When I first learned that land in US and many other countries can be purchased by anyone in the world, it was mind boggling for me from pure theoretical perspective (actually many government even encourages that). Currently, you need about 3-5 million votes to swing US elections in the desired direction. Now median house price in US is just under $200K. So in theory you can purchase roughly 5 million houses in swing counties for total cost of less than $1T and either leave them vacant or rent out to only people who aligns with your agenda. That's actually not a very large amount to spend over few years when your ROI is literally the ability to control US politics and trade policies almost indefinitely.

In theory, foreign power with deep pockets can buy up large swaths of important land and establish local governments and population that eventually can tilt national politics and policies in desired way. This becomes more and more easier as elections in lot of developed countries often decided by thin margins from very predictable geographical locations. I am not saying this is happening but at least in theory it's possible to design full on economic attack on any country with such laws. Imagine what kind of havoke a foreign government can create if they buy up all aggreculture land and control food prices in peace times and famines in war times. Or buy up key commercial estates critical to producing energy or real estate for even just simple daily needs like gas stations or grocery stores.