The U.S. Treasury Department is restricting all-cash luxury real estate purchases by buyers using shell companies. A recent report revealed 25% of all-cash purchases above $2 million included names on suspicious activity reports citing money laundering.
Major metropolitan areas throughout the U.S., including San Francisco, Los Angeles and San Diego, now face strict limitations on all-cash luxury real estate purchases by shell company buyers.
Stay tuned for an upcoming article in which first tuesday examines these regulations and their potential effects on California real estate.
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