reported foreign-held acreage in the United States was forest land, while 25 percent was crop land, 24 percent was for pasture and other agricultural uses, and 2 percent was for non-agricultural uses (such as homesteads and roads). The USDA reports that the changes in pasture and crop land holdings since 2009 were mostly due to foreign-owned wind companies signing or terminating long-term leases.
Paul, do you think maybe that the % of Canadians who own in the states are hiding under the flag of being a Chinese Canadian as an example.
Remember back in 1974 pulling up to a farm house to get permission to hunt, it was the manager's house that covered 4000 acres that some Saudi owned in S.E. Iowa, the manager didn't allow hunting do to the owner. First time I had an experience with foreign owner, the manager told me he would let me in but he may loose his job if it got back to the owner.
People being afraid of China is funny.
Recently heard that about a third of the hogs in the USA were China owned.
Covid is going to or has sunk China. You can't cease operations and isolate and stay afloat.
I elk hunt on 42,000 acres in NM owned by a Mexican.
This makes me upset....
Arabia has over 10,000 acres in La Paz County Arizona they grow alfalfa on. They ship it all back to Arabia for their dairy herds. They banned growing alfalfa at home in 2018 because of water use. They have a sweetheart deal for water....$25 annual flat fee per acre.
They are rapidly destroying the water table.
Here's one of the sell out politicians.. now a Maricopa County supervisor.
Another issue that was brought up even concerning US owners was the Bill Gates in NE.If he put that land in the charitable fund it will become tax exempt and could cause sever financial harm to the multiple counties it is in.
Ironic? Yes very. So fair and just Canada. Like when we have to hire an outfitter to hunt there and they do not to hunt here. One way street with them
China likes to purchase land adjacent to our military installations. Don’t think growing tomatoes is the top priority.
I could be wrong but I don’t believe spike bucks original statement on this thread is correct for all of Canada. Maybe it’s this way in Ontario but Albertans wouldn’t even know what a cottage is? Or what a tourist resort with less than 6 cabins is? Each province has different laws for this sort of thing. In Alberta non-Canadians have never been allowed to buy farmland, yet in the neighbouring province of Saskatchewan non Canadians can buy farmland. They can also buy recreational land but their isn’t any 25% tax that my Saskatchewan/Alberta guide is aware of?
Trudopes law... Federal across Canada. Mostly for houses, apartment buildings and land with a house. He might have refined rules since then. Vacant land does not count. This was posted in 2022.
Sorry spikebuck, my mistake. That makes sense, not farmland, my misunderstanding. It’s so easy for foreigners to get around these laws though, Chinese drug dealers are laundering money through Canadian banks, Casinos and shell companies like crazy and driving up house prices. The governments all turn a blind eye to it and give small fines to the banks if caught. Corrupt, China owned politicians help it all out, Turdeau included.
The news has to use the term “could” face fines of 2 billion, yeah right!?
It’s still ongoing, Toronto area and other big Canadian cities are greatly affected by it too. The 25% tax would just be the federal governments cut of the deal and the BC government gets a cut of provincial Casino revenue!
You can bet this laundered money is used to buy land and homes in the USA too. With the AVERAGE home price in greater HONGCOUVER at $1.3 million, you just buy the house with drug money and use the bank line of credit on your home to buy a vacation home in Arizona for half that!
