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Whitewashing arrives - Reporte Inmobiliario
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Real Estate: llega Blanqueo, noticias sobre INVERSIONES en Reporte Inmobiliario
La herramienta podría seguir activando el mercado aunque falta su pase por Diputados. Motorizaría ventas de usuarios finales que aprovechen piso de valores.
www.reporteinmobiliario.com
June 20, 2024
The tool could continue activating the market although it is still pending approval by the Deputies. It would drive sales from end users who take advantage of the securities floor.
After a month and a half of negotiations, last week the Senate of the Nation unanimously approved the Asset Regularization Regime proposed by the Fiscal Package, which contemplates money laundering on those taxpayers who do not have their assets declared.
The final version establishes that assets of up to USD 100,000 can be laundered without paying any surcharge rate, that is, laundering would be free of charge up to that amount . For amounts that exceed USD 100,000, the project proposes progressive rates of 5%, 10% and 15%, depending on the moment in which taxpayers decide to join the regime.
Thus, for the first stage (until September 30), a rate of 5% on the declared surplus would apply. In a second stage (from October to December 2024), a rate of 10% is established, and in a third stage, from January to March 2025, the tax on undeclared assets will be 15%.
In the case of goods being processed in Argentina, the following could be declared:
• Cash, either in pesos or dollars.
• Real estate. Its acquisition value, its tax value or its minimum value (whichever is higher) must be considered.
In the case of assets abroad, the following could be declared:
• Money in cash or deposited in bank accounts.
• Real estate
When undeclared money is laundered, it is presumed that part of these pesos or dollars will allow the public who had intentions of buying a property but could not justify their purchase to end up doing so.
It could also activate the construction sector since, for example, anyone who has undeclared money and wants to build a house could now go this route. It must be clarified that in money laundering of this type an element that always works against is that the money must first be deposited in a bank account, although it is not known if this will be the case in this case, it will depend on its implementation.
There is no doubt that this new laundering would not be for holders of large capital, since they adhered to the multiple previous launderings.
Now, it remains to wait what is decided in the Chamber of Deputies where a simple majority of votes is needed. Depending on the speed given, the process could take several weeks since it must go through study commissions, then have an opinion and then be debated in camera and only then would the moment of its vote arrive. The entire process depending on the consensus can take from a couple of weeks at least to a few months.
It is striking that the expectations of greater reactivation of the market from this operation are lower than what reality could indicate since 30% believe that the money laundering “will not generate more property sales”:
We do not know the scale of the real estate market that will finally become more dynamic, but it is certain that with laundering it will sell more than without laundering in the remainder of 2024 and 2025. Now the big unknown becomes from what date it will finally be implemented.
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