Florida Law Limits Persons from Foreign Countries of Concern from Acquiring Real Property
Florida Government Advocacy attorney Nathan Adams published an article in the Spain-U.S. Chamber of Commerce Magazine summarizing a new Florida law that prevents individuals from certain countries from acquiring property in the state. Under the law, persons from "foreign countries of concern" — including China, Russia, Iran, Cuba, Syria and Venezuela — cannot own, have a controlling interest in or acquire any real property in the state after July 1, 2023. These persons include government officials, entities that have a principal place of business in one of those countries and persons domiciled abroad who are not citizens or lawful permanent residents of the U.S. In this article, Mr. Adams provides an overview of key definitions in the law as well as some of its exceptions.