Foreign ownership of real estate
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Progress
Where this bill stands in the legislative process.
- Introduced
- Passed House
- Passed Senate
- To Governor
- Became Law
Overview
This bill prohibits companies owned, in whole or in part, by foreign adversaries declared by the United States from owning, leasing, possessing, or controlling real estate in South Carolina. It also aims to void fraudulent real estate transactions. The bill includes specific definitions related to agricultural land and foreign adversaries, and outlines procedures for addressing violations and transferring ownership.
Key provisions
- Prohibits ownership of real estate in South Carolina by companies owned by designated foreign adversaries.
- Defines ‘foreign adversary’ based on U.S. government declarations.
- Creates a specific definition of ‘interest in agricultural land’.
- States that fraudulent real estate transactions are void.
- Establishes a process for the state to take ownership of property acquired in violation of the law.
- Outlines procedures for transferring ownership to a non-foreign adversary buyer.
- Specifies that the bill does not conflict with existing treaties.
- Sets a July 1, 2026, effective date for the restrictions.
Who is affected
- Foreign governments and individuals designated as ‘foreign adversaries’ by the U.S. government.
- Real estate owners in South Carolina.
- Potential buyers of real estate in South Carolina.
- South Carolina residents.
- Agricultural landowners
Bill text
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