Now the subject of a lawsuit seeking to enjoin it, Florida Senate Bill 264 (CS/CS/SB 264), codified at Chapter No. 2023-33, Laws of Florida, would limit select persons from “foreign countries of concern” from directly or indirectly owning, having a controlling interest in or acquiring by pur- chase, grant, devise or descent any interest in any additional real prop- erty in Florida on or after July 1, 2023. The foreign countries of concern include the People’s Republic of China (PRC), Russian Federation, Islamic Republic of Iran, Democratic People’s Republic of Korea, Republic of Cuba, Syrian Arab Republic and the Venezuelan regime of Nicolás Maduro. The select persons affected in those countries, referred to as “for- eign principals,” include government officials or members of parties from those countries such as the Chinese Communist Party (CCP); entities or a subsidiary organized or having a principal place of busi- ness there; persons domiciled there and who are not citizens or law- ful permanent residents of the U.S.; and any such person having a controlling interest in an entity or subsidiary formed for the purpose of owning real property in Florida. Similar legislation is pending in additional states; e.g., Texas (SB 147) and Louisiana (HB 537). Overview Under Chapter 2023-33, select persons from the PRC are prohibited from directly or indirectly owning, having a controlling interest in or acquiring by the aforementioned methods any interest in additional real property in Florida after July 1, 2023. Foreign principals from other foreign countries of concern may not do likewise with respect exclusively to additional agricultural land or real property within 10 miles of a military installation or certain facilities characterized as “critical infrastructure.” Having a “controlling interest” in any real property in Florida is de- fined as “possession of the power to direct or cause the direction of the management or policies of a company, whether through owner- 112 FEATURED ARTICLES