Injunction filed on Florida foreign land ownership law that may have EB-5 implications

A preliminary injunction aims to stop the Florida Alien Land Law that will restrict property ownership for immigrants from “countries of interest," including China, Cuba, Venezuela, Syria, Iran, Russia, and North Korea. The law is set to take effect on July 1, 2023. The American Civil Liberties Union opposes the law and is part of the lawsuit. The implications for EB-5 investors are uncertain, as the language of the law could potentially impact investments in EB-5 projects, particularly those with equity stakes. Miami immigration lawyer Michael Harris says the law may prohibit some EB-5 direct and regional center investments (those with more than 5%).

Read the American Immigrant Investors Alliance article