Fla. Admin. Code Ann. R. 73C-61.001 - Definitions
For the purpose of administering section 692.204, F.S., and these rules, the following definitions apply:
(1)
"Clear and present danger" means an immediate danger to the public health,
safety, or welfare or other substantial loss to the state.
(2) For the purpose of interpreting section
692.204(1)(a)5., F.S., "controlling interest" has the same meaning as defined
in section 287.138(1)(a),
F.S.
(3) For the purpose of
administering section
692.204(1)(a),
F.S., "controlling interest in real property" means any interest other than a
lease which gives the PRC principal both of the following rights, whether or
not the rights are exercised or shared concurrently with any other person, and
whether or not the underlying real property is subject to an easement or other
encumbrance:
(a) The right to improve or
develop the real property; and
(b)
The right to attach fixed or immovable structures or objects to the real
property.
(4) "De minimis
indirect interest" means:
(a) Any interest
that is the result of the PRC principal's ownership of either:
1. Registered equities in a publicly traded
company owning the land and such ownership interest is less than 5 percent of
any class of registered equities or less than 5 percent in the aggregate in
multiple classes of registered equities; or
2. An interest that is not a controlling
interest as defined in section
287.138(1)(a),
F.S., in an entity controlled by a company that is both registered with the
United States Securities and Exchange Commission as an investment advisor under
the Investment Advisers Act of 1940, as amended, and is not a foreign
entity.
(b) Any passive
ownership interest of a PRC principal in an entity, provided that the PRC
principal does not possess, by virtue of that ownership interest or otherwise,
the power to direct or cause the direction of the management or policies of the
entity with respect to the interest in real property.
(5) "Department" means the Florida Department
of Commerce.
(6) "Directly own"
means the PRC principal holds equitable or legal title to the real property in
their own name.
(7) "Domicile"
means the place where the individual is physically present and intends to
remain permanently or indefinitely.
(8) "Indirectly own" means the PRC principal
has an interest in an entity that has equitable or legal title to the real
property; or the PRC principal has an interest in the real property, but the
equitable or legal title to the real property is held by another entity or
individual.
(9) "Interest in real
property" means all or part of an equitable or legal title to the real property
and does not include a lease.
(10)
"Military installation" has the same meaning as defined in section
692.201(5),
F.S.
(11) "Official documentation"
means documentation issued by U.S. Citizenship and Immigration
Services.
(12) "Own" means to have
equitable or legal title to the real property.
(13) "People's Republic of China (PRC)
principal" means any person or entity, other than an individual approved by the
federal government to participate in the EB-5 Program, that is:
(a) The People's Republic of China, the
Chinese Communist Party, or any official or member of the People's Republic of
China or the Chinese Communist Party;
(b) Any other political party or member of a
political party or a subdivision of a political party in the People's Republic
of China;
(c) A partnership, an
association, a corporation, an organization, or any other combination of
persons organized under the laws of or having its principal place of business
in the People's Republic of China, or a subsidiary of such entity;
(d) Any person who is domiciled in the
People's Republic of China and who is not a citizen or lawful permanent
resident of the United States; or
(e) Any person, entity, or collection of
persons or entities described in paragraphs (a) through (d) having a
controlling interest in a partnership, association, corporation, organization,
trust, or any other legal entity or subsidiary formed for the purpose of owning
real property in this state.
Notes
Rulemaking Authority 692.204(10) FS. Law Implemented 692.204 FS.
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