On May 8th, 2023, Governor Ron DeSantis signed into law Senate Bill 264, which prohibits the direct or indirect ownership of several categories of real estate by individuals and companies from many of the Communist run nations of the world.
The Three Categories of Real Estate that fall under this restriction are as follows:
- Real Estate within 5 miles of a military installation – All direct or indirect ownership of any real estate is prohibited w/ limited exemptions. The Foreign Nations affected by this include: Russia, Iran, North Korea, China, Cuba, Venezuela, and Syria
- Real Estate outside 5 miles but within 10 miles – Residential Property Ownership is allowed w/ restrictions on the lot size (2 acres maximum) and the property must be title in the name of the person who hold a valid visa in the US.
- Real Estate outside of 10 miles or military or critical infrastructure – Prohibits the direct or indirect ownership of any agricultural zoned land in the state
For more information about the impact this could have on your potential investors, please feel free to contact me directly for an explanation of Senate Bill 264
Many outside political action committees have take this direct infringement on their right to fair practice and a violation of their civil liberties. This is the first law of its kind since racial and ethnic discrimination was banned in the United States of America with the passing of the Civil Right and Civil Liberties Act’s. Protecting the infrastructure and security of the military installations and prohibiting over development of Florida’s agricultural land by Foreign investors is its intention but protecting the rights of property ownership has to come into question. As a real estate salesperson in the state I question the legality of Senate Bill 264 but understand why Governor DeSantis made the decision to protect certain areas of the state.
Florida is the only state in the union with laws prohibiting property ownership based solely on country of residence. Is this something that should be adopted nationwide? I welcome your comments on this issue and look to the public majority to ultimately make the decision but I’d like to hear your thoughts on the issue.
-Kyle Krzeminski PA- FL Real Estate Salesperson
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