Jorge Perez: Disclosing Cash Buyers ‘Killer’ For Miami

What does Related Group’s Jorge Perez think about the feds requiring title companies to disclose the identity of all-cash buyers in Miami above $1 million, set to kick in for a six-month test period later this year?

Via Bloomberg:

“It’s a killer for Miami — not because we’re afraid of drug buyers, you have to remember that a lot of wealthy people, particularly in South America, are very, very shy about disclosing their wealth.”

…. the Treasury Department should find a way to make sure buyers “tell the truth about where their money is coming from” without forcing them to make a public disclosure.

“Remember, in their countries, they are afraid of being kidnapped, they are afraid of being killed, so privacy is a huge thing,” Perez said. “They don’t want the press to say in Colombia, ‘This guy buys $20 million condos.”

 

It isn’t clear if the feds will be publishing the identities of buyers, but even the possibility of disclosure could scare off some of them.

 

 

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Anonymous
4 years ago

It’s ludicrous it was not already a requirement. Should be with art, real estate, everything involving over a certain amount. If banks disclose to govt. when a normal person w/draws 10 k from a bank, seems nonsensical a property is not put w/ a name for million dollar real estate.

anonmoose
4 years ago

Its ludicrous that its not a requirement? Says you. What is in fact ludicrous is having to disclose withdrawing 10k from a bank. Why would you advocate for greater govt control over people?

Anonymous
4 years ago

Just because someone who is wealthy buys real estate for cash, and forms an LLC for privacy, security, asset protection or estate planning purposes it doesn’t make them a money launderer

Danny
4 years ago

I agree. I myself wouldn’t want it public.

Anonymous
4 years ago

why not create llc’s then to open bank accounts to pass through tons of money for privacy, security, etc…? not all people who are wealthy would want to stash untraceable cash for nefarious reasons… just like real estate.

Anonymous
4 years ago

Sounds more that he is afraid… tells volumes about the local market.

suomynona
4 years ago

I understand the concern. But there’s a difference between disclosing it to the Feds and announcing it to the public.

Also, what’s to stop these rich people from buying a bunch of $800,000 condos/homes instead of one $5million one?

Anonymous
4 years ago

you know what’s a “killer for miami” ??? THE RELATED GROUP – they create a gluttonous market, overselling it buy a longshot. They start to lower deposit structures and increase deposit amounts. Boom, before we know it, there’s another collapse and they’re getting bailed out again. Don’t get all self-righteous on us, Perez.

Anonymous
4 years ago

and increase commissions****

Anonymous
4 years ago

Kidnapped, Definitely. Killed though?

Anonymous
4 years ago

Mr. Perez is correct in my opinion for the short term but I think for the long term it will be better to grow a organic real estate market over one of supposed money launderers. I don’t think the FED will disclose names for reasons of privacy. Or I hope not.

hl
4 years ago

Require a minimum instititional mortgage on transanctions of a reasonable amt..let existing lender disclosure laws apply…keep the treasury dept out of it unless you can show reasonable cause

Yet Another Anonymous
4 years ago

Democrat?