U.S. to Track Luxury Real Estate Buyers
The U.S. Department of Treasury said on Wednesday that it would start tracking secret buyers of high-end properties in an effort to illicit money coming into luxury real estate.
The initiative will begin in Manhattan and Miami-Dade County, two of the major destinations for global wealth.
This is the first time the federal government has required the names behind all-cash transactions from real estate companies.
Image via Flickr/Metropolitan Transportation Authority of the State of New York