Conveyances to Foreign Entities
Part III, Chapter 692, Florida Statutes

Laws Pertaining to Foreign Principals Owning Affected Real Property Prior to July 1, 2023; Registration Requirements

Are foreign principals owning affected lands as of July 1, 2023 (the effective date of the law) required to sell or dispose of their interests by a date certain?
No. They are, however, (i) required to register with the State, and (ii) prohibited from purchasing or acquiring by grant, devise, or descent any additional affected real property.

Is it true that foreign principals owning affected real property will have to register with the State?
Yes.  As of July 1, 2023, foreign principals owning affected real property must register with the State.

When do foreign principals have to register with the State? And where?
It depends on whether the land is agricultural or not.

For agricultural land, see s. 692.202, F.S. Foreign principals owning agricultural land before July 1, 2023, must register with the Dept. of Agriculture and Consumer Services by Jan. 1, 2024.

For non-agricultural land, see s. 692.203(3), F.S. If prior to July 1, 2023, foreign principals owned land within 10 miles of any military installation or critical infrastructure facility, they must register with the Dept. of Economic Opportunity by Dec. 31, 2023 (now known as the Dept. of Commerce).

Is the State now accepting registrations?
No. As of July 15, 2023, neither State department was accepting registrations.

What is known about the registration requirements?
The identified State departments will issue the forms of registration. The law mandates that the registrant identify its name, the property address, parcel I.D. number and legal description, and in the case of agricultural land, the number of acres.

Are there any penalties imposed on foreign principals for failing to register with the State?
Yes. For each day the registration is “late” (as defined by the law), a penalty of $1,000.00 is assessed. The State may impose a lien on the unregistered land for the unpaid balance of any penalties assessed.

Are there any other registration requirements imposed on foreign principals?
Yes. If a new acquisition qualifies under the “one residence exception” addressed in s. 692.203(4), F.S., the foreign principal must register within 30 days of acquisition with the Dept. of Economic Opportunity/Commerce. The rules on such registration are to be promulgated by the Department.



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