Who does Florida restrict?
Florida's 2023 law, known as SB 264, defines a "foreign country of concern" as China, Russia, Iran, North Korea, Cuba, the Venezuelan regime of Nicolás Maduro and Syria. A "foreign principal" includes those governments and their officials, their political parties, companies organized or headquartered there, and any person domiciled in one of those countries who is not a U.S. citizen or lawful permanent resident.
Section 692.204 applies the broadest limits to people and entities tied to China, barring most of them from acquiring Florida real property, with a one-home exception for certain visa holders. A citizen of another country who is not domiciled in one of the seven named countries, and is not acting for one of them, falls outside these definitions.[1][2]
What does a foreign buyer sign at closing?
Under section 692.204, every buyer of Florida real property provides an affidavit, signed under penalty of perjury, stating that they are not a restricted buyer or that they qualify for an exception. The Florida Real Estate Commission sets the form, and U.S. citizens sign it too.[2]
Do you need a taxpayer number or an LLC?
If you are required to file a U.S. tax return and are not eligible for a Social Security number, the IRS issues an Individual Taxpayer Identification Number (ITIN), a 9-digit number. You apply with Form W-7, generally attached to your tax return; the IRS says to allow 7 weeks, or 9 to 11 weeks during tax season or when applying from overseas. When a foreign person later sells, the buyer generally must withhold 15% of the amount realized under FIRPTA and send it to the IRS.
Some buyers hold property in a Florida limited liability company. Filing Articles of Organization through Sunbiz costs $125 as of 2026 ($100 plus $25 for the registered agent designation). Whether an LLC fits depends on financing, tax and estate-planning questions, so talk with a Florida real estate attorney and a CPA who works with international clients.[3][4][5]
Does buying a home give you a visa or green card?
USCIS describes its EB-5 immigrant investor program as requiring an investment in a commercial enterprise in the United States and a plan to create or preserve 10 permanent full-time jobs for qualified U.S. workers; buying a home to live in is not described as a qualifying investment. The IRS also notes that an ITIN does not change immigration status or authorize work. Immigration questions belong with a licensed immigration attorney.[3][6]
Key takeaways
- Florida's SB 264 limits apply to foreign principals tied to China, Russia, Iran, North Korea, Cuba, the Maduro regime in Venezuela and Syria.
- Every Florida buyer, including U.S. citizens, signs a foreign-ownership affidavit at purchase.
- An ITIN lets a person without a Social Security number meet U.S. tax filing requirements but does not change immigration status.
- Foreign sellers are generally subject to 15% FIRPTA withholding when they sell.
- USCIS ties the EB-5 investor program to a commercial enterprise and job creation, not to buying a home.
Sources
- [1]Florida Statutes — Section 692.201, Definitions
- [2]Florida Statutes — Section 692.204, Purchase or acquisition of real property by the People’s Republic of China prohibited
- [3]IRS — Individual Taxpayer Identification Number (ITIN)
- [4]IRS — FIRPTA Withholding
- [5]Florida Department of State, Division of Corporations (Sunbiz) — Florida Limited Liability Company e-filing
- [6]USCIS — EB-5 Immigrant Investor Program
Reviewed October 11, 2026. General real-estate information for Florida, not legal, tax, lending or insurance advice. Laws, rates and deadlines change — confirm property-specific facts with the agency cited, a Florida real-estate attorney, CPA or licensed insurance agent.