U.S. to Track Luxury Real Estate Buyers

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luxury real estate usThe U.S. Treasury Department announced Wednesday that it would start tracking the secret buyers of luxury real estate properties over concerns about illegal money moving into the market.

The move will focus primarily on cash purchases made in Manhattan and Miami by shell companies that can shield buyers’ identities.

Using shell companies in real estate is currently legal, but a top Treasury official told The New York Times that the agency has seen cases where high-end homes have been used as more luxurious safe deposit boxes for illicit gains. Read more at The New York Times.

{CB Frommer-Matzav.com}

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