FinCEN Expansion, Foreign Interests & Love
Hello Fund Members!
Hope everyone is doing well. I have a few things to share this week.
FinCEN Expansion. If you do transactions in Hillsborough, Pasco, Pinellas, Manatee, Sarasota, Charlotte, Lee and Collier counties, you need to read this! FinCEN has renewed its Geographic Targeting Order (GTO) for Miami-Dade, Broward and Palm Beach counties effective beginning October 22, 2023, and has added eight more Florida counties, which must report beginning November 21, 2023. The new order ends April 18, 2024 for all Florida counties (and is expected to be renewed at that time).
The GTO requires reporting for purchases of residential real property by a business entity (excluding trusts and U.S. publicly-traded companies) where the total purchase price is $300,000 or more, there is no institutional financing, and any part of the purchase price is paid using currency, cashier’s checks, certified checks, traveler’s checks, money orders, business or personal checks or wire fund transfers. Fund agents must report the identities of beneficial owners holding at least 25% of the purchasing entity through a Currency Transaction Report.
The newly covered counties are Hillsborough, Pasco, Pinellas, Manatee, Sarasota, Charlotte, Lee and Collier.
We do not do this filing for you. But we have GREAT resources to help you set up your accounts and report your transactions directly to FinCEN. Helpful Fund resources below:
Foreign Interests in Property Rule Update. Rule adoption is progressing through the Department of Commerce and the Department of Agriculture and Consumer Services. Both include the adoption of a registration form with processes for filing. As soon as those rules are finalized, we will get an alert out to you so that you can advise your clients appropriately. Keep those questions coming! foreigninterests@thefund.com
Love Your Lawyer Day. Bet you didn't know that November 3 is "Love Your Lawyer Day." Maybe it is not up there with National Donut Day but we here at The Fund are celebrating it regardless. So from me to you:
That's all for this week! Let me know how we can help you.
Melissa Jay Murphy
Executive Vice President, Chief Legal Officer,
and General Counsel
11/02/2023