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Money laundering: how to regularize dollars that are abroad to buy a property in Argentina? - La Nacion Propiedades
Source:
www.lanacion.com.ar
October 24, 2024
Cash must be regularized during the first stage of money laundering, after which it will no longer be able to enter the financial system; what should you do if it is abroad?
The first stage that allows regularizing cash that is outside the financial system ends on October 31Konstantin Christian - Shutterstock
There are only a few days left until the end of the first stage of the Asset Regulation Regime , better known as money laundering , and with it the possibility of regularizing cash that is outside the financial system . In this way, until October 31, those who have money "under the mattress" - which may be abroad - have the opportunity to formalize it to, for example, invest it in the real estate market .
This benefit allows the regularization of any type of assets - which are outside the financial system - of up to US$100,000 without paying taxes and if larger amounts are laundered , rates are paid depending on the time at which they enter the system: 5% until October 31; 10 % until January 31, 2025 ; 15% until April 30, 2025.
In the case of cash, it must be regularized through a Special Account for Asset Regulation (CERA) and can only be done within the first stage , then it cannot be laundered. However, there is also the possibility of not paying rates regardless of the amount : if it is left within the financial system until December 31, 2025 or if it is placed within the placements authorized by the Ministry of Economy , such as: projects in the well with up to 50% progress of work .
It is important to note that any asset to be regularized must have been obtained before December 31, 2023 (the date up to which assets that can be declared in the money laundering process are taken).
Cash must be regularized before October 31, 2023 Shutterstock
The accountant drew a line between what is allowed to be laundered and what is not : “ Laundering allows the regularization of black money, but not dirty money : the former comes from a legal operation, such as an undeclared sale, an undeclared fee that did not pay taxes; on the other hand, dirty money comes from the deposit of an illicit operation, such as drug trafficking, arms sales or other serious crimes.”
A key fact to keep in mind is that , as of November 1, the money deposited in the CERA account can be used , but if you want to use it on the same day it was laundered, “a transfer must be made for an onerous transaction such as the purchase of a property or the exchange of a car,” adds the specialist. Therefore, the cash is transferred from the CERA account to the seller's account.
“The outlook for the money laundering process is very good . Developers are receiving a large number of enquiries. We believe that this money laundering process will have a positive impact on the sector in the medium term ,” said Mali Vázquez, executive director of the Chamber of Urban Developers (CEDU).
The possibility of regularizing cash is particularly beneficial for investors who opt for the real estate market , since properties are not only a safe investment, but also an opportunity to preserve and multiply capital . And, for this, there is the option of buying used, brand new or unfinished properties with more than 50% of the work completed that cost more than US$100,000, with the money regularized, but without paying any penalty .
Laundered money can be used for investment in the real estate market Shutterstock
“A possible situation is that a person wants to sell a property (which is worth more than US$100,000) and invest the money from the transaction in shares, for example. Then they accept that a person who laundered cash transfers the funds to their CERA account and neither of them pays the laundering rates,” explains Sebastián Domínguez, accountant and CEO of SDC Tax Advisors.
This option is contemplated within the regulations and there are already developers with projects that are more than 50% complete that are accepting it , since their projects do not fall within the options authorized by the Ministry of Economy. “ This can become a wheel that goes on and on if everyone starts doing it . Because that developer can have an arrangement with the company from which he buys cement, for example, that also accepts a transfer to a CERA account or uses it to invest in another project,” adds the tax specialist.
“Another case could be that a person decides to buy a brand new apartment from another person and the seller uses the money to buy a property in a condominium with less than 50% of the work completed and registered in the REPI, invest in one of the placements authorized by the Ministry of Economy, or can follow the cycle and transfer to another person in his CERA account for some purchase, such as another property,” adds Domínguez.
There are many possible examples, but the important thing is to know what the CERA account generates : that until the end of 2025 , as long as the money remains there, no type of tax is paid regardless of the amount . Therefore, as long as the money circulates within the accounts, the payment of rates is avoided . It is important to remember that cash can only be laundered within the first stage, that is, until October 31 of this year.
www.buysellba.com
Source:
Blanqueo: ¿cómo regularizar dólares que están en el exterior para comprar una propiedad en la Argentina?
El dinero en efectivo debe regularizarse dentro de la primera etapa del blanqueo, luego ya no podrá ingresar al sistema financiero; ¿qué hacer si está en el exterior?
www.lanacion.com.ar
October 24, 2024
Cash must be regularized during the first stage of money laundering, after which it will no longer be able to enter the financial system; what should you do if it is abroad?
