First on FOX: Foreign companies are taking away US real estate even when Americans can’t buy property domestically, according to Rep. Pat Harrigan Rn.C., who told Fox News Digital they are implementing laws to resolve the issue.
His bill, the Real Estate Interrelations Act, would slap 50% tax on the purchase of real estate by foreigners and organizations with government relations, if the government does not allow Americans to purchase property in those countries.
All foreigners who purchase the land submit to the IRS; Secretary of State Foreign countries report annually that the United States prohibits US citizens from owning real estate.
Rep. Pat Harrigan said he is buying American real estate while blocking foreign entities from doing Americans the same overseas. He introduces legislation to change it in a bill previewed in Fox News Digital. (Nathan Posner/Anadoll via Getty Images)
“American families struggle to buy homes, but foreign enemies are buying our country with cash — farmland, neighbours, even land near military bases.
“My Real Estate Interrelations Act will cease coldly with a 50% tax on all purchases, mandatory disclosures and protections that raise children. If Americans cannot purchase land in your country, you will not be able to buy our land.”
The Act on Rep. Pat Harrigan’s Act, a real estate interaction law, slaps 50% tax on the purchase of property by foreigners and organizations that have government relations and the government does not allow Americans to purchase property. (istock)
A surprising number of countries have utterly bans or strict restrictions on foreigners who purchase land within their borders. Switzerland, New Zealand, Denmark, the Philippines, Poland and Vietnam all have strict rules for books. in Places like China Saudi Arabia, foreigners cannot purchase land, but they can invest in real estate.
Foreign buyers have been accused of stealing expensive apartments in metropolitan areas like New York City, parking assets and pushing up housing costs.
Senate Republicans begin efforts to ban Chinese citizens from purchasing US land
The bill comes amid many laws designed to address the rise in Chinese invasions near US farmland, particularly military bases. (Sergio Flores/Bloomberg via Getty Images)
The bill comes amid many laws designed to deal with China’s rise Invasion of US farmlandEspecially near military bases.
China owned about 350,000 acres of farmland in 27 states last year, according to USDA data.
Read Harrigan’s bill below. App User: Click here
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As of 2022, foreign companies and individuals had 43.4 million acres of US farmland.
As of 2021, Canada was the largest foreign owner of US land. The 12.8 million acres of Canadian land ownership was greater than the New Hampshire and Vermont combination.
