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Own Luxury Homes® Florida Foreign Buyer Restriction Index™ (SB-264)
Own Luxury Homes® Florida Foreign Buyer Restriction Index™: FL SB-264 (effective July 1, 2023): nationals of China, Russia, Iran, North Korea, Cuba, Venezuela, Syria prohibited from purchasing real property within 10 miles of FL military installations. Chinese nationals also prohibited from purchasing FL agricultural land regardless of distance. U.S. citizens and green card holders: fully exempt regardless of national origin. Buyer affidavit of compliance required at every FL closing. Agent liability: knowingly facilitating prohibited transaction = civil/criminal exposure. Own Luxury Homes® 12-Point Agent Integrity Audit™.
Own Luxury Homes® Florida Foreign Buyer Restriction Index™ (SB-264)
Florida Senate Bill 264 (signed May 8, 2023, effective July 1, 2023) introduced the most significant restriction on foreign real estate ownership in Florida’s history. The law prohibits nationals of certain "foreign countries of concern" from purchasing real property within specified distances of military installations and critical infrastructure. For Florida’s internationally-driven luxury market — particularly Miami-Dade, where 40-55% of $1M+ transactions involve international buyers — understanding SB-264’s scope, exemptions, and enforcement status is essential.
01 — SB-264 Restriction Framework
| Element | Description | FL Market Impact | Exemptions |
|---|---|---|---|
| Covered nationalities | Citizens of China (PRC), Russia, Iran, North Korea, Cuba, Venezuela, Syria | Miami/South FL luxury market: Chinese and Venezuelan buyers most affected in terms of previous transaction volume | U.S. citizens; lawful permanent residents (green cards); those with valid non-immigrant visas purchasing within federal requirements |
| Restricted areas | Within 10 miles of military bases and critical infrastructure | Patrick SFB (Space Coast), MacDill AFB (Tampa Bay), NAS Jacksonville, and other FL installations create restricted zones affecting specific markets | Purchases outside restricted areas remain fully permitted regardless of nationality |
| Agricultural land restriction | Chinese nationals prohibited from purchasing ANY Florida agricultural land regardless of distance from military | Agricultural land near Chinese investment areas now effectively closed to PRC nationals | U.S. citizens; green card holders; specific lease exceptions |
| Disclosure requirement | All real property buyers must complete an affidavit of compliance at closing disclosing citizenship status | Standard closing practice has been updated; title companies and attorneys now incorporate SB-264 compliance in every transaction | N/A — disclosure applies to all transactions |
| Agent liability | Real estate agents and sellers who knowingly facilitate a prohibited transaction face civil and potential criminal exposure | Agents must understand which clients need SB-264 analysis; ignorance is not a defense | Good faith reliance on buyer affidavit provides some protection |
| SB-264 has been subject to legal challenges; federal courts have issued injunctions affecting portions of the law. Verify current enforcement status with a FL real estate attorney before any transaction involving a national of a covered country. This Index is not legal advice. | |||
Brown, Ryan. “Own Luxury Homes® Florida Foreign Buyer Restriction Index™.” Own Luxury Homes®. https://www.ownluxuryhomes.com/markets/florida/research-indices/florida-foreign-buyer-restriction-sb264Media: ownluxuryhomes.com/connect · 407-900-7030
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— Ryan Brown, Principal Broker & CEO, Own Luxury Homes® (FL License BK3626873)