What is Florida Law SB 264?
Florida Senate Bill 264, which took effect on July 1, 2023, imposes restrictions on the sale of real estate involving foreign entities. The newly enacted legislation renders it unlawful for individuals or organizations from certain foreign nations to possess agricultural land or land within a 10-mile radius of vital infrastructure or military bases within Florida.
What countries are included?
SB 264 applies to foreign countries of concern, including the People's Republic of China, the Russian Federation, the Islamic Republic of Iran, the Democratic People's Republic of Korea, the Republic of Cuba, the Venezuelan regime of Nicolás Maduro, and the Syrian Arab Republic
Who is covered by the law?
There are two types of restricted persons pursuant to this law: a) nationals or citizens of the restricted countries and b) residents of the restricted countries.
a) Nationals of the included countries are restricted from purchasing real estate in Florida.
b) Residents of the restricted countries, even if they are citizens of other countries.
What types of properties are covered by the law?
SB 264 Forbids both direct and indirect possession, acquisition, and transaction of agricultural property or land situated within a 10-mile radius of essential infrastructure or military bases in Florida by the nationals or principals from the restricted countries.
What is Florida Law SB 264?
Florida Law SB 264, also known as the "Business and Immigration Security Act," is a comprehensive piece of legislation aimed at bolstering the state's business environment, corporate governance, and immigration policies. Encompassing aspects of business law, securities regulations, business immigration, and asset protection, this law addresses several critical areas that CMD Attorneys specializes in.
Allow CMD Attorneys to navigate these complex regulation
At CMD Attorneys, our team of seasoned legal professionals can assist you or your business to comply with this regulation and avoid significant fines. Contact us to schedule a consultation and let us assist you with these transactions.
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