Christian Kawas Shares His Thoughts with Miami Today
Beginning next month, title insurance companies will be required to reveal the names of any buyer that pays all cash for a high-end residential property in Miami, typically properties costing over $1 million. At least one of the goals of these new rules is to try and find anyone who may be dabbling in money laundering.
Of course with these new rules there are concerns raised regarding privacy. While real estate agents agree that the intentions are good, making such information public may not be good for safety reasons, particularly for foreign investors and people in their home countries being aware that he or she owns a multimillion dollar property. These new rules also raise concerns that buyers will simply choose to look elsewhere in cities like Fort Lauderdale to avoid the new rules.
Christian Kawas was recently featured in a Miami Today article and asked about his thoughts regarding the issue. He stated that “stricter federal oversight will make it more difficult to stash illicit funds in Miami, but only a very small segment…would probably be affected.”
The article, titled “Surprise targeting of cash realty buyers jeopardizes sales” can be read in full in Miami Today’s February print publication.
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