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The New Florida law imposes restrictions on property acquisitions within the state by individuals with affiliations to foreign countries of concern, such as China, Russia, Venezuela, Cuba, and the Syrian Arab Republic.

Deadline: FL Law Restricting Foreign Real Estate Ownership.

Florida Governor Ron DeSantis signed Senate Bill 264 into law on May 8, 2023, restricting foreign principals from owning, having a controlling interest in, or acquiring real property in FL. The law defines foreign principals and identifies "foreign countries of concern," including China, Russia, and Venezuela. SB 264 imposes extensive restrictions on foreign principals owning real property, especially agricultural land, and areas near critical infrastructure. Rules published on September 20, 2023, outline procedures for property purchases near military installations or critical infrastructure. An exemption exists for agricultural land owned before July 1, 2023, but post-July 1 ownership requires registration. Legal challenges persist, and noncompliance may result in civil and criminal penalties, including a $1,000 daily fine. The law is in effect, and the deadline for compliance is December 31, 2024. For assistance, contact us at 305-831-4093 or email [email protected].
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Gov. Ron DeSantis of Florida spoke in Rochester, N.H., last month.Credit...David Degner for The New York Times

Florida’s 2023 Legislative Highlights: Law Restricting Foreign Ownership of Real Estate and more laws enacted by Gov. DeSantis

The Guillen Pujol CPA team has outlined legislative updates, particularly in taxation and economics, following Florida Governor DeSantis's approval of numerous bills in May 2023. Notable laws include CS/CS/SB 264—Interests of Foreign Countries, CS/CS/HB 1259—Education: Addressing charter school funding, CS/CS/SB 846—Agreements of Educational Entities with Foreign Entities, Tax Breaks (HB 7063)...
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