Conveyances to Foreign Entities

Resources > Conveyances to Foreign Entities

SB 264 & What You Need to Know

Everyone should be talking about SB 264, which enacted a law that restricts ownership of certain types of property by "foreign principals" from any of several "foreign countries of concern." One of the provisions of the law is that buyers of property sign an affidavit at closing, stating whether they are a foreign principal and that they are in compliance with the law.

The law requires an affidavit be provided at closing by the buyer affirming that 1) they are not a “foreign principal” as defined under the law or they are a “foreign principal” permitted to purchase property; and 2) they are in compliance with the law.

Where to Access

Fund Notice and FREC Affidavit Forms - Download

To assist Fund Members, we have provided a suggested Notice that generally explains the law and the two Florida Real Estate Commission-approved Affidavit forms (one for an individual buyer and the other for an entity buyer). Fund Members should consider these forms in the context of a specific transaction and their role (they may be acting as the title/closing agent, buyer's attorney, or seller's attorney).

Guidance For Use of Notice and Affidavit - Download

Suggestions and other information about how the Notice and Affidavit can be used.

On-Demand Training

Florida SB-264 - Conveyances to Foreign Entities Refresher - Watch Now

Join The Fund’s Melissa Murphy, Michael Rothman and Colleen Sachs for a comprehensive review (ONE FULL HOUR) of the new "Conveyances to Foreign Entities" law. They discuss: What types of property are covered? Is there a map? What is a “foreign principal?” What are the “foreign countries of concern?” What the heck is meant by “domicile?”  And “controlling interest?” Taiwan?  Attestation vs. Affidavit FRBAR provisions Registration requirements Handouts:  Presentation - FL SB 264 - Conveyances to Foreign Entities Refresher
Florida SB 264 - Conveyances to Foreign Entities - Watch Now

Legislative update.  Many bills made it through the legislature and are either in the hands of the Governor for his consideration or are in the "queue" to go to him. One bill has already been signed into law that requires your attention. This expansive new law goes into effect July 1 and restricts ownership of certain types of Florida property by "foreign principals" associated with 7 named countries. We have several resources for you to help you gain an understanding of the new requirements. Handouts:  Presentation - FL SB 264 - Conveyances to Foreign Principals Law - Florida Senate Bill No. 264 Complaint - Shen v. Simpson, Case No. 4:23-cv-208 Fund Alert - Legislative Update re Foreign Interests in Real Property Fund Alert - Legislative Update re Foreign Interests in Real Property (En Español)
Florida SB 264 - Foreign Principal FDOC Registration - Watch Now

Wondering whether your foreign principal client should register under the foreign interests in real property law? If so, join Melissa Murphy, Michael Rothman, and Colleen Sachs as they walk you through the Department of Commerce's registration website to get some helpful information about what’s required. Helpful Links:  Department of Commerce - Property Search Tool  Sunbiz.org Florida Property County Links Handout
Florida SB 264 - Questions & Answers - Watch Now

Do you often have transactions with foreign individuals buying real estate? Do you want to learn more about the affidavit required by a law in Florida that restricts ownership by certain foreign principals? If so, join Melissa Murphy, Michael Rothman, Senior Manager, Legal Education, and Colleen Sachs, Senior Commercial Underwriting Counsel, for a 30-minute popup webinar to answer questions we've received about this law. Handouts:  State's Response to Motion for Injuction Plaintiff's Reply Memo Law - Florida Senate Bill No. 264 Fund Alert - Legislative Update re Foreign Interests in Real Property Fund Alert - Legislative Update re Foreign Interests in Real Property (En Español)

Helpful Links

Notice and Affidavit Forms
- Individual Buyer & Entity Buyer

Department of Commerce -
Property Search Tool

SB 264, Chapter No. 2023-33
- Effective July 1, 2023

Conveyances of Real Property Under the Foreign Entities Act
- Fund Concept, 8/1/2023

State's Response to Motion for Injunction

Plaintiff's Reply Memo

Questions

Send us your questions and we will get back to you as soon as we can. Help us learn about the issues you are encountering in your practices, which in turn guides how we can best support you.

Email: ForeignInterests@TheFund.com