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Agreed on messing with small players and real estate getting favorable treatment, but did you miss the part where they were in million+ properties with shell co
by drawkbox 8y ago
Agreed on messing with small players and real estate getting favorable treatment, but did you miss the part where they were in million+ properties with shell corporations?
> Treasury this week expanded and extended a program targeting luxury real estate deals in New York, Miami, Los Angeles and other big markets to prevent the use of real estate for money-laundering by overseas buyers. The program was designed to prevent buyers from using shell company's or LLC's to hide the identities of the real buyers.
- gammateam 8y agoYeah I remember when that article came out. Did it work? The federal government doesn't regulate what kind of business entities their states offer. And you can always use a lawyer on the incorporation forms if that state asks for more info and have your whole entity protected by client attorney privilege. There's no probable cause to raid the lawyer, and the money is magically clean in the property now.