At the end of 2022, deputies and senators approved the regulations for the home buying used within the framework of money laundering, using the transparent resources in that process. Now, the National Government formalized the modification of two articles that will allow the investment category to be expanded. This measure, published in the official gazette this Friday, January 13, generates expectations in the real estate market, which could benefit and improve the number of operations.
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In the City of Buenos Aires, the purchase and sale activity closed 2022 with a slight recovery but within a low margin compared to the historical figures for the sector. Looking ahead to 2023, expectations are growing regarding the possible growth that could occur given the opportunity to make use of the laundered money.
The articles that were modified regarding money laundering for the purchase of used real estate were promulgated through Decree 18/2023 published in the Official bulletin.
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Article 1 establishes the replacement of Article 2 of Decree No. 556 and therefore announces that the use of capital will be expanded. “The funds that are declared must be allocated to development or investment, in real estate projects in the Argentine Republic or to the acquisition of a used property,” clarifies the decree of the Law of Incentives for Argentine federal construction and access to housing.
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Regarding the used property, it is detailed that they are all those that “had been inhabited or affected by lease, use, usufruct, habitation, antichresis, surface or other real rights.”
On the other hand, the decree clarifies that the property “affected to a rental with exclusive destination to house-room, the tenant or the tenant should not be the owner of any property, whatever the proportion.”
Given that money laundering will not only allow the purchase of used homes but also their investment in real estate development, it was remarked that the Federal Administration of Public Revenues (AFIP) It will be responsible for issuing the complementary norms to the form of accreditation of the acquisition of the used property and the verification of compliance with the requirements and destinations.
According to reports, people who have undeclared money may apply to this law, which begins with a special tax of 5%, and which will increase for those who enter later, with 10%, and up to 20%, when the option at the end of 2023.
Based on the text of the law, it is established that the purchase of real estate used for two types of purposes. On the one hand, linked to the unit as an “exclusive destination” for the use of his own home by the person who laundered, or on the other hand, to the case in which it is intended for traditional rental for family housing for a period that may not be less than 10 years.
Since the creation of the Argentine Federal Construction and Access to Housing Incentive Law, expectations have increased and real estate developers have always remained firm that undeclared savings should be allocated to homes under development as well as used homes due to that these are complementary sectors. Therefore, the publication of the decree brings relief to the complex situation that the market is going through.
Some time ago Alejandro Bennazar, president of the Argentine Real Estate Chamber (CIA), highlighted infobae the importance of reaching an understanding with the Government and other organizations such as the agencies that intervene such as the AFIP” to define who will be able to buy homes for final use or allocate them to the rental market.