Under legislation introduced, any person seeking to purchase property through an LLC would be required to submit their identity to the state and include it in their tax returns.
Billionaires Row has become a popular destination for foreign investment.As Russian forces lay siege to Ukraine, President Joe Biden warned oligarchs and enablers of the Putin regime this week that the U.S. will “find and seize your yachts, your luxury apartments, your private jets.”
“It's understood by the IRS and Justice Department that there’s billions of hot dollars, including from Russian oligarchs, in New York City,” said John Kaehny, the executive director of the watchdog group Reinvent Albany. “The LLCs are the key to keeping that money secret.” In New York, property owners have had wide latitude to shield their identities behind LLCs. So the hunt for Russian oligarch’s assets – known as Operation KleptoCapture – will likely bring federal attention to Manhattan’s real estate market, where luxury towers havefor foreign wealth.
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