Effective January 11, 2024, Canada will join the Convention Abolishing the Requirement of Legalization for Foreign Public Documents, also known as the Apostille Convention.
Florida’s new law, the Conveyances to Foreign Entities Act (the "Act"), Sections 692.201 – 205, Florida Statutes, went into effect on July 1, 2023, and redefined the Florida real estate market for foreign purchasers from seven “countries of concern.” The Act requires those foreign purchasers to determine whether they are Foreign Principals prohibited from acquiring or owning real property in Florida, whether they are subject to registration requirements, or whether they are required to dispose of such real estate. Non-compliance renders the real property subject to forfeiture and sale of such real property (subject only to the rights and interests of bona fide lienholders) and risks daily fines of $1,000 and criminal penalties.
Effective on January 1, 2024, the U.S. Corporate Transparency Act (CTA) will require “reporting companies” to disclose to the U.S. government’s Financial Crimes Enforcement Network (FinCEN) details of their “beneficial owners”.
With the CTA, Congress has passed one of the most significant and sweeping laws affecting LLCs and companies doing business in the United States – covering both domestic and foreign entities – in the most aggressive effort to date against illicit terrorist financing, fraud and money laundering.
This client alert discusses the CTA’s reach and exceptions and disclosure obligations, which are retroactive and go well beyond any disclosure previously expected.
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