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Many real estate investors from all over the globe purchase real estate in sunny South Florida, helping to keep its economy bustling. These investors include Russian oligarchs, the subject of many sanctions the U.S. has imposed as a result of Russia’s invasion of the Ukraine and subsequent war. The sanctions are intended to push Russia towards pulling out of the Ukraine without the U.S. becoming involved in the Russia-Ukraine war.
Here’s what to know about how sanctions may affect both property owners and businesses in South Florida as well as Russian investors who own Florida real estate, and how to get legal assistance from an experienced real estate litigation lawyer.
How Sanctions May Impact South Florida Property Owners & Businesses
Real estate experts in the area suggest that both individual property owners and businesses should prepare for potential issues with real estate purchases and sales. It may be challenging or in some cases even impossible to transfer money between banks to complete a purchase depending on where your bank and funds are located. Sellers may notice fewer offers on their for-sale properties as Russian investors look elsewhere for property to purchase.
How Sanctions May Impact Russian Investors in Florida Properties
Russian investors are arguably the most affected by these sanctions, which will severely limit Russian transactions within the United States. Assets, including real estate, of Russian investors located in Florida will be blocked as a result of the sanctions, preventing investors from obtaining access. Russian investors will not be able to buy and sell property in Florida, or anywhere else in the U.S. until the sanctions are lifted.
Reach Out for Legal Help Today
These sanctions, while an important strategic move on the part of the U.S., deal a heavy blow to the real estate market. Some properties, including entire condominiums on the beach, could end up being the legal property of the United States government. This is a worst-case scenario for property owners and it’s important to consult with an attorney to better understand how the sanctions may impact you or your business, specifically.
Protect your real estate with the help of an experienced real estate litigation lawyer. Feinstein Real Estate Litigation & Business Law provides experienced, comprehensive legal representation for owners, investors, sellers, and buyers in Florida. Call 954-767-9662 (Fort Lauderdale), 561-981-6212 (Boca Raton), or 305-728-5267 (Miami).