- Florida Governor Ron DeSantis announced the launch of the state’s new Secure Florida Portal, where foreign principals from foreign countries of concern must register their property as required by sections 692.203 and 692.204 Florida Statutes. The registration requirements for foreign principals were created by Senate Bill 264, which the Governor signed on May 2023.
- Under the new Senate Bill a foreign principal that owned or acquired an interest in real property before July 1, 2023. must register the property by Dec. 31, 2023.
- A foreign principal who fails to timely file a registration with FloridaCommerce is subject to a civil penalty of $1,000 for each day the registration is late.
- The new law affects people from what Florida calls “ Seven foreign countries of concern” namely: 1)Venezuela, 2) Cuba, 3) China, 4) Russia, 5) Iran, 6) Syria, and 7) North Korea. People who are not U.S. citizens or permanent U.S. residents.
- The new law focuses on foreign principals from those countries of concern who owned Florida land before the law went into effect, and certain buyers from those countries who legally buy land under the new law.
- Section 692.204 limits the ability of individuals and businesses affiliated with the People’s Republic of China or the Chinese Communist Party to acquire real property in Florida, and it requires the registration of all real property owned within the state.
- Under section 692.203, foreign principals from other countries of concern may acquire property located within 10 miles of a military installation or critical infrastructure facility, but only under limited circumstances and they must register such property with FloridaCommerce.
Any person in need of legal advice must consult a licensed Attorney in the State of Florida. This article is not intended to provide any legal advice nor is sufficient to assess a particular case.
FLORIDA & VENEZUELAN LICENSED ATTORNEY - JD; L.L.M International Law; M.C.J.. International Law; L.L.M Human Rights.
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