French Riviera Realtors Investigated Over Sanctions Compliance
- French authorities’ audit points to possible sanctions evasion
- Russians snapped up villas in Cap-Ferrat, Cap d’Antibes
Bruno Le Maire
Photographer: Nathan Laine/BloombergThis article is for subscribers only.
Authorities in Paris said they’re investigating real-estate agents along the French Riviera to verify whether they complied correctly with sanctions targeting some of their rich Russian clients.
The French Economy Ministry’s fraud office said on Thursday that it carried out in September an “operation of targeted investigations” focusing on estate agencies in the Alpes-Maritimes — a French département that includes the exclusive peninsula of Saint-Jean-Cap-Ferrat and Cap d’Antibes’ “Billionaire Bay.”