Greenberg Traurig’s Carl Fornaris, Shareholder, and Shannon Bothwell, Of Counsel, participated in the FIBA and STEP presentation titled “The New FinCen Real Estate GTO: What You Need to Know” on Feb. 9 at Greenberg Traurig’s Miami office. The program addressed the geographic targeting orders (GTOs) issued by the Financial Crimes Enforcement Network of the U.S. Department of the Treasury on Jan. 13, 2016. Those impacted by the orders are several U.S. title insurance companies and their “agents,” requiring them to collect and record information regarding the representatives and ultimate beneficial owners of legal entities that purchase on an all-cash basis residential properties exceeding certain dollar amounts in Miami-Dade County and Manhattan.
To learn more about the GTOs issued, please read the GT Alert “U.S. Treasury Department Will Require Certain Title Insurance Companies and Their Agents To Report the Identities of the Ultimate Beneficial Owners of Entities Used To Buy Manhattan or Miami Residential Real Estate in All-Cash Purchases.”