What is the effective date of the new law? What are the applicable Florida statutes?
The new law (SB 264) went into effect on July 1, 2023. Fund Members should familiarize themselves with new secs. 692.201-205, F.S.
Please summarize the law in one sentence.
The law restricts the acquisition of certain Florida real property by “foreign principals” – i.e., foreign persons and entities associated with “foreign countries of concern” that already own, or after July 1, 2023, acquire or wish to purchase affected Florida real property.
Are all foreign persons and entities affected by the law?
No. Just persons and entities associated with certain “foreign countries of concern.”
Please define “foreign countries of concern.”
See s. 692.201(3), F.S. The list includes the People’s Republic of China, the Russian Federation, Iran, North Korea, Syria, Cuba, and the Venezuelan regime of Nicolas Maduro, including any agency or entity of significant control by such country of concern.
Please define “foreign principals.”
See s. 692.201(4), F.S. for the full definition. For most Fund Members, foreign principals will primarily involve non-U.S. citizens living in a foreign country of concern – e.g., Venezuela, China (incl. Hong Kong and Macao), and Russia – already owning or seeking to buy certain affected real property in Florida.
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