Florida Senate - 2024                                    SB 1524
       
       
        
       By Senator Torres
       
       
       
       
       
       25-01702-24                                           20241524__
    1                        A bill to be entitled                      
    2         An act relating to conveyances to foreign entities;
    3         amending s. 692.201, F.S.; revising the definition of
    4         the term “foreign principal”; amending s. 692.203,
    5         F.S.; revising conditions under which a foreign
    6         principal may purchase certain real property in the
    7         state; repealing s. 692.204, F.S., relating to the
    8         prohibition of the purchase or acquisition of real
    9         property by the People’s Republic of China; providing
   10         an effective date.
   11          
   12  Be It Enacted by the Legislature of the State of Florida:
   13  
   14         Section 1. Subsection (4) of section 692.201, Florida
   15  Statutes, is amended to read:
   16         692.201 Definitions.—As used in this part, the term:
   17         (4) “Foreign principal” means:
   18         (a) The government or any official of the government of a
   19  foreign country of concern;
   20         (b) A political party or member of a political party or any
   21  subdivision of a political party in a foreign country of
   22  concern;
   23         (c) A partnership, association, corporation, organization,
   24  or other combination of persons organized under the laws of or
   25  having its principal place of business in a foreign country of
   26  concern, or a subsidiary of such entity; or
   27         (d) Any person who is domiciled in a foreign country of
   28  concern and is not a citizen or lawful permanent resident of the
   29  United States. A person is not considered to be domiciled in a
   30  foreign country of concern if he or she has resided in the state
   31  for at least 183 days; or
   32         (e) Any person, entity, or collection of persons or
   33  entities, described in paragraphs (a) through (d) having a
   34  controlling interest in a partnership, association, corporation,
   35  organization, trust, or any other legal entity or subsidiary
   36  formed for the purpose of owning real property in this state.
   37         Section 2. Subsection (4) of section 692.203, Florida
   38  Statutes, is amended to read:
   39         692.203 Purchase of real property on or around military
   40  installations or critical infrastructure facilities by foreign
   41  principals prohibited.—
   42         (4) Notwithstanding subsection (1), a foreign principal who
   43  is a natural person may purchase one residential real property
   44  that is up to 2 acres in size if all of the following apply:
   45         (a) The parcel is not on or within 5 miles of any military
   46  installation in this state.
   47         (b) The person has a current verified United States Visa
   48  that is not limited to authorizing tourist-based travel or
   49  official documentation confirming that the person has been
   50  granted asylum in the United States, and such visa or
   51  documentation authorizes the person to be legally present within
   52  this state.
   53         (b)(c) The purchase is in the name of a the person who has
   54  resided in the state for at least 183 days holds the visa or
   55  official documentation described in paragraph (b).
   56         Section 3. Section 692.204, Florida Statutes, is repealed.
   57         Section 4. This act shall take effect July 1, 2024.