§ 802.215 Excepted real estate investor.
(a) The term excepted real estate investor means a foreign person who is, as of the completion date of the transaction and subject to paragraphs (c) and (d) of this section:
(1) A foreign national who is a national of one or more excepted real estate foreign states and is not also a national of any foreign state that is not an excepted real estate foreign state;
(2) A foreign government of an excepted real estate foreign state; or
(3) An entity that meets each of the following conditions with respect to itself and each of its parents (if any):
(i) Such entity is organized under the laws of an excepted real estate foreign state or in the United States;
(ii) Such entity has its principal place of business in an excepted real estate foreign state or in the United States;
(iii) Seventy-five percent or more of the members and 75 percent or more of the observers of the board of directors or equivalent governing body of such entity are:
(A) U.S. nationals; or
(B) Nationals of one or more excepted real estate foreign states who are not also nationals of any foreign state that is not an excepted real estate foreign state;
(iv) Any foreign person that individually, and each foreign person that is part of a group of foreign persons that in the aggregate, holds 10 percent or more of the outstanding voting interest of such entity; holds the right to 10 percent or more of the profits of such entity; holds the right in the event of dissolution to 10 percent or more of the assets of such entity; or otherwise could exercise control over such entity, is: