Prohibiting foreign property ownership in Wyoming.
If implemented, HB0183 is expected to significantly alter existing property laws in Wyoming by creating restrictions on foreign ownership. This bill would require foreign entities to register their ownership interests with the Secretary of State and impose a civil penalty for non-compliance. The intention is to maintain local control and security related to property ownership, which supporters argue is necessary to protect Wyoming's economic interests.
House Bill 0183 aims to prohibit foreign ownership of property in Wyoming. It specifically targets foreign governments, foreign businesses, and foreign persons, restricting these entities from acquiring any interest in land, except for personal residences not exceeding one acre. The bill mandates that foreign entities currently holding property in Wyoming divest their interests within two years of the bill's enactment, unless they are preserving their personal residences within the specified limits.
Notably, the bill has generated discussion concerning its implications for international relations and local economies. Some critics argue that restricting foreign ownership could adversely impact investment opportunities and economic growth. Supporters contend that the bill is essential for preventing foreign influence and ensuring that land ownership remains primarily in the hands of Wyoming residents.
The bill provides detailed definitions regarding foreign entities and sets forth enforcement mechanisms, including civil penalties for violations of the registration requirements. It also stipulates that county clerks report any violations related to foreign property ownership to the Secretary of State, who would then notify the Attorney General for potential enforcement actions necessary to uphold the bill's provisions.