Texas bans adversarial countries from buying certain properties

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Texas Gov. Greg Abbott signed a bill this weekend that will ban property purchased by individuals or groups from countries identified as security threats.

Senate Bill 17

Dig deeper:

Senate Bill 17 prohibits countries identified as threats in the US Intelligence community's annual threat assessment from acquiring agricultural land, commercial or industrial properties, residential properties and land used for mining or water use.

In 2025, the law would apply to China, Russia, Iran and North Korea.

The ban applies to foreign citizens, a governmental entity of the country, a company headquartered in the country, a company directly or indirectly held or controlled by the government of the country.

SB17 exempts U.S. citizens and lawful permanent residents. Individuals legally residing in the United States wishing to purchase a primary residence are also exempt, as well as leaseholders of less than a year.

What's next:

The bill will take effect on Sept. 1.

Big picture view:

25 states have passed bills that restrict foreign property ownership, per the Committee of 100, which tracks state and federal bills.

According to the committee's tracking, 15 bills pertaining to this issue are being considered at the federal level as well.