New bill proposes 50% tax on foreign purchases of U.S. land amid housing crisis

First on the fox: Foreign entities kidnapped US real estate, even when Americans cannot buy property in their countries, according to Deputy Pat Harryan, RN.C, who told Fox News Digital that he is providing legislation to reform the problem.

Its bill, the law of reciprocity, will slap a 50 % tax on real estate purchases by foreign citizens and entities who have government relations if their American governments do not allow property to purchase property in those countries.

It will require all foreign citizens who buy lands to be submitted to the Tax Authority and ask the Foreign Minister to report every year that foreign countries prohibit for American citizens from owning real estate.

Texas is against the seizure of foreign lands with the “strongest bill in the nation” against China, Iran, Russia

“While American families are struggling to bear the costs of a house, foreign opponents buy our country with money – agricultural lands, neighborhoods, and even land near military bases. These systems prevent Americans from buying lands on their land, but they believe they can move us,” Harigan told Fox News Digital in a statement.

“My real estate treatment law prevents it from cold with taxes by 50 % on each purchase, mandatory disclosure, and protection for the land we are raising our children. If the Americans are not able to buy lands in your country, you will not be able to buy lands in us.”

The legislation of MP Pat Harryan, the law of reciprocity, will benefit a 50 % tax on real estate purchases by foreign nationals and entities who have government relations and their governments do not allow Americans to buy property. (Istock)

There is a surprising number of countries that have a complete ban or severe restrictions on foreigners to buy land within their borders. Switzerland, New Zealand, Denmark, Philipin, Poland and Vietnam all have strict rules on books. In places like China and Saudi Arabia, foreigners cannot buy land, but they can invest in real estate.

Foreign buyers have long been accused of kidnapping the price apartments in urban areas such as New York City to stop their assets, which increases housing costs.

Republicans in the Senate are making efforts to ban Chinese nationals from buying land in the United States

The draft law comes amid a large number of legislation designed to address the increasing Chinese infringement on American agricultural lands, especially near military bases. (Sergio Flores/Bloomberg via Getti Emaiz)

The draft law comes amid a large number of legislation designed to address the increasing Chinese infringement on American agricultural lands, especially near military bases.

China has about 350,000 acres of agricultural lands across 27 states as of last year, according to USA data.

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As of 2022, foreign entities and individuals retained 43.4 million acres of American agricultural lands, or nearly 2 % of the lands in the United States

As of 2021, Canada was the largest foreign holder of the United States. 12.8 million acres, Canadian land ownership was greater than the states of New Hampshire and Vermunt combined.