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?
“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.