One of the most controversial laws that restrict property ownership by foreign nationals took effect on July 1, 2023. This law comes with a complex landscape of international relations and legal restrictions. The term “foreign principal” often arises, especially in the context of property ownership in the United States. This term, as defined by statute, encompasses a broad range of individuals and entities, primarily focusing on connections to specific foreign countries that have been identified in Florida Statutes Sections 692.201 and 692.205.

Who Qualifies as a Foreign Principal?

Primarily, a foreign principal may include any of the following: