USA: State of Florida restricts home purchase to citizens of seven countries, which ones?

A new law enacted in Florida (USA) that restricts the purchase of housing to foreigners from seven countries in areas close to critical infrastructures, such as airports, ports or power plants, has aroused concern in the real estate sector and among potential buyers.

The controversial law signed this Monday by the governor of Florida, Republican Ron DeSantis, prohibits most citizens of Russia, Cuba, Venezuela, North Korea, China, Iran and Syria Acquire real property located within 10 miles (16 kilometers) of critical civil or military infrastructure.

This limitation should not affect, in principle, foreign citizens residing in Florida with non-tourist visas or in conditions of political asylum, but its scope in the broad immigrant community of this state, 21% of the total population in 2018, has yet to be determined.

Last week, the state Senate approved SB 264 sponsored by DeSantis, after making some corrections to the text that could be discriminatory for the Chinese-American community, The Miami Herald reported this Thursday.

The Axios Miami website recently pointed out that the regulation has created concern in many groups of Venezuelans and Asian Americansgiven the impact on their prospects for homebuying.

“The vague definition of who can and who can’t buy property under this law has raised serious concerns that it could be used to target Chinese people and prevent them from buying homes in Florida.”the 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, reduces the potential impact of this law, which appears to be limited in the future. real estate sector in general.

“If we focus on who have been the buyers and/or the countries that have had the most impact on the purchase of South Florida in the last three years, these countries do not appear on this list”Olin told EFE today.

VENEZUELA, RUSSIA AND CHINA NO LONGER BEING IMPORTANT INVESTORS

In this context, “the movement of money that comes from Latin America currently does not come from countries like Venezuela, nor from Russia or China, as has happened in the last two years,” when they did play an important role in investment in properties in Florida.

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

The president of OneWorld Properties advises buyers from these countries to “do a thorough investigation of the area where they want to buy, so as not to enter prohibited areas”, at a time when the real estate sector in South Florida is undergoing “a transformation”. .

“Investment in South Florida is no longer just foreign, but we have seen strong growth in American buying in Miami”due in large part to the fact that Florida is exempt from state taxes, he added.

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

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

They must then register the property with the state Department of Agriculture and Consumer Services (DACS) and the state Department of Economic Opportunity (DEO).

Citizens of these nations who already own a property or land can keep it, regardless of its location, but, as the expert pointed out, they are required to register it as of January 2024 or they will receive a fine.

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

(With information from EFE)