Arizona · A.R.S. §33-443Arizona foreign adversary land ban: who is covered, what counts as an interest, and the closing side

Arizona's rule reaches any real property in the state, not only farmland. A foreign adversary nation or foreign adversary agent may not, directly or indirectly, purchase, own, lease, acquire by grant or devise, obtain a concession over, or obtain a current or future substantial interest in real property – including options, warrants, rights of first refusal, remainders and convertible debt that could lead to property rights (A.R.S. §33-443(A)). A foreign adversary nation is a country named as a national security risk in each of the three latest U.S. intelligence threat assessments or designated by the Commerce Department under 15 C.F.R. §791.4; agents include state-owned enterprises, entities the nation controls, party and government leaders, and businesses headquartered there and controlled by it (§33-443(N)(7)–(8)). A substantial interest is 15% or more, counting contingent interests as exercised, but not a passive stake without power to direct the property decisions (§33-443(N)(11)). Shells, trusts and restructuring to slip under 15% are covered (§33-443(C)); transactions cleared by CFIUS or under a CFIUS mitigation agreement are excluded (§33-443(E)). Land taken by devise, descent, security enforcement or debt collection is allowed only if sold within 120 days (§33-443(K)). The attorney general enforces; a court that finds a violation orders divestment and a county sale, paying lienholders first (§33-443(F), (H)). Title insurers, title agents, escrow agents and real estate licensees can't be held liable, and a violation can't be the basis of a title insurance claim (§33-443(I)–(J)).