TALLAHASSEE, FL – Florida is already feeling a ripple effect from a recent piece of legislation signed into law by Governor Ron DeSantis that restricts foreign investment in real estate from a list of specific countries, despite the fact that the law isn’t set to go into effect until July 1.
Senate Bill 264, signed into law on May 8 by DeSantis, prohibits residents of Cuba, Venezuela, Syria, China, North Korea, Russia, and Iran from purchasing real estate within 10 miles of “critical infrastructure” including airports, military installations, seaports, chemical manufacturing facilities, electrical power plants, water treatment plants and gas plants, and more.
Residents of China are especially singled out, being almost completely restricted from purchasing any property or homes anywhere within the state.
DeSantis said that the law was instituted in order “counteract the malign influence of the Chinese Communist Party in the state of Florida,” but experts say that it may already be causing the state to be perceived as inhospitable to foreign investors and could have far-reaching consequences for the real estate market.
Due to the fact that the 10-mile radius limit for real estate purchases near critical infrastructure facilities are often located near residential communities and busy urban centers, many real estate brokers, buyers, and sellers are finding it difficult to determine where it would actually be legal for buyers from restricted countries to acquire property.
Experts say that the law could also have an impact upon EB-5 property investment, which is a U.S. permanent resident visa program that allows foreign investors to make an investment in the United States and receive a green card in exchange.
When asked for their take on the situation, Florida Realtors said that “there are too many unknowns to comment.” However, Christina Pappas – President of brokerage firm The Keyes Company – said that “the real estate industry is always concerned when a subset of buyers are eliminated.”
Florida Gulf Residential specializes in the areas of Sarasota, Siesta Key, Bradenton, Lakewood Ranch, Longboat Key, Venice, Palmer Ranch, Osprey, Anna Maria Island and other Gulf Coast communities. Feel free to give us a call at (941) 304-1975 so we can answer any questions you may have.
Christopher Boyle is an investigative journalist for SEARCHEN NETWORKS® and reports for independent news and media organizations in the United States. Christopher helps keep a keen-eye on what’s happening on the West Coast of Florida on behalf of FLORIDA GULF RESIDENTIAL – Your Real Estate Expert for Sarasota and Surrounding Areas.