What is the FINCEN Geographic Targeting Order?
If your looking at property for 1 million or more in Miami-Dade, Broward or Palm Beach County and you are planning on paying cash for the property and taking title in the name of a corporation or trust or something similar, then you should look into the FINCEN Geographic Targeting Order or GTO. Basically the US government has decided (and the stats have shown this to be correct) that foreigners are using residential real estate in the US a vehicle for laundering money. So, if you buy a property for more than a million the US government wants to know who the ‘natural person’ behind the ‘shell’ company or trust is and where they got a million bucks in cash to buy some real estate in sunny Florida.
CLICK HERE to read to original GTO.
CLICK HERE to read the renewed GTO.
