Senate Bill 264 - Interests of Foreign Countries
During Florida’s 2023 legislative session, lawmakers passed Senate Bill 264 – Interests of Foreign Countries. This bill was recently signed into law by Gov. Ron DeSantis and will take effect on July 1, 2023. The law, in part, limits and regulates the sale, purchase and ownership of certain properties in Florida by specific foreign principals, persons and entities.
There are three sections of the new law that impact the state’s real estate industry. To help stakeholders better understand this impact, Florida Realtors has developed a memorandum that outlines the new law. Please note that the Florida Real Estate Commission, the Florida Department of Agriculture and Consumer Services and the Florida Department of Economic Opportunity are required to implement specific portions of the bill, so a number of details regarding the law’s application are still pending.