What are FinCEN Geographic Targeting Orders and does my LLC's real estate purchase trigger one?
My foreign-owned LLC is buying a commercial property in Miami for $800,000. My real estate attorney mentioned something about a 'Geographic Targeting Order' from FinCEN that applies to certain real estate transactions in Miami. He said the title company might need to report information about who owns my LLC. I thought the BOI report already covered beneficial ownership. What is a GTO and how is it different from BOI? Do I need to do anything special for this purchase?
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