scrutiny: Real estate purchases in NYC and Miami under scrutiny
- 03/04/16 06:33 AM
It has been announced that the Treasury Department’s Financial Crimes Enforcement Network will look for the individuals behind limited-liability companies' identity if they actually pay cash for their premium residential real estate. This measure will be effective in both Miami-Dade and Manhattan. Such measure is an attempt to stop money laundering, hence the request to name the true “beneficial owner” of the company. The risk is that it may discourage legitimate purchases or lower the interest in high-end sales on those markets.
However, most people tend to buy under LLCs for privacy purposes, not for illegal reasons. The concern is that it wouldn’t help … (0 comments)
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