1. Florida has passed a new law, SB 264, called Interests of Foreign Countries, which limits and regulates the sale, purchase, and ownership of certain properties in Florida by Foreign Principals from specific countries of concern.
2. Foreign Principals include government and party officials from certain countries, companies formed in those countries, and individuals not citizens or lawful permanent residents of the United States with a controlling interest in a corporate entity formed for the purpose of owning real property in Florida.
3. As of July 1, 2023, Foreign Principals from the Countries of Concern are prohibited from purchasing any agricultural land in Florida. If they currently own agricultural land, they must register it with the Florida Department of Agriculture and Consumer Services by January 1, 2024, or face fines. After July 1, 2023, they may only acquire agricultural land through specific means and must sell it within three years of acquisition. 1. Foreign Principals from certain countries are prohibited from purchasing real property within 10 miles of Military Installations or Critical Infrastructure facilities in Florida as of July 1, 2023.
2. Foreign Principals of the People’s Republic of China (PRC) are prohibited from purchasing any real property in Florida as of the same date.
3. Foreign Principals owning real property within 10 miles of Military Installations or Critical Infrastructure facilities in Florida prior to July 1, 2023 must register their properties with Florida’s Department of Economic Opportunity by December 31, 2023 or face fines.
4. Similar registration requirements apply to Foreign Principals of PRC who own real property in Florida before the July 1, 2023 deadline.
https://bergersingerman.com/news-insights/client-alert-florida-law-restricting-foreign-real-estate-investments
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