DeSantis signs bill ending Chinese, Venezuelan, Russian real estate deals in much of South Florida

 Gov. Ron DeSantis signed a bill designed to limit real estate purchases by nationals of seven foreign countries, including China, Venezuela and Russia, in many parts of Florida. 

Local real estate experts say it will take some foreign purchasers out of the market for both commercial real estate and housing in the state at a time when sales of both have been falling. 

Senate Bill 264, called Interests of Foreign Countries, was signed by DeSantis on May 8. The governor put out a press release touting it would crack down on communist China, limiting its purchase of agricultural land, along with land near military bases and critical infrastructure. 

 “Florida is taking action to stand against the United States’ greatest geo political threat — the Chinese Communist Party,” DeSantis stated.

Not only is the government of China prohibited from buying any real estate in Florida, the prohibition extends to any corporation or partnership organized under the laws of China or having its principal place of business in China, and any person who is domiciled in China who doesn’t have U.S. citizenship or permanent residency. For companies with multiple owners, less than 5% of the ownership may be native Chinese. The only exception for Chinese buyers is if the property is a home on less than two acres not within five miles of a military installation, the person has a U.S. Visa not limited to tourism and they buy the property in their own name. 

The registration requirements will be a huge issue for many Chinese, Russian and Venezuelan condo owners in Miami and Sunny Isles Beach who bought in recent years, said Peggy Olin, CEO of Fort Lauderdale-based residential brokerage OneWorld Properties. She previously sold to dozens of Chinese buyers in several downtown Miami condos, and even had an office in China at one point. Russian buyers have always had a big presence in Sunny Isles Beach. 

“Is this going to prompt people who are not U.S. citizens to now sell?” Olin said. “If you don’t register it because they don’t want to, for many reasons I can think of, then what happens? How many people will decide to sell property because they don’t want to register it?”