New landownership restrictions have gone into effect in Florida, spurring commercial real estate professionals to question the economic impact they will have on assets.
Florida Senate Bill 264, or the Interests of Foreign Countries bill, restricts “real property ownership by foreign principles, which are certain individuals and entities associated with foreign countries of concern.” The law specifies the countries of concern as China, Russia, Iran, North Korea, Cuba, Venezuela and Syria.
While this new law prohibits citizens from these countries from owning agricultural land or property within 10 miles of a military base or “critical infrastructure,” it specifically bans those domiciled in China from owning any property throughout the state, regardless of location or asset type.
Originally published by Bisnow.
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