SB1403 is a bill that seeks to restrict foreign ownership of real estate in Arizona by individuals or entities from countries designated as posing a risk to U.S. national security. The bill prohibits foreign principals from designated countries from purchasing, owning, or having a substantial interest in real property in Arizona, either directly or indirectly. The Attorney General is tasked with enforcing this prohibition, and the superior court is authorized to divest any such property interests found to be in violation of the law, with proceeds from sales going to various entities in a specified order of priority.

The bill provides exemptions for foreign principals who meet certain conditions, such as owning residential property of two acres or less, being a natural person with a verified U.S. visa not limited to tourist travel, or having been granted asylum in the U.S. Additionally, foreign principals may acquire property through inheritance or debt collection if they divest within three years. The bill defines key terms such as "designated country," "foreign principal," and "substantial interest," and includes legislative findings that justify the act as necessary for protecting state and national security. The bill also stipulates that existing property owned by foreign principals before the effective date of the act can be retained, but no additional property can be acquired except under the exemptions provided.

Statutes affected:
Introduced Version: 33-443
Senate Engrossed Version: 33-443
House Engrossed Version: 33-443