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In the first days of January, the Government regulated the modification to real estate laundering introduced by the 2023 Budget law to include the purchase of used properties as a destination.
This addition does not modify the terms or conditions of the original regime, but it does incorporate a new possibility to apply the dollars that are externalized. As a requirement, the properties must be used for the taxpayer’s or her family’s home or for rent for a family home for a minimum of 10 years.
Laundering for construction was implemented in 2021, but it went almost unnoticed because the delay in the regulation left meager times to adhere. In August 2022, it was reopened and three periods with different costs were established in the special tax: the first, until November 19 of last year, had a nominal rate of 5%; the second, with a rate of 10%, is valid until February 17, 2023, and the third, at a cost of 20%, extends until next August 17.
At that time, the destination was new construction works or with a 50% progress and now the possibility of acquiring a used property has been added. In any case, there is a term until December 31, 2024 for those funds, deposited in special accounts, to be used for the purchase of properties.
In the case of used units, the purchase value must not exceed the equivalent of two times the exempt amount for personal property tax of the previous year. By the end of 2022, this exemption is $56,410,705.41, so the used properties that are acquired under the money laundering regime in 2023 must not have a value greater than $112,821,410.82.
Expectations
This new destination had been requested by the real estate sector and generates cautious expectations.
“The news of the extension of the laundering destination to used properties was received positively because it was a request made by various real estate sectors. It is a welcome tool in a real estate market that, beyond positive trends, continues to have a low volume of total operations”, says Lucas Bergo, president of the Chamber of Real Estate Brokers of Córdoba (Cacic).
For the executive of the business entity, the fact of renting or owning the single home “is not going to solve it, but it will contribute, and it can act as a mitigation due to the lack of supply in the housing market.” rents”.
In fact, all the sectoral surveys show that an increasing percentage of owners decide to withdraw their properties from rental and many offer it for sale. The low profitability and the difficulties that the application of the rental law (in force since July 2020) is generating are one of the causes of this trend.
“We are at a market moment with an interesting stock of used properties for sale and at good prices, which is why it is an opportune moment for those who are looking for a property for use, declaring funds at an attractive cost”, points out Bergo.
Although the requirement that money laundering asks to keep the property for rent for 10 years (with a contract registered in the special registry of the Afip) may not be attractive in this context, real estate agents hope that it will be convenient for people who have dollars ” under the mattress” and who want to buy property for themselves or their children.
For taxpayers, the conditions of this laundering are extremely convenient because the costs in these first two stages are minimal: nominal rates (5%, 10% or 20%) are greatly reduced when it is considered that they are paid in pesos on the official dollar price, while the declared currencies can be converted to the MEP dollar.
However, one of the issues that most “scares” taxpayers who might join is trust. Those who entered the previous laundering of 2017 later saw the tax payable multiplied several times (the rate of Personal Property rose from 0.25% to a maximum of 2.25%) and many had to pay the solidarity contribution of 2021 (tax on the wealth).
“We are cautious in waiting for the market’s reaction, understanding that there are several months ahead. Efficient and correct communication on the part of the Government is fundamental for its operation, a friendly operation that does not create obstacles and, finally, most importantly, transmitting trust, since people have been hit by previous experiences”, remarks Bergo.
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