The Tennessee Conservative [By Jason Vaughn] –
Two Republican legislators have filed companion bills in the Tennessee legislature to prohibit foreign ownership of real property in Tennessee by nonresident aliens and foreign entities.
Senate Bill 0122 (SB0122), sponsored by Senator Frank Niceley (R-Strawberry Plains-District 8 ), and House Bill 0040 (HB0040), sponsored by Representative Jay Reedy (R-Erin-District 74), stipulates that if the country where a nonresident alien or foreign entity resides has laws on the books that deny citizens of the United States or its territories/possessions from purchasing real property in that country, that they in turn are prohibited from owning real property in the Volunteer State.
The legislation defines “Nonresident alien” as an individual who is not a citizen of the United States or a person lawfully admitted into the United States for permanent residence by the United States immigration and naturalization service, even if such status is conditional.
The legislation defines “Foreign business (entity)” as a corporation incorporated under the laws of a foreign country, or a business entity whether or not incorporated, in which a majority interest is owned directly or indirectly by nonresident aliens.
“Real Property” is generally defined in law terms as any fixed property, but is principally land and buildings.
The legislation states that foreign entities and nonresident aliens will not be divested if the real property was acquired prior to July 1st, 2023 but said owners must register said property with the Tennessee Secretary of State if owned after that date.
If the Tennessee Secretary of State finds a foreign entity or nonresident alien to be in violation of any of the terms laid out in the legislation, a fine not to exceed $2000 for each violation may be levied. In addition, each violation will also be reported to the Tennessee Attorney General for further action in the circuit court of the county where the property is located.
Should the legislation pass into law, it will take effect on July 1st, 2023.
Upon publication of this article, the House version of the bill is being held on the clerk’s desk awaiting appointment to the appropriate standing committee for consideration.
About the Author: Jason Vaughn, Media Coordinator for The Tennessee Conservative ~ Jason previously worked for a legacy publishing company based in Crossville, TN in a variety of roles through his career. Most recently, he served as Deputy Director for their flagship publication. Prior, he was a freelance journalist writing articles that appeared in the Herald Citizen, the Crossville Chronicle and The Oracle among others. He graduated from Tennessee Technological University with a Bachelor’s in English-Journalism, with minors in Broadcast Journalism and History. Contact Jason at news@TennesseeConservativeNews.com