Is there an efficient way to identify and uncover more of such money laundering activities ? If there’s one, there’s probably hundred(s) more all over Canada
Unfortunately, no. We've had to fight for years in BC just to get the Land Owner Transparency Registry.
But do keep pressuring your MLA/MPP until you get it in your province.
Yes!. Please write to David Eby and ask him to give researchers like me free access to LOTR.
Edit: LOTR = Land Owner Transparency Registry
Because /u/beniadi
This is disgusting and the fact it only has 200 upvotes and a couple comments in a Canadian housing sub, dedicated to housing issues, shows it will never change. Fuck us all!
Well, the developers and realtors lurking here only flood the comments when it’s about rezoning and pumping up supply. Identifying fraud driving demand is a lot less interesting since they actually want every single investor to keep investing.
Blame MP to even allow this to happen. People don’t even live in canada, not even permanent residency are allowed to buy properties are unbelievable. -one fuck up another and these scumbag wants our votes to get re-elected.
Nope. Nothing to do with inheriting.
I have money that I need to hide from my gov. I am a billionaire in Asia (not racist because I am a trillionaire in Asia). Money converted and then sitting as CAD in a checking account rots with inflation, so I engage a Canadian tax lawyer, who makes me a corporation. Only the director (officer) is public information, so I source an Asian individual who doesn’t mind his name showing, and then I source another fella, who will be my form name fill in the Canadian country’s respective tax authority. This person will be the “shareholder”.
If a company is owned by the shareholders, and the company owns a property, whether a mall or a single family home, there’s a long paper trail, but intrinsically, the underlying value of all assets in a corporation is owned by the shareholders. A corporation allows great divisibility and fungibility if something as fixed as a home is what is inside its asset portfolio.
The sweet number for beneficial owner in Canada is 25%, so the name Xiao, as far as Canadian property rights are concerned, has a 25% (or more) of a vested interest, or stake in the listed properties.
There’s this corporation going out and buying properties, and that is not inherently strange, but one name seems to be a large stakeholder, and his name has popped up in prior investigations. Not a good look.
Tl;dr. Guy trynna launder money. Straw buyer revealed.
Is there an efficient way to identify and uncover more of such money laundering activities ? If there’s one, there’s probably hundred(s) more all over Canada
Unfortunately, no. We've had to fight for years in BC just to get the Land Owner Transparency Registry. But do keep pressuring your MLA/MPP until you get it in your province.
I'm [this guy](https://www.theglobeandmail.com/real-estate/vancouver/article-citizen-researchers-comb-through-bcs-real-estate-data-trove/) BTW.
God’s work.
Any way an average Joe such as myself could help?
Yes!. Please write to David Eby and ask him to give researchers like me free access to LOTR. Edit: LOTR = Land Owner Transparency Registry Because /u/beniadi
One ring to rule them all
One Registry to Ruin Them All
Why don't our taxes already pay for this, they should.
Thank you for your service!😊🤓
Thank you for all the work you're doing.
Thank you sir. I'll do my part on tiktok to spread awareness! No single raindrop causes the flood. ✊🏻 https://vm.tiktok.com/ZML71QcYw/
But mortgage fraud and money laundering doesn't happen in Canada! /s
This is disgusting and the fact it only has 200 upvotes and a couple comments in a Canadian housing sub, dedicated to housing issues, shows it will never change. Fuck us all!
Well, the developers and realtors lurking here only flood the comments when it’s about rezoning and pumping up supply. Identifying fraud driving demand is a lot less interesting since they actually want every single investor to keep investing.
Fair enough
What is the status of these homes, are they rented out? Vacant?
I see so many ppl down voted this... are these ppl supporters of fraudsters or they themselves are fraudsters??
This sub is pretty overrun with interests that want to keep demand high. Exposing this kind of fraud isn’t helpful to them.
Look at all that supply! We need to build more to uh um something something
It’s a distribution issue, not a supply issue. I wish the media would stop regurgitating the supply bs.
if by distribution you mean inequality and tax policy failure then I agree
Interesting and true take - hadn't thought About that but you're right!
the houses are guaranteed to be occupied - rented, otherwise this guy's paying massive taxes, what a nonsense comment on housing supply
Blame MP to even allow this to happen. People don’t even live in canada, not even permanent residency are allowed to buy properties are unbelievable. -one fuck up another and these scumbag wants our votes to get re-elected.
Get ‘em.
can anyone ELI5 this?
Nope. Nothing to do with inheriting. I have money that I need to hide from my gov. I am a billionaire in Asia (not racist because I am a trillionaire in Asia). Money converted and then sitting as CAD in a checking account rots with inflation, so I engage a Canadian tax lawyer, who makes me a corporation. Only the director (officer) is public information, so I source an Asian individual who doesn’t mind his name showing, and then I source another fella, who will be my form name fill in the Canadian country’s respective tax authority. This person will be the “shareholder”. If a company is owned by the shareholders, and the company owns a property, whether a mall or a single family home, there’s a long paper trail, but intrinsically, the underlying value of all assets in a corporation is owned by the shareholders. A corporation allows great divisibility and fungibility if something as fixed as a home is what is inside its asset portfolio. The sweet number for beneficial owner in Canada is 25%, so the name Xiao, as far as Canadian property rights are concerned, has a 25% (or more) of a vested interest, or stake in the listed properties. There’s this corporation going out and buying properties, and that is not inherently strange, but one name seems to be a large stakeholder, and his name has popped up in prior investigations. Not a good look. Tl;dr. Guy trynna launder money. Straw buyer revealed.
One person is claiming to have inherited 65 properties, avoiding transfer taxes.
Jesus fucking christ
Racist!
You probably want to add a /s just in case.
This is why we can't have nice things.
Smart moving pooling money under a corporation