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Feds double down on Miami real estate

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Postby pod on 25 Aug 2017 10:32

Feds double down on Miami real estate

http://archive.is/62Jqc

The rules, previously so limited in scope that they applied only to a few hundred deals, will now cover every big-ticket cash transaction by shell companies in seven major markets. They are the South Florida counties of Miami-Dade, Broward and Palm Beach; all five boroughs of New York City; San Antonio, Texas; Honolulu (included in the order for the first time); and Los Angeles, San Diego and San Francisco.
“This is going to gather much more information,” said Andrew Ittleman, a South Florida attorney who specializes in anti-money-laundering laws.
There’s been speculation about whether the administration of President Donald Trump, a former real estate developer, would double down on an initiative pushed by Obama-era officials. But the new policy shows Trump’s Treasury digging even deeper into the murky world of luxury real estate.
The end result: It’s going to get a lot harder for everyone from drug dealers to Latin American politicians to foreign royalty to shield purchases of U.S. condos and mansions from law enforcement.
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Postby benm3 on 25 Aug 2017 14:02

Re: Feds double down on Miami real estate

Awesome. Will be good to see where the real estate market lands when it isn't propped up by international criminals.

2/3 of sales being cash in 2017 = :lol:
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Postby coach on 28 Aug 2017 16:34

Re: Feds double down on Miami real estate

benm3 wrote:Awesome. Will be good to see where the real estate market lands when it isn't propped up by international criminals.

2/3 of sales being cash in 2017 = :lol:

Yup, I was thinking this exact same thing.
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