At the end of last year, the Financial Crimes Enforcement Network (FinCEN), which is one of the U.S. Treasury’s leading agencies in the fight against money laundering, announced the renewal of the existing Geographic Targeting Orders (GTOs) relating to money laundering concerns in connection with all-cash purchases of high-end residential real estate properties.
South Florida real estate has always attracted foreign investments, which often bring with them cash transactions. In fact, over the past 20 years, I have personally helped hundreds of people relocate to South Florida, or find their perfect investment property here in the area.
In a recent article, Florida Realtors explains the image of FinCen’s GTO on real estate transactions in South Florida. Title companies have increased reporting responsibilities, and real estate professionals may need to assist with that effort to ensure purchases close.
Buying a home is an exciting time, but it can also be a bit overwhelming. If you have questions about the current Geographic Targeting Order in South Florida, please reach out. My friend and colleague Richard L. Barbara, P.A. and I will ensure the purchase of your dream home or investment is a smooth one.