Foreign buyers need to know

As of July 1st 2023, the new Florida law puts restrictions for some foreign buyers.

The law singles out 7 following countries: China, Russia, Venezuela, Cuba, Iran, Syria, and North Korea. Foreign individuals who are associated with these countries are prohibited from buying and owning real estate in Florida.

The law has an exemption and it allows a foreign buyer to purchase one residential property.

If all of the following applies:

• Buyer has US visa that is not limited to tourism or has an official asylum;

• The residential property needs to be more than 5 miles away from military installation;

• The purchase will need to be in the name of the person who buys it;

• Buyer will need to sign an affidavit that states that they are not associated with a country of concern.

If you are from one of these countries and you think that you might be an exempt, you need an attorney and professional realtor who will guide you and help you stay in compliance with the law.