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 Peoples 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: 16 692.201Definitions.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: 39 692.203Purchase 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.