In early March, U.S. President Joe Biden gave a State of the Union address that condemned Russian oligarchs who owned property in America. Many of these properties are located in South Florida, on the coast, and in Florida’s surrounding waters. Russian oligarchs have long sought to purchase and own real estate located on the balmy shores of Palm Beach, and the President’s warning was directed entirely at them. 

“Tonight I say to the Russian oligarchs and corrupt leaders who have bilked billions of dollars off this violent regime: no more. We are joining with our European allies to find and seize your yachts, your luxury apartments, your private jets. We are coming for your ill-begotten gains,” he announced. 

Russian owners of Palm Beach real estate should be highly concerned, however, properties might not be taken immediately or possibly even at all before sanctions are lifted.

Asset Seizure Might Not Be So Easy 

Many of the Florida properties owned by Russian oligarchs are technically owned by American shell companies, which provide a thick layer of protection against seizure. Freezing assets, like bank accounts, and preventing wire transfers is much easier. That said, property owners have reason to be concerned. 

Get Help from Florida’s Business Law Firm Now 

Real estate matters, particularly those that are of extremely high value, are complex and difficult. They require the expertise of a seasoned attorney who is adept at both settlement negotiations and in-court litigation. It’s entirely possible that non-Russian property owners may get caught in the crossfire and need to take legal action to protect their investments. At Feinstein Business Law & Real Estate Litigation, we can help. 

Learn more about business law and real estate litigation or book an appointment to see one of our experienced attorneys. Call now by dialing 954-767-9662 (Fort Lauderdale), 561-981-6212 (Boca Raton), or 305-728-5267 (Miami).