US Treasury to Expand Powers Over Real Estate Purchases Near Military Bases

The United States Treasury Department has announced that the Committee on Foreign Investment in the United States (CFIUS) will expand its jurisdiction over more real estate purchases near US military facilities. This expansion will allow the committee to regulate the purchase of real estate near more than 50 installations in 30 states. The announcement reads below:."Today, the…CFIUS issued a Notice of Proposed Rulemaking (NPRM or proposed rule) that would expand… jurisdiction over certain transactions by foreign persons involving real estate in the United States… This proposed rule would add over 50 military installations, across 30 states, to the existing list of installations around which CFIUS has jurisdiction, including over land purchases. This latest update would vastly expand the reach of CFIUS's real estate jurisdiction, while maintaining its sharp focus on national security.".The Foreign Investment Risk Review Modernization Act of 2018 (FIRRMA) originally gave the CFIUS powers to regulate such real estate purchases. The rule change parameters announced today read below:.Expand CFIUS's jurisdiction…to include those within a one-mile radius around 40 additional military installations;Expand CFIUS's jurisdiction…within a 100-mile radius around 19 additional military installations;Expand CFIUS's jurisdiction…between 1 mile and 100 miles around eight military installations already listed in the regulations;Update the names of 14 military installations already listed in the regulations; andUpdate the location of seven military installations already listed in the current regulations.