– SB 264 restricts certain individuals and companies associated with China, Russia, Iran, North Korea, Cuba, Venezuela, and Syria from owning real property in Florida.
– Foreign principals are prohibited from acquiring agricultural land and any interest in real property within ten miles of any military infrastructure.
– The law completely prohibits foreign principals associated with China from purchasing or acquiring any interest in real property in Florida.
– A “foreign principal” includes governments, governmental officials, political parties and their members, and any business entity organized or having a principal place of business in a “foreign country of concern.”
– Natural persons from foreign countries of concern can purchase residential property if it is more than five miles from any military installation.
– The Florida Real Estate Commission (FREC) has not prepared the required form affidavit to certify that purchasers are not “foreign principals.”
– The proposed registration system for restricted properties has not been implemented.
– Violations of SB 264 can lead to civil and criminal liability for all involved in the transaction.
– Industry professionals are suggested to use available form affidavits in every transaction to try and comply with the new law.
– Foreign principals that acquired properties before July 1, 2023 have until December 31, 2023 to register their properties with the Department of Economic Opportunity.
https://www.gs2law.com/blog/sb-264-florida-restricts-foreign-ownership-of-real-property/
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