Last year, the Florida Legislature passed a law banning foreign investors from specific countries from purchasing land that is agricultural or near critical infrastructure like military bases. The law singled out Chinese investors and put a broader ban on real estate purchases for them.
Florida is one of the first states to restrict real estate sales for Chinese citizens.
This year, the legislature is looking at tweaking some of the legislation that was passed in 2023. Senate Bill 814 would tighten restrictions on Chinese land buying in Florida while maintaining the state’s edge in economic development over other states like Texas.
Referred to as “Real Property Ownership” the proposal focuses on the Foreign Land Buying law, to preserve key elements dealing with national security from countries like China targeting land in the state.
“As we have seen in the news, China continues to aggressively target U.S. activities, whether it is through tracking our technology or stealing our medical research,” said Associated Industries of Florida President & CEO Brewster Bevis. “That’s why Gov. DeSantis was 100% right to sign Senate Bill 264 into law last year. Now, this legislative session, the Florida Legislature is working to further tighten the Foreign Land Buying law in an important way. Senate Bill 814 has key language around the definition of ‘controlling interest,’ which would outlaw any foreign investment that is able to direct the actions of an investor in the state,”
Republican Agriculture Commissioner Wilton Simpson supports the measure as he also has raised concerns on China buying up land around military bases and water plants.
Last month, a federal appeals court blocked the current law, stating it violates protections against discrimination. Simpson says the bill isn’t about discrimination but more about national security.
