In the first year, there were 32 real estate deals in Miami that were reported to the feds (the information was obtained by a freedom of information request). Of those, half were flagged as suspicious.
To meet the threshold for reporting, the purchase must have been made with cash in a deal size above $1 million (if payment is made by wire it doesn’t need to be reported). If the buyer then obtains title insurance, the title company must disclose the owner of the shell company behind the purchase.
A Miami lawyer told the website that he doesn’t support the disclosure rules, which could influence the market by putting unfair requirements on innocent buyers.