Thursday, November 14, 2019

The Latest Geographic Targeting Orders

The Latest Geographic Targeting Orders

For several years now, the Department of Treasury has been issuing Geographic Targeting Orders (“GTOs”) requiring the disclosure to the Treasury of certain real estate transactions. These transactions are restricted to certain cities, and require reports filed with respect to acquisitions of residential properties where there is not a mortgage (i.e., unfinanced cash transactions). The GTOs are intended to combat money laundering.

Last week the Department of treasury issued the latest GTOs. They require reporting of transactions of $300,000 or more in a number of markets including New York, Miami, Las Vegas and Honolulu.

HERE IS A LINK to the latest GTO. HERE IS A LINK to a related FAQ.

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