New Florida Law Banning Real Estate Ownership by Foreign Principals From Certain Foreign Countries

This is a prerecorded webinar and does not qualify for CLE credit, as we cannot verify attendance.

On May 8, 2023, Gov. Ron DeSantis signed into law Senate Bill 264, creating Florida Statutes sections 692.201 through 692.205, which prohibits the direct or indirect ownership of various categories of real estate by individuals and companies (in addition to government and party officials) from a number of foreign nations.

Subject to limited exceptions, statutorily defined “foreign principals,” which includes a number of individuals and corporate structures, “from foreign countries of concern,” including China, Russia, Iran, North Korea, Cuba, Venezuela, and Syria, will be subject to the new ownership prohibitions and reporting requirements. Furthermore, the law puts a particular emphasis on various Chinese parties, with stricter restrictions and heightened penalties.

In this webinar, speakers summarize SB 264 and break down the restrictions implemented by the bill.

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