Attention Nonimmigrant Visa Holders in Florida: Deadline Approaching for Foreign Ownership Registration

If you are a nonimmigrant visa holder residing in Florida and own or have interests in businesses or properties, there's an important deadline fast approaching that you need to be aware of. Under SB264, also known as the Florida Foreign Ownership Registration Act, individuals China, Russia, Cuba, Venezuela, North Korea, Syria and Iran are required to file their Florida property ownership registration by February 3, 2024. Failure to comply could result in significant fines, totaling $1,000 per day.

Understanding SB264

SB264 was enacted to enhance transparency and accountability in Florida by requiring foreign individuals who have substantial interests in businesses or properties to register with the state. This law aims to provide crucial information about foreign ownership that can be vital for various regulatory and security purposes.

Who Needs to Register?

One of the key distinctions to note is the category of visa you hold. If you are a nonimmigrant visa holder, such as those under the E-2 visa category, you are subject to registration requirements under SB264. Nonimmigrant visa holders are individuals residing in the United States on a temporary basis and are not considered legal permanent residents.

However, it's essential to understand that there are exceptions. For example, individuals holding an EB-5 visa, which is an immigrant visa category, are not required to register under SB264. The EB-5 visa leads to permanent residency in the United States, thus excluding them from the definition of "foreign principal" under the Act.

Act Now to Avoid Penalties

With the deadline for filing your foreign ownership registration approaching rapidly, it's crucial to take action now to ensure compliance with SB264. Failure to submit the necessary documentation by February 3, 2024, can result in daily fines of $1,000, which can quickly escalate into significant financial burdens.

Seek Professional Assistance if Needed

Navigating the requirements of SB264 and ensuring compliance can be complex, especially for individuals with intricate business structures or multiple investments. If you're unsure about whether you need to register or require assistance with the registration process, contact our office. Our legal professionals can provide guidance tailored to your specific circumstances.

Don't Delay, Act Today

Time is of the essence. The deadline for timely filing your foreign ownership registration under SB264 is fast approaching. It's crucial to take this requirement seriously and submit your registration by February 3, 2024, to avoid facing costly penalties. Compliance with SB264 not only helps you fulfill your legal obligations but also contributes to maintaining transparency and accountability in the state's business landscape.