Foreign Buyer Bill Updates
Several updates have occurred related to Senate Bill 264. A summary of those updates is below.
1. FREC Publishes Proposed Affidavit Rule
FREC proposed a rule with buyer affidavits as referenced in Senate Bill 264. Buyers are to sign the applicable affidavit (one is for buyers who are natural persons and one is for buyers which are entities) “at the time of purchase,” which the proposed rule specifies is at closing. The proposed rule and requirements are here. Members may send comments to FREC within 21 days after Nov. 1, and anyone may ask for a workshop.
If finalized in current form, the affidavits will read:
For a “Natural Person Buyer”
Affidavit
[Part III, Ch. 692 F.S. - Conveyances to Foreign Entities - By Natural Person Buyer]
BEFORE ME, the undersigned authority, duly authorized to take acknowledgments and administer oaths, personally appeared___________________(“Affiant”), who deposes and says under penalties of perjury that:
1. (When used “Affiant” includes singular or plural as context so requires or admits.)
2. Affiant is purchasing or acquiring an interest in the following described real property:
3. [Insert Legal Description]
4. Affiant has been given the opportunity to consult with an attorney.
5. Affiant is (initial which is applicable):
• Not a Foreign Principal as defined in s. 692.201, F.S., and is in compliance with the requirements set out in ss. 692.202-205, F.S. OR
• A Foreign Principal as defined in s. 692.201, F.S., and is in compliance with the requirements set out in ss. 692.202-205, F.S.
6. Affiant acknowledges the foregoing representations will be relied upon to establish compliance with the law.
___________________________________________
(Affiant)____________________________________
Print Name:_________________________________
Address:____________________________________
STATE OF ______________________
COUNTY OF ____________________
Sworn to (or affirmed) and subscribed before me by means of [ ] physical presence or [ ] online notarization this ___ day of _____, 20___, by___________________ who [ ] is personally known or [ ] has produced ______________ as identification.
Notary Seal ____________________________________
Notary Public
Printed Name: ________________________
My Commission Expires:________________
For an “Entity Buyer”
Affidavit
[Part III, Ch. 692 F.S. - Conveyances to Foreign Entities - By Entity Buyer]
BEFORE ME, the undersigned authority, duly authorized to take acknowledgments and administer oaths, personally appeared ____________________(“Affiant”) who deposes and says under penalties of perjury that:
1. Affiant is the [state official capacity] of [state name/type/venue of entity], which is hereinafter referred to as “Buyer.” All statements in Lines 4 through 5 below are made solely with respect to the Buyer and any holder of a “Controlling Interest” in the Buyer (as defined in s. 287.138(1)(a), F.S.), in each case solely with respect to the real property identified in Line 2.
2. Buyer is purchasing or acquiring an interest in the following described real property:
[Insert Legal Description]
3. Affiant has been given the opportunity to consult with an attorney.
4. Buyer is (initial which is applicable):
Not a Foreign Principal as defined in s. 692.201, F.S., and is in compliance with the requirements set out in ss. 692.202-205, F.S.
OR
____ A Foreign Principal as defined in s. 692.201, F.S., and is in compliance with the requirements set out in ss. 692.202-205, F.S.
5. Affiant acknowledges the foregoing representations will be relied upon to establish compliance with the law.
___________________________________________
(Affiant)____________________________________
Print Name:_________________________________
Address:____________________________________
STATE OF ______________________
COUNTY OF ____________________
Sworn to (or affirmed) and subscribed before me by means of [ ] physical presence or [ ] online notarization this ___ day of _____, 20___, by___________________ who [ ] is personally known or [ ] has produced ______________ as identification.
Notary Seal ____________________________________
Notary Public
Printed Name: ________________________
My Commission Expires:________________
2. The Department of Agriculture Publishes Proposed Foreign-Buyer Rule
The Department of Agriculture and Consumer Services (“Department”) released its proposed rule that covers reporting requirements for citizens of the foreign countries cited in Senate Bill 264 (China, Russia, Iran, North Korea, Cuba, Venezuela and Syria). A preliminary draft of the rule can be found under the sources section below.
3. Foreign Principal Owners of Agricultural Land May Register Online
It appears that the agricultural registration component of Senate Bill 264 now has an online registration option. The site for registering ownership can be accessed here, which also includes more details about the process. The first step is to then click the “Sign in” in the upper right and register, which is done following step-by-step instructions.
4. Foreign Principal Owners Registration via SecureFlorida Portal
Governor Ron DeSantis announced the launch of the state’s new SecureFlorida Portal, where foreign principals from foreign countries of concern must register property. A foreign principal that owned or acquired an interest in real property before July 1, 2023, must register the property by Dec. 31, 2023. Further information regarding registration requirements can be found in sections 692.203 and 692.204, Florida Statutes. FloridaCommerce will host a technical assistance webinar on Tuesday, Nov. 21, 2023, at 11 a.m. Anyone who wants an instructional walkthrough of the portal may register ahead of time online.
This information is provided for educational purposes only and should not be construed as legal advice or representation and should not be relied upon as such. Broward, Palm Beaches & St. Lucie Realtors® and its affiliated companies cannot provide legal advice or opine about the specifics of your situation.