A new law came into effect Florida That restricts the purchase of housing to foreigners from seven countries in areas close to critical infrastructures, such as airports, ports or power plantshas raised concerns in the real estate industry and among potential buyers.

The controversial bill signed Monday by Florida Governor Ron DeSantis Republican prohibits most citizens of Russia, Cuba, Venezuela, North Korea, China, Iran, and Syria from purchasing property that is within 10 miles of critical civilian or military infrastructure.

In principle, this restriction should not have any consequences for foreign citizens residing in Florida on a non-tourist visa or in terms of political asylumbut its scope in this state’s large immigrant community, 21% of the total population in 2018, has yet to be determined.

Last week, the senate passed bill sb 264 sponsored by DeSantis, after making some corrections to the text that could be discriminatory against the Chinese-American community, The Miami Herald reported Thursday.

The Axios Miami website recently pointed out that the ordinance has raised concerns among many groups of Venezuelans and Asian-Americans, given its impact on their home-buying prospects.

“The vague definition of who can and who cannot buy property under this law has raised serious concerns that they could be used to target Chinese people and prevent them from buying homes in Floridathe Florida Asian-American Justice Alliance organization said with concern in a recent statement.

However, Peggy Olin, president and CEO of the real estate and services company OneWorld Properties, with a permanent presence in China, downplays the potential impact of this law, which appears to be limited in the real estate industry at large.

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“If we focus on who the buyers have been and/or the countries that have had the most influence over the purchase of South Florida over the past three years, those countries are not on this list,” Olin told Today. EFE.

Venezuela, Russia and China were no longer major investors

In this context, “the flow of money coming from Latin America is currently not coming from countries like Venezuela, nor from Russia or China, as has happened over the past two years,” when they did play an important role in Florida real estate investment.

However, Olin stressed that, as a result of this law, affected foreign owners must be careful to register the property and, “if for some reason it was registered in the name of an LLC company, the registration must be done now in the name of a natural person”.

The president of OneWorld Properties advises buyers from these countries that “Do a thorough research of the area where you want to buy, so as not to enter restricted areas,” at a time when the South Florida real estate industry is undergoing “a transformation”.

“Investing in South Florida is no longer just foreignbut that we’ve seen strong growth in Americans purchasing in Miami,” largely due to Florida being free of state taxes, he added.

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The three bills signed by DeSantis on Monday seek to break the influence not only of China, but also of other “hostile countries” such as Iran, Russia, Venezuela, Cuba, Syria and North Korea, according to the governor.

As of July 1, foreigners from the seven designated countries can only buy land or a Florida property of up to two acres, “as long as it is outside the 10-mile radius of a critical infrastructure or military point,” the government said. rotating.

Then they must register the property with the State Department of Agriculture and Consumer Services (DACS) and the State Department of Economic Opportunity (DEO).

Citizens of these countries who already own a property or land can keep it regardless of its location, but, as the expert noted, they must register it from January 2024 or face a fine.

However, according to the aforementioned South Florida newspaper, this new law could hurt the Miami real estate industry and bar certain foreigners from buying homes in Doral, a neighboring Miami and home to many Venezuelans, Coconut Grove, Key Biscayne (Key Biscayne ) and other cities in southeastern Florida.