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Legislature Considers Ban on Foreign Real Estate Buyers
There is a plan at the Wisconsin Capitol to stop foreign investors from buying-up Wisconsin farmland.
Sen. Rob Stafsholt, R–New Richmond, and Rep. Clint Moses, R–Menomonie, on Wednesday introduced legislation that would limit foreign entities from owning more than 50 acres of farmland.
“This bill primarily focuses on land that is currently zoned as agricultural land. There is no reason we should allow foreign governments or entities to own our Wisconsin farmland,” Stafsholt said in a statement. “And on a bigger scale, it is likely a matter of national security to not allow other countries to own our food-producing acres.”
Numbers from the USDA show that foreign investors own nearly 50 million acres of farmland across the country.
"Foreign investment in United States farmland is on the rise," the two said. "Protecting this farmland is important since the Wisconsin agriculture industry contributes $116.3 billion annually to our state’s economy."
“Our farmland should be owned by Wisconsin farmers,” Moses said. “It’s a major concern for our farmers looking to expand or people getting into farming to purchase land when a foreign country will pay more for land and push out our local producers. Our farmers should own the land as they are the ones we trust to produce our food and contribute to our local economies.”
In addition to the 50 acre limit, the Wisconsin Farmland Protection Act would stop foreign investors from owning any land within 10 miles of a military base in the state.
Wisconsin currently has some limits on who can buy or own certain pieces of land, but there are no laws that come close to what Stafsholt and Moses are proposing.
Similarly, 29 other states have laws that restrict land purchases in some way. But no state currently has a ban on foreign land owners.
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