FinCen’s Geographic Targeting Order (“GTO”) on all cash transactions where the purchase is an entity, has been in effect since January 13, 2016, was expanded and extended on July 22, 2016, was due to expire February 23, 2017 has been further revised to extend the effect of the GTO for an additional 180 days until August 22, 2017. As you are aware, the GTO affects the sale of certain properties in the 5 boroughs of New York City.
The new GTO is identical to the current order and will not expand the cities or the dollar thresholds.
• Borough of Manhattan, N.Y.; $3 million
• Boroughs of Brooklyn, Queens and Bronx, N.Y.; $1.5 million
• Miami-Dade, Broward and Palm Beach counties, Florida; $1 million
• Los Angeles, San Francisco, San Mateo, Santa Clara and San Diego counties, California; $2 million
• Bexar County, Texas (San Antonio); $500,000