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Florida Land Trusts and Foreign Beneficiaries
by Randy randy on May 20, 2012
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In the 1980's the Federal RICO act was established for the purpose of attaching/siezing drug dealer's assets prior to trial and conviction. The intent was to prevent big time drug dealers from using their ill-gotten gains to defend themselves in the courts and from fleeing US boarders prior to indictment.If you are setting up a Florida Land Trust and the beneficiary will be 10% or more owned by a foreign person (or entity) they will be designated as an ALIEN BUSINESS ORGANZATION. under Florida Statutes, Section 607.0505. This means that every Land Trust of which 10% (or more) is owned by a foreigner is a Alien Business Organization and must have a registered agent!
Fortunately, the Florida legislature did not require disclosure of the beneficiary as long as the registered agent is named. The beneficiary would only have to be disclosed if the Department of Legal Affairs issues a subpoena. Failure to comply with law could result in a fine of up to $1,000 per day!
To obtain the forms necessary to comply with this law in Florida, please go to the Florida Secretary of State's website.
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