Here at Access Title Agency we are dedicated to keeping you informed about crucial developments in the real estate landscape. In this article, we address a recent development that may significantly impact property transactions involving non-U.S. citizens in Florida.
Florida Governor Ron DeSantis recently signed Ch. No. 2023-33 (Senate Bill 264), known as the Interests of Foreign Countries law, which took effect on July 1, 2023. This new legislation introduces restrictions and regulations on the sale, purchase, and ownership of certain properties in Florida by foreign individuals and entities. The law specifically targets foreign principals, particularly those from China, Russia, Iran, North Korea, Cuba, Syria, and the Venezuelan regime of Nicolas Maduro.
Understanding the Key Points
- Restricted Land Categories: The Interests of Foreign Countries law imposes limitations on foreign individuals classified as principals of countries of concern. These individuals are prohibited from directly or indirectly owning, controlling, or acquiring specific types of land in Florida. The restricted land categories include agricultural land (with a minor exception for minimal indirect interests), land within a 10-mile radius of military installations or critical infrastructure facilities, and, for individuals, entities, or parties from China, any and all land.
- Enhancing Transparency and Oversight: The primary purpose of this new law, outlined in Part III of Chapter 692 of the Florida Statutes, is to enhance transparency and oversight regarding property ownership by foreign entities. Florida aims to ensure that property transactions involving foreign investors are conducted with full compliance and adherence to U.S. laws.
- The Voluntary Affidavit Requirement: Although the Interests of Foreign Countries law does not mandate it, non-U.S. citizens purchasing property in Florida are encouraged to consider submitting an affidavit. This affidavit serves as a tool to promote transparency and ensure that foreign investors and entities are aware of their obligations under the updated law. By voluntarily signing and submitting the affidavit, foreign buyers can demonstrate their dedication to complying with the law and fostering transparency in real estate transactions.
Access Title Agency’s Support and Guidance
As a title agency committed to providing comprehensive information and support, we recognize the significance of these changes. Access Title Agency is here to guide you through the closing process, ensuring transparency and facilitating smooth transactions for all parties involved.
Why Complying with the Law Matters
The Interests of Foreign Countries law reflects Florida’s dedication to transparency and oversight in the real estate market. By targeting specific countries and regimes, the state aims to regulate the ownership and acquisition of particular land types within its borders. For foreign investors, staying informed about these regulations is critical when considering property transactions in Florida.
While the affidavit is not mandatory, voluntarily submitting it can demonstrate a buyer’s commitment to complying with the law and fostering transparency. Access Title Agency offers copies of the affidavit to interested parties and encourages foreign buyers to consider its submission as part of their due diligence process.
Seeking Legal Advice
As with any legal matter, it is essential for individuals involved in Florida real estate transactions to consult legal professionals familiar with the state’s laws and the implications of recent legislative changes. This article provides general information and should not be considered legal advice.
In conclusion, the Interests of Foreign Countries law has introduced important restrictions and regulations for property transactions involving foreign individuals and entities in Florida. By understanding the key points and implications of this legislation, foreign investors can make informed decisions when engaging in real estate transactions in the state.
At Access Title Agency, we are committed to supporting you throughout the process, promoting transparency, and ensuring compliance with the law. If you have any questions or need further information, please don’t hesitate to reach out to our team or consult a legal professional.
Wishing you successful real estate transactions.