The first stage that allows regularizing cash that is outside the financial system ends on October 31Konstantin Christian - Shutterstock
There are only a few days left until the end of the first stage of the Asset Regulation Regime , better known as money laundering , and with it the possibility of regularizing cash that is outside the financial system . In this way, until October 31, those who have money "under the mattress" - which may be abroad - have the opportunity to formalize it to, for example, invest it in the real estate market .
This benefit allows the regularization of any type of assets - which are outside the financial system - of up to US$100,000 without paying taxes and if larger amounts are laundered , rates are paid depending on the time at which they enter the system: 5% until October 31; 10 % until January 31, 2025 ; 15% until April 30, 2025.
In the case of cash, it must be regularized through a Special Account for Asset Regulation (CERA) and can only be done within the first stage , then it cannot be laundered. However, there is also the possibility of not paying rates regardless of the amount : if it is left within the financial system until December 31, 2025 or if it is placed within the placements authorized by the Ministry of Economy , such as: projects in the well with up to 50% progress of work .
It is important to note that any asset to be regularized must have been obtained before December 31, 2023 (the date up to which assets that can be declared in the money laundering process are taken).
Cash must be regularized before October 31, 2023 Shutterstock
What happens in cases where the money is abroad?
“ Cash that is in another country can be laundered without problems , as long as the funds are deposited in a foreign bank account and then transferred to the holder’s CERA account, from which the operations can be carried out,” explained César Litvin, CEO at Estudio Lisicki, Litvin & Asoc, at Data Day 2 organized by Reporte Inmobiliario . It is not possible , in any way, to regularize money from abroad without it first passing through a bank account in a foreign country .What assets can be laundered?
“ Any type of assets, no restrictions . Except for money deposited in countries that are considered High Risk (Black List) or Under Intensified Monitoring (Grey List),” explains Litvin.The accountant drew a line between what is allowed to be laundered and what is not : “ Laundering allows the regularization of black money, but not dirty money : the former comes from a legal operation, such as an undeclared sale, an undeclared fee that did not pay taxes; on the other hand, dirty money comes from the deposit of an illicit operation, such as drug trafficking, arms sales or other serious crimes.”
A key fact to keep in mind is that , as of November 1, the money deposited in the CERA account can be used , but if you want to use it on the same day it was laundered, “a transfer must be made for an onerous transaction such as the purchase of a property or the exchange of a car,” adds the specialist. Therefore, the cash is transferred from the CERA account to the seller's account.
“The outlook for the money laundering process is very good . Developers are receiving a large number of enquiries. We believe that this money laundering process will have a positive impact on the sector in the medium term ,” said Mali Vázquez, executive director of the Chamber of Urban Developers (CEDU).
The possibility of regularizing cash is particularly beneficial for investors who opt for the real estate market , since properties are not only a safe investment, but also an opportunity to preserve and multiply capital . And, for this, there is the option of buying used, brand new or unfinished properties with more than 50% of the work completed that cost more than US$100,000, with the money regularized, but without paying any penalty .
Laundered money can be used for investment in the real estate market Shutterstock
How to buy a used or new apartment for more than US$100,000 with laundered money without paying a fine?
The answer is quite simple: transfer from one CERA account to another CERA account , since as long as the laundered money remains within the financial system until December 2025 or is used for any of the placements authorized by the Ministry of Economy, no tax is paid .“A possible situation is that a person wants to sell a property (which is worth more than US$100,000) and invest the money from the transaction in shares, for example. Then they accept that a person who laundered cash transfers the funds to their CERA account and neither of them pays the laundering rates,” explains Sebastián Domínguez, accountant and CEO of SDC Tax Advisors.
This option is contemplated within the regulations and there are already developers with projects that are more than 50% complete that are accepting it , since their projects do not fall within the options authorized by the Ministry of Economy. “ This can become a wheel that goes on and on if everyone starts doing it . Because that developer can have an arrangement with the company from which he buys cement, for example, that also accepts a transfer to a CERA account or uses it to invest in another project,” adds the tax specialist.
“Another case could be that a person decides to buy a brand new apartment from another person and the seller uses the money to buy a property in a condominium with less than 50% of the work completed and registered in the REPI, invest in one of the placements authorized by the Ministry of Economy, or can follow the cycle and transfer to another person in his CERA account for some purchase, such as another property,” adds Domínguez.
There are many possible examples, but the important thing is to know what the CERA account generates : that until the end of 2025 , as long as the money remains there, no type of tax is paid regardless of the amount . Therefore, as long as the money circulates within the accounts, the payment of rates is avoided . It is important to remember that cash can only be laundered within the first stage, that is, until October 31 of this year.
www.buysellba.com
