Luxury Real Estate Focus of The Treasury Department
Posted by Susan Reynolds on
Recently, the Treasury Department said it will begin cracking down on secret buyers of luxury real estate properties. Their new policy is part of a federal effort to help deter money laundering in real estate. The federal government will seek to identify and track cash buyers of large, expensive properties, who are using shell companies that shield a buyer’s identity. The new government focus was inspired in part by the rising use of shell companies as foreign buyers increasingly looked for safe places to invest their money in the United States. Buyers often hide their identities by layering companies on top of other shell companies. Buyers also use LLC Companies using the names of lawyers or other agents, or assign the copy to another buyer,…
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