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Idaho Statutes Title 55. Property in General § 55-103. Who may own property

Current as of January 01, 2024 | Updated by Findlaw Staff

<Text of section retroactive to April 3, 2023.>

(1) Except as provided in subsection (2) of this section, any person, whether citizen or alien, may take, hold, and dispose of property, real or personal.

(2) Notwithstanding any provision of law to the contrary, on and after the effective date of this subsection, a foreign government or a foreign state-controlled enterprise shall not purchase, acquire, or hold any controlling interest in agricultural land, forest land, water rights, mining claims, or mineral rights in the state of Idaho. This subsection does not apply to any interest in agricultural land, water rights, mining claims, or mineral rights acquired by a foreign government or foreign state-controlled enterprise prior to the effective date of this subsection or to any foreign pension fund.

(3) As used in this section:

(a) “Agricultural land” shall have the same meaning as “land actively devoted to agricultural purposes” as provided in section 63-604, Idaho Code.

(b) “Controlling interest” means:

(i) Possession of more than fifty percent (50%) of the ownership interest in an entity; or

(ii) A percentage of ownership interest in an entity that is fifty percent (50%) or less if a foreign government actually directs the business and affairs of the entity without the requirement or consent of any other party.

(c) “Foreign government” means a government other than the federal government of the United States or the government of any state, political subdivision of a state, territory, federally recognized Indian tribe, or possession of the United States.

(d) “Forest land” means privately owned or state owned land being held and used primarily for the continuous purpose of growing and harvesting trees of a marketable species. Having met the above criteria, forest land may be further identified by the consideration of any of the following criteria:

(i) Forest land is land evidenced by present use and silvicultural treatment.

(ii) Forest land is land which has a dedicated use that is further evidenced by a forest land management plan that includes eventual harvest of the forest crop.

(iii) Forest land is land bearing forest growth or land which has not been converted to another use.

(iv) Forest land is land which has had the trees removed by man through harvest, including clear-cuts or by natural disaster, such as but not limited to fire, and which within five (5) years after harvest or initial assessment will be reforested as specified in the forest practices act (chapter 13, title 38, Idaho Code).

(e) “Foreign pension fund” means a trust, corporation, or other entity created or organized under the law of a country other than the United States to provide retirement or pension fund benefits. However, the term “foreign pension fund” shall not include any trust, corporation, or other entity that is owned by or subject to a controlling interest of a sovereign wealth fund.

(f) “Mineral right” shall have the same meaning as provided in section 47-701, Idaho Code.

(g) “Mining claim” means a portion of land containing minerals that a miner has a right to occupy and possess for the purpose of extracting minerals.

(h) “State-controlled enterprise” means a business enterprise, however denominated, sovereign wealth fund, or state-backed investment fund in which a foreign government has a controlling interest.

(i) “Water right” shall have the same meaning as provided in section 42-230, Idaho Code.

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Cite this article: FindLaw.com - Idaho Statutes Title 55. Property in General § 55-103. Who may own property - last updated January 01, 2024 | https://codes.findlaw.com/id/title-55-property-in-general/id-st-sect-55-103/

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