SB 1480 – Interests of Foreign Countries (Florida, 2024)

• Defines "domicile" as a person's permanent legal residence, with Florida domicile established by residing in the state for 183 days or more
• Relaxes requirements for foreign principals (natural persons) purchasing residential real property by removing the mandate for a current U.S. visa, asylum documentation, or that the purchase be made in the visa/documentation holder's name
• Retains the restriction that a foreign principal may purchase only one residential property up to 2 acres, provided it is not on or within 5 miles of any military installation
• Repeals Section 692.204, F.S., which specifically restricted the purchase or acquisition of real property by the People's Republic of China
• Effective date of July 1, 2024, sponsored by Senator Torres