The Argentine Real Estate Federation (FIRA) and the Argentine Real Estate Chamber (CIA) reported that met with the Minister of Economy, Sergio Massa, and they conveyed “optimism” in the face of the announced dollar laundering, which has already generated “important movements in the sector.”
In this sense, the entities highlighted that money laundering for the acquisition of used homes included in the 2023 Budget project “arouses interest and has to become an opportunity for investors to invest their savings in the country.”
As a bonus, the chambers estimated that the initiative will lower rental prices “due to a logical increase in supply,” according to what was reported in a statement.
The 2023 Budget Bill include in your article 71 a laundering of dollars for the acquisition of used real estate. According to the wording, once acquired, the property must be used as a home by the declarant of the funds or rented out to third parties for a minimum period of 10 years.
In this way, the supply of real estate for rent for housing purposes would increase.
Likewise, the FIRA and the CIA highlighted that the initiative, if successful, will result in “an important occupation of labor at all levels and will increase the economic activity of more than 110 industrial sectors” due to the renovations that are generally necessary in used buildings.
CIA – FIRA with Minister of Economy https://t.co/RyhUgXUplG
– REAL ESTATE CHAMBER (@CIAORGAR) September 29, 2022
On the other hand, entities They approached Minister Massa with a request with a series of concerns.
Among them, the proposal to “consider a differential in the benefit of money laundering and subsequent contribution to personal assets, when the investments are made outside the AMBA” was highlighted. The suggestion pursues the objective of boosting the market in the rest of the country, “where the generality of small and medium-sized developers are unable to generate competitive projects.”
They also claimed the modification or update of the non-taxable VAT minimum in commercial locationssince “since 2001, by virtue of decree 493/01, it has been at $1,500 (equivalent at that time to US$1,500)”.
