House Republicans have introduced the Real Estate Reciprocity Act, aiming to curb foreign adversaries from purchasing American land while U.S. citizens face barriers abroad. The bill proposes a 50% tax on real estate acquisitions by foreign nationals from nations that restrict American property ownership.
Rep. Pat Harrigan (R-N.C.), the bill’s sponsor, highlighted concerns over foreign entities acquiring U.S. farmland, residential properties, and land near military installations. He emphasized the disparity where regimes that prohibit Americans from buying land are investing heavily in U.S. real estate.
Harrigan told Fox News: “While American families struggle to afford a home, foreign adversaries are buying up our country with cash – farmland, neighborhoods, even land near military bases. These regimes ban Americans from buying land on their soil, but think they can carve up ours.
“My Real Estate Reciprocity Act stops it cold with a 50% tax on every purchase, mandatory disclosure, and protections for the ground we raise our kids on. If Americans can’t buy land in your country, you won’t be able to buy land in ours.”
The legislation mandates foreign buyers to file with the IRS and requires the Secretary of State to annually report countries that limit U.S. citizens from owning property. This move seeks to ensure transparency and reciprocity in international real estate transactions.
The bill is part of a broader Republican initiative to safeguard national security and address housing affordability. Previous efforts include the American Land and Property Protection Act, which aims to prevent entities from China, Russia, North Korea, and Iran from purchasing U.S. land. Lawmakers express concerns that such acquisitions could pose threats to agricultural production and military readiness.
As the housing market tightens, with Americans struggling to afford homes, the influx of foreign investments exacerbates the crisis. The proposed legislation seeks to level the playing field, ensuring that American families have better access to housing and that national interests are protected.
