Senate Bill 1403 Summary

• Prohibits foreign principals from designated countries from purchasing, owning, or acquiring substantial interest (30% or more) in Arizona real property, with enforcement by the Arizona Attorney General through superior court actions.

• Allows exceptions for residential properties of two acres or less if the foreign principal is a natural person with only that property interest in Arizona, located 50+ miles from military installations and critical infrastructure, and possesses a valid U.S. visa or asylum documentation.

• Permits foreign principals to acquire property through inheritance, security interest enforcement, or debt collection if they divest the property within three years.

• If a court finds a property was obtained in violation, directs the board of supervisors to sell it with proceeds distributed to valid lienholders, then to reimburse county and Attorney General expenses, with any remainder to the property owner.

• Defines "designated country" as any country identified by the U.S. Director of National Intelligence as posing a national security risk in the three most recent annual threat assessments.