Clifford Chance

U.S. Restrictions on Foreign Ownership Analysis

February 24, 2024

The surge in foreign ownership of real estate and agricultural land has sparked growing concerns, prompting both federal and state lawmakers to advocate for enhanced regulations and monitoring measures. This burgeoning interest in restricting foreign ownership is reflected in the increasing number of states implementing laws aimed at limiting the acquisition and transfer of, and investment in, U.S. real estate, particularly private agricultural land, by foreign individuals, entities, or governments. While no states currently enforce an outright ban on foreign ownership, many have begun to impose restrictions or limitations on foreign persons or entities seeking to acquire or hold interests in real estate and private agricultural land within their borders. However, the approach to these regulations varies significantly from state to state, lacking a standardized framework. The following analysis provides an introductory navigation through this complex landscape. Each state's constitutional and statutory provisions are outlined below in the chart, along with summaries of the restrictions, restricted groups, and any applicable exceptions. This chart has been compiled as of February 22, 2024.

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