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Foreign Ownership of U.S. Real Estate: Increased Government Scrutiny, Administrative Obligations, and Penalties

Expanded CFIUS Jurisdiction and Restrictive State Legislation

Recording of a 90-minute premium CLE video webinar with Q&A

This program is included with the Strafford CLE Pass. Click for more information.
This program is included with the Strafford All-Access Pass. Click for more information.

Conducted on Thursday, August 17, 2023

Recorded event now available

or call 1-800-926-7926

This CLE webinar will describe recent federal and state efforts to regulate foreign ownership of U.S. real estate, including the recently proposed rule expanding CFIUS' jurisdiction and increased enactment of state legislation resulting in additional administrative obligations and costly penalties for violations. Panelists will discuss key considerations and challenges for counsel advising parties involved in foreign real estate transactions in the U.S.


On May 5, 2023, the Department of the Treasury issued a notice of proposed rulemaking to add eight military installations to the list of sites over which CFIUS has jurisdiction to review real estate transactions. This is the first expansion of CFIUS' real estate authority since it came into effect in 2020.

Furthermore, state legislators that want to limit U.S. real estate investments from "countries of concern" such as China, continue to propose and enact legislation that will increase scrutiny on real estate transactions involving foreign entities even if outside CFIUS' jurisdiction. States are imposing additional administrative obligations including registration, reporting, and affidavit requirements as well as costly civil and criminal penalties for violations.

Increased legislation will complicate transactions for companies and funds that operate in multiple states and could result in inadvertent violations. Given this increased scrutiny and potential for penalties, counsel to parties considering U.S. real estate transactions involving foreign entities should evaluate CFIUS' interest in the transaction and whether state regulations apply.

Listen as our expert panel discusses the implications that the CFIUS proposed rule and increased state legislation will have on foreign real estate transactions in the U.S. Our panel will also describe best practices for helping clients navigate the expanding maze of regulations and maintain compliance.



  1. History behind the expanding regulation of foreign ownership of U.S. real estate
  2. CFIUS' proposed rule and potential impact
  3. Other proposed federal legislation
  4. State legislation
    1. Scope of legislation being proposed/enacted
    2. Discussion of noteworthy legislation
    3. Impact including potential costly penalties
  5. Key considerations and best practices for compliance


The panel will review these and other key issues:

  • How will CFIUS' expanded jurisdiction impact foreign real estate transactions in the U.S.?
  • What other federal and state regulations should be considered even if foreign real estate transactions are not subject to CFIUS' jurisdiction?
  • What steps should counsel and companies take to comply with increased regulations and address potential issues when considering foreign real estate transactions in the U.S.?


Black, Laura
Laura Black

Senior Counsel
Akin Gump Strauss Hauer & Feld

Ms. Black advises clients, including funds and multinational corporations, on investment screening within a broader...  |  Read More

Davis, Christian
Christian C. Davis

Akin Gump Strauss Hauer & Feld

Mr. Davis’ practice focuses on U.S. law and policy affecting international trade and business. He advises clients...  |  Read More

Padgett, Katherine
Katherine P. Padgett

Akin Gump Strauss Hauer & Feld

Ms. Padgett’s practice focuses on a variety of international trade matters, including CFIUS reviews, export...  |  Read More

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