On May 8, 2023, Florida Governor Ron DeSantis signed several new laws regarding property ownership
restrictions for (i) persons domiciled in Foreign Countries of Concern and that (ii) are not U.S. citizens or green card holders. These persons are defined under the new laws as “foreign principals”. Under  Florida law, a person´s domicile is in the place where such person intends to make a permanent home, and foreign countries of concern include:

If these laws apply to you and you currently own a real estate property acquired before July 1, 2023, you must register with the Florida Department of Economic Opportunity (“DEO”) by December 31, 2023.  The registration must include: (1) the name of the owner of the real property, or the owner of the interest in such real property, (2) the address of the real property, the property appraiser’s parcel identification number, and the property’s legal description. Foreign principals, as that term is defined by the new laws, that acquire certain properties on or after July 1, 2023, also must register their properties with the DEO within 30 days of closing.  
 
Currently, the DEO registration system is not available. Therefore, if you need information or advice on how to proceed, we recommend you to consult with legal counsel.  Failure to complete this registration on time can lead to fines of $1,000 per day from January 31, 2024.  The penalties are harsh, and the State of Florida can even seize property for failure to comply with these laws.