The federal government’s tracking of secretive luxury home buyers in Miami — a move that sparked a firestorm of controversy and criticism from the city’s real estate community — officially begins Tuesday.
For the next six months, title insurance companies will be required to reveal the true names of buyers behind shell companies that pay $1 million and up for a home in Miami-Dade County and $3 million in Manhattan. The order, first announced in mid-January, was issued by Financial Crimes Enforcement Network as a bid to mitigate money laundering through high-end U.S. real estate.
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The forms of payment scrutinized will include cash — rarely used in the upper echelon of deals — and the more common cashier’s checks and certified checks.
The Real Deal Miami by Sean Stewart-Muniz
