SB 1524 – Conveyances to Foreign Entities

• Amends the definition of "foreign principal" so that a person domiciled in a foreign country of concern is no longer considered a foreign principal if they have resided in Florida for at least 183 days
• Repeals Section 692.204, F.S., which prohibited the purchase or acquisition of real property by the People's Republic of China and its associated entities and nationals
• Modifies the exception allowing foreign principals (natural persons) to buy one residential property of up to 2 acres near military installations by removing the requirement for a valid U.S. visa or asylum documentation
• Replaces the visa/asylum requirement with a simpler residency condition requiring the purchaser to have resided in the state for at least 183 days, and the purchase must be in that person's name
• Retains the restriction that such residential property purchases may not be located on or within 5 miles of any military installation in the state; effective date of July 1, 2024