Breaking News: U.S. Treasury Expands Security Review Authority Over Foreign Real Estate Purchases Near Military Bases
In a groundbreaking move, the U.S. Treasury has announced a major expansion of its security review authority over foreign purchases of real estate near American military bases. This expansion adds a total of 56 facilities across 30 states to its review list, bringing the total number of military installations under scrutiny by the Committee on Foreign Investment in the United States (CFIUS) to about 227.
The decision comes in response to growing concerns about national security risks posed by Chinese-linked purchases of property near sensitive military sites. A previous CFIUS review had already given a Chinese-linked company and its partners 120 days to sell property near a U.S. Air Force Base in Wyoming that houses part of the U.S. nuclear arsenal.
The proposed rule, announced on Monday, would expand CFIUS' jurisdiction over land deals within one mile of 40 additional military sites and within 100 miles of 19 additional military installations. This marks the largest expansion of CFIUS' review authority since the enactment of a 2018 law that broadened its scope to include non-controlling investments in U.S. real estate transactions.
"This latest update vastly expands the reach of CFIUS' real estate jurisdiction while maintaining its sharp focus on national security," said a Treasury official.
In conclusion, this development underscores the importance of protecting national security interests by closely monitoring foreign investments near military installations. Investors and the general public should take note of these regulatory changes, as they can have significant implications for real estate transactions and the overall security landscape.