WRE News: New Florida Law Limits Foreign Property Buyers

Miami, FL – May 13, 2023 – A Florida bill just signed into law has the potential to limit foreign property buyers throughout Florida. Under the new law citizens of China, Cuba, Iran, Russia, and Venezuela are prohibited from buying property close to military compounds or critical infrastructure. The new law makes exceptions for foreign nationals living in Florida with non-tourist visas or those who have secured asylum in the state.

Foreign nationals from the designated countries can only purchase one piece of land or residence up to two acres, as long as it’s beyond a 10-mile radius of critical infrastructure or military sites. Those who already own properties can keep them, regardless of location, but they have to register the properties with the state by January 2024.

Despite modifications made after the move drew criticism, experts predict that this law could impact the Florida property market up and down the coast, but lawsuits challenging it are expected to be filed.