Ohio Foreign Investment Reporting Requirements
Kegler Brown Creditors' Rights + Bankruptcy Alert March 3, 2008
§ 5301.254. Nonresident alien acquiring certain interests in real property or minerals to file information with secretary of state
I. To whom does the statute apply?
- nonresident alien individuals
- businesses where 10% or more of the ownership is held by a single foreign individual or entity
- businesses where 40% or more of the ownership is held by any number of foreign individuals or entities
II. To what land interests does the statute apply?
- is in excess of three acres
- has a market value greater than $100,000
- is a mineral interest
- is a mining interest with a market value greater than $50,000
III. How does the foreign entity comply with the statute?
- the foreign entity must file a report within 30 days of the acquisition or any change in the holding
- the report must be filed with the Ohio secretary of state
- the entity must pay a filing fee of $5.00 for individuals and $25.00 for businesses.
IV. The information in the report includes
- name and contact information of the person or entity who holds the interest
- country of citizenship
- location and amount of acreage of the real property
- intended use of the property
- business about the business entity