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> "A ban on a foreign entity selling or leasing a property without declaring its beneficial owner, with jail of up to five years and an unlimited fine for those
by iaw 8y ago
> "A ban on a foreign entity selling or leasing a property without declaring its beneficial owner, with jail of up to five years and an unlimited fine for those failing to comply"
Is there going to be a mechanism to prevent straw man beneficiaries?
- namibj 8y agoWell, that the straw man could liquidate the asset, I assume.
- rahimnathwani 8y agoYeah, and face 'liquidation' himself.
- namibj 8y agoI think your argument is orthogonal to this issue and therefore moot. If you can explain why that is not the case, please do so, I would like to understand it.
- rahimnathwani 8y agoThe straw man can in theory liquidate the asset but, in practice, is prevented from doing so by the risk of harm to himself or his family.
- namibj 8y agoYes, sure, always. But the payoff is huge...
- krageon 8y agoWhat, maybe a million or two for the cost of not being able to live inside the social circle where you've always existed? You're basically on the run for the rest of your life and have to practice the strictest security online for fear of being found by accident by someone who might want to kill you. Held against the risks and potential future you might gain in the best case, I think you can say the payoff is tiny.
- steve19 8y agoI am sure that is impossible short of making all property owners sign some sort of legal declaration that they are the real owner and the property is not encumbered in any way. But given how many middle men and woman these people are already willing to pay to hide their identity, I am sure they would find all sorts of ways around that.