Did you become a Homeowner this 2023, or plan on becoming one this 2024?
We’re diving into the recent changes brought about by SB 264 in Florida and what it means for your real estate journey.
On July 1, 2023, the Sunshine State implemented SB 264, impacting residents from specific countries like China, Russia, Iran, Syria, North Korea, Cuba and Venezuela. The legislation introduces ownership and proximity restrictions, making it crucial to stay informed.
Ownership Restrictions: No Agri-Land for Foreign Principals
One major takeaway is the restriction on foreign principals from owning agricultural land. This move aims to safeguard vital resources and addresses national security concerns.
Proximity Restrictions: Military Installations and Critical Infrastructure
Foreign principals are now restricted from owning property within 10 miles of military installations or critical infrastructure. An essential step to secure sensitive areas and uphold security measures.
Residential Property Exception: A Limited Allowance
While there are stringent rules, a glimmer of flexibility exists. Foreign principals can purchase one residential property outside a 5-mile radius from any military installation. It’s a strategic compromise for residential property ownership.
What Does This Mean for You?
Understanding the intricacies of SB 264 is crucial for homeowners and prospective buyers. To get personalized insights, consider consulting your Real Estate professionals—Realtors® and Lawyers.
Seeking Professional Advice:
To ensure compliance and avoid potential penalization, it’s strongly recommended to seek advice from legal professionals. Laws are intricate, subject to change, and having a legal expert on your side provides tailored guidance based on your unique circumstances.
Your Realtor® and Lawyer: Your Allies
Realtors® are your eyes and ears in the real estate market, while lawyers ensure that every move aligns with the legal landscape. So, when it comes to SB 264, don’t hesitate to reach out to us. We’re your allies, ready to guide you through this new terrain.
Stay Informed, Stay Secure: Knowledge is Power
In a dynamic real estate environment, knowledge is power. Stay informed about SB 264, lean on your real estate team for guidance, and embark on your homeownership journey with confidence.
Got questions? Your Realtors® and lawyers are just a call away. Here’s to smooth sailing in your Florida property adventure!
To read the SB 264 follow this link.
To search and register your property follow this link.
Disclaimer: We’re not Lawyers. This is Not Legal Advice. Please seek legal advice from a Real Estate Lawyer or your Immigration Lawyer.
