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yes, that’s why a CA law was recently passed that when ownership of the real estate owning company changes hands, that is a) a change in ownership of the proper
by jiveturkey 8y ago
yes, that’s why a CA law was recently passed that when ownership of the real estate owning company changes hands, that is a) a change in ownership of the property and b) such changes must be reported to CA.
unenforceable, eg there’s no way for CA to find out when foreign (non-CA owned) companies change hands, but at least the law is on the books.
- ghshephard 8y agoAnd, of course the trivial work around that is to have the ownership of the real-estate owning entity be yet another offshore series of organizations. That way the principal owners of the entity which has title property never change, but the beneficial shareholders of those entities can be transferred. Etc, etc... I.E. For a property on 4th avenue, the entity which owns it is Starfish Inc. The shareholders of Starfish Inc, are Corp1, Corp2, and Corp3. The property on 4th avenue is never sold, it is always owned by one owner - Starfish Inc. Likewise, Starfish Inc is never sold, it is always owned by Corp1, Corp2, and Corp3. Add as many levels of indirection and obfuscation in as many tax-free havens as it's worth to avoid having to pay additional property taxes. Only the shares in Corp1, Corp2, and Corp3 are transferred/sold to new parties.