Russian oligarchs investing in U.S.
Rich Russians are eyeing and buying expensive real estate in New York for the first time in a decade, Air Mail reported. “We’re seeing a lot of Russian nationals. I’ve had five Russians look at properties in the $10 million to $20 million range in the past few weeks—condos and town houses,” a New York broker said. One returning Russian just signed a contract for a $20 million trophy property in Midtown. The buying spree is spurred by the cozy relationship between Trump and Putin, the broker said. “A couple of years ago, oligarchs couldn’t buy anything in the U.S., and Putin put pressure on Russians not to buy here or in Europe.”
Russians may also feel more reassured in the knowledge that, back in the day, their fellow nationals (including oligarchs and ex-cons) bought lots of Trump-branded properties. Some even found ways to provide Trump with cash when U.S. banks would not. Or, as Eric Trump told a golf reporter in 2014, “We have all the funding we need out of Russia.”
The broker said about the current influx of oligarchs: “They aren’t afraid to buy anymore…That’s what’s changed.” And, thanks to Trump, there is less to fear. Sanctions against the Russian government, companies, and some individuals are still in place, but after only weeks in office, the administration took an ax to anti-corruption initiatives, disbanding Justice Department units such as Task Force KleptoCapture that investigated dirty money invested in assets like yachts and real estate.
Trump also watered down the Corporate Transparency Act, making it easier for foreign investors to create American companies where they can park assets. “If you are a Russian oligarch and your goal is to move, hide, and invest your dirty money in the U.S., you now have a new incentive to form an anonymous company inside the United States,"
Michael Bociurkiw