MIAMI—Acquiring commercial real estate assets could get tougher for foreign investors. Could that hurt Miami's rise on the international scene?
This week, the Financial Crimes Enforcement Network (FinCEN) issued Geographic Targeting Orders. The orders temporarily require certain US title insurance companies to identify the actual people behind companies that pay "all cash" for high-end residential real estate in Manhattan and Miami-Dade County.
Why the big move? FinCEN is concerned that people attempting to hide their assets and identity may be making all-cash purchases of residential properties through limited liability companies or other structures. The orders are part of FinCEN's risk-based approach to combating money laundering in the real estate sector.
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