With the enactment of Senate Bill 212, Oklahoma tightens the reins on foreign land ownership, taking effect on November 1, 2023. This initiative comes in the wake of increased foreign-owned marijuana farming operations. The amended law now restricts indirect land ownership by foreign individuals unless engaged in regulated interstate commerce as per federal law.
A crucial compliance requirement is the submission of a specific affidavit with every deed filed, verifying adherence to the new law. The Oklahoma Attorney General’s office has delineated three affidavit forms catering to different entities – individuals, non-exempt businesses or trusts, and exempt businesses or trusts.
To abide by this law, follow these steps:Continue reading “Navigating Oklahoma’s New Land Ownership Law: A Guide to Compliance”