New Reporting Requirements for Mexicans and Other Foreigners with Participation in U.S. Entities
“The Beneficial Ownership Information (BOI) Reporting Rule of the Corporate Transparency Act (CTA) entered into force on Jan. 1, 2024. Now, U.S. or Mexican entities will be required to report the individuals who directly or indirectly exercise substantial control over the entity or own 25 percent or more of the ownership interests in that entity, unless the entity is exempt from reporting.
In addition, the Financial Crimes Enforcement Network (FinCEN) on Feb. 16, 2024, proposed a new transparency initiative focused on “all cash” acquisitions of U.S. residential real estate by entities and trusts, with a requirement that real estate professionals involved in the transaction must report the individual beneficial owners and other information to FinCEN within 30 days of closing. Learn what this latest proposal means if you acquire U.S. real estate through an entity or a trust…”
https://www.hklaw.com/en/events/2024/04/new-reporting-requirements-for-mexicans-and-other-foreigners