January 27, 2016
In an effort to discover money being laundered through Miami and New York luxury real estate, the U.S. Treasury Department will soon start tracking all-cash transactions made through limited liability corporations that mask buyers' identities. The initiative will run from March through August and will affect real estate deals starting at 1 million dollars in Miami-Dade County.
However, according to legal experts, this initiative will not end the secret luxury buyer, as the vast majority of those wishing to purchase anonymously are not looking to commit fraud. There are multiple ways to legally preserve privacy come March, with many of the simple and slightly more complicated options outlined on The Real Deal.
Quite simply, luxury home buyers concerned with maintaining their privacy when completing an all-cash transaction in South Florida can also purchase outside of Miami-Dade County, since this initiative does not affect Broward and Palm Beach counties. The Fort Lauderdale real estate market is booming, with many new luxury developments rivaling and exceeding those in Miami. If buyers are still set on anonymously purchasing Miami real estate worth 1 million dollars and over, they can also wait until August 28th to close (as long as the initiative isn't extended).
For expert help in navigating this new initiative, contact Niki Higgins at +1-954-817-2500 or +1-888-242-4422.
