In an evolving case relating to the global real estate marketplace, the Florida Department of Commerce (Department) released proposed rules on Sept. 20, 2023, aiming to interpret Florida’s existing law limiting foreign principals from specific countries from engaging in certain real estate transactions. The countries in question, known as “foreign countries of concern”, are China, Russia, Iran, North Korea, Cuba, Venezuela, and Syria.
The details provided by the Department delineate restrictions on persons from the identified countries from directly or indirectly owning, having a controlling interest in, or acquiring by purchase any interest in real property within Florida. These regulations also cover acquisitions through grants, devise, or descent. The rules, thus, aim to add granular details to the existing ban on foreign persons from acquiring an interest in Florida’s real estate.
This development roots from the ever-evolving landscape of international property acquisitions. It is critical for legal professionals, especially in global corporations and law firms, to stay informed of such changes, which could potentially influence strategic decision-making.
For more comprehensive details of these proposed rules, you can access the original document released by the Department here.
The article summarizing this development has been authored by Holland & Knight LLP, a premier global law firm with expertise in various strategic and emerging markets.