search

The Real Deal Logo

Trending

Arbor modifies $1.9B in loans as delinquencies keep risingArbor modifies $1.9B in loans as delinquencies keep risingJLL tapped to market Gas Company Tower in DTLA for saleJLL tapped to market Gas Company Tower in DTLA for saleFriend or foe? Here’s what the new tax break means for office-to-resi conversionsFriend or foe? Here’s what the new tax break means for office-to-resi conversionsBrickell office slump? Nearly 3M sf planned, zero preleasedBrickell office slump? Nearly 3M sf planned, zero preleased
Politics
South Florida

MAP: Where certain foreign buyers will be banned from buying South Florida real estate

It shows that most, if not all, of the tri-county region would be off-limits to them

Gov. Ron DeSantis and Florida real estate

Gov. Ron DeSantis (Getty)

By
Research by
Jun 6, 2023, 12:30 PM

A new law restricting foreign investment in Florida has sparked confusion and garnered criticism over where certain buyers can still purchase real estate — if anywhere. 

The restrictions affect investment from foreign nationals from Venezuela, Cuba, Russia, Iran, Korea and Syria. Senate Bill 264 also nearly totally bans acquisitions by Chinese nationals and companies based in China. Gov. Ron DeSantis signed the bill into law last month. It takes effect July 1.

Buyers from Venezuela, Cuba, Russia, Iran, Korean and Syria won’t be able to purchase agricultural land statewide and real estate within 10 miles of critical infrastructure facilities. The latter includes airports, seaports, electrical power plants, water treatment plants, gas plants, certain manufacturing facilities and more. 

Mapbox map created by Adam Farence

Sign Up for the undefined Newsletter

The Real Deal mapped agricultural land and most critical infrastructure facilities to show where foreign buyers from those countries can and can’t purchase real estate in Miami-Dade, Broward and Palm Beach counties, once the law goes into effect July 1. Map users can enter an address to see if it falls within a ten-mile radius of those areas. The map shows that most, if not all, of the tri-county region would be off-limits to those buyers. 

TRD used zoning codes and spatial data from the Florida Department of Revenue to highlight properties most likely affected by SB 264. Map users should note that the zoning codes for some critical infrastructure also include real estate that is not part of the state’s restricted areas. For example, the code for refineries is also used for mineral processing and clay plants, which are not expressly banned under the new law. Click here if you have trouble viewing the map. The map is best viewed from a desktop or laptop device.

One exception that was later added to the bill allows foreign nationals with non-tourist visas to purchase one residential property of up to 2 acres if the property is not on or within 5 miles of a military installation.

Read more

Tags
Florida LegislatureForeign BuyersForeign InvestmentRon DeSantisVenezuela