New York Finally Stops Anonymous Property Purchasing Using LLCs

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The enactment of expanded disclosure requirements has effectively stopped the practice of US investors anonymously purchasing and reselling of residential property in New York City using limited liability companies; with for all similar corporations (LLCs) also following suit. Going forward, New York City transfer tax forms must now identify the names and addresses of any individuals who are beneficial owners of the property.

However, sellers and buyers of apartment block units and condominiums are excluded, and individual buyers can still preserve anonymity by purchasing through a trust, limited partnership or corporation.