The whitewash devised by Federico SturzeneggerMinister of Deregulation and State Transformation, is already underway. He himself referred to the Asset Regularization Regime as a benefit “practically free”, since rates do not apply to amounts under US$100,000 and, when the amount exceeds this figure, there are alternatives to avoid paying taxes, so it is key to know what they are and how to invest the declared dollars.
This benefit also extends to higher amounts if the funds are invested in the options authorized by the Executive and are kept in special accounts that will be opened in banks and brokerage firms. The authorized instruments are:
- bonds issued by the national, provincial, municipal or Autonomous City of Buenos Aires government.
- actions that are listed on the local stock exchange.
- negotiable obligationsthat is, debt of Argentine companies listed on the Stock Exchange.
- mutual funds (FCI).
- certificates of participation or debt securities of trusts intended for financing SMEs, productive, real estate and/or infrastructure projects.
- Real estate projects initiated after the implementation of the money laundering or those with less than 50% progress at the time of their promulgation. This includes constructions, extensions and installations on owned or third-party properties.
While those who wish to keep the tax at 0% They cannot invest in deferred payment checks, Cedears, bonds, stock notes, or buy CCL dollars.
Money laundering: the strategy and instruments recommended by the city
Speaking to Scope, Isabel Botaproduct manager at Balance, He maintains that the funds received through money laundering are mainly intended for the protection of capital given the inflation suffered in recent years in hard currency. He agrees that today one of the greatest incentives to externalize these funds “is the loss of purchasing power in the dollar.” And he analyzes that “given this, We look for secured fixed income and depending on the client’s profile, what is the ideal combination?”.
Boot slides that inside the instruments most in demand There are the credits of Pan American Energy, Genneia, Telecom, IRSAfor example. “A guaranteed diversification is in the Balance Dollar Savings Fund, where securities that would be difficult to access individually are incorporated, such as Transportadora de Gas del Sur (TGS), Banco Macro, among others.” He also indicates that There is a lot of interest and the Bopreal (BPY26) is attractive due to its rate and duration. This is because it is an instrument issued by the BCRA and expiring during this same term.
For the strategist, a combination of The three types of assetswith a greater or lesser exposure to risk depending on the client’s profile, is a good strategy, as well as attractive, given that the most conservative portfolio would already start with a profit of approximately 7%, thus managing to surpass and generate an effective return on the inflation in dollars.
From Adcap Financial Groupindicate that given the volatility of recent weeks, the suggestion is to invest in the fund Adcap Dollar Incomewhich manages corporate bonds of Brazil, Chile, Uruguay and some of Argentinaand is known in the market as a LATAM fund.
On the other hand, from that broker they also recommend some Negotiable Obligations (ONs) related to the energy sector such as YPF 2025, Genneia 2027, Pampa 2026 or PAE 2027which yield between 6.5% and 9%. And in line with Bota, they suggest the possibility of adding to the portfolio, thereby diversifying, Bopreales and Argentine stocksin a proportion of 10% to 15%.
There are also rates and instruments adjusted by CER and even “carry trade”
The fan to direct the funds whitewashed is broad and from the start a percentage of profits could be secured depending on the instrument chosen. Matias Rossiportfolio manager of Investing in the Stock Market – IEB Fundsshares other alternatives with this medium.
Always taking into account the risk that each investor wants to take, Rossi suggests that they can be attractive Lecap with fixed rate and CER-adjusted instrumentsThe latter being the riskiest and most volatile option for the final months of 2024 due to all the expectations placed on the upcoming inflation data.
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And, as he explains, the data for the month of July was surprisingly higher than expected. and this caused the curve of inflation-adjusted instruments to compress stronglywhich left a significant performance in a few sessions versus the other sessions. “This made the market begin to question whether the Government’s objective of ending the year with inflation in December of around 2% per month could be achieved and, if they really do not manage to control it at that level, despite the strong rise in the last sessions,” There is still attractiveness in the CER curve with instruments yielding CER+8% maturing in 2025 and 2026.
Whitening: alternatives for the most conservative
“For those less resistant to uncertainty and the volatility that it can generate in the coming months,” Rossi recommends the Lecaps funds that continue to be recommended by IEBsince they have a Monthly Effective Rate (TEM) above 3.8% on average. This discounting that in the coming months the strategist projects Stability in the blue dollar and the stock market (MEP), as well as in the official exchange rate that would support the ‘crawling peg’ at 2% monthly and without a devaluation jump in the short term“, Rossi points out. That is to say, there is room for the “carry trade” in pesos, at least for the remainder of 2024.
FinallyIsaiah Marinistrategy analyst at Consultatio Financial Servicesadds that among the different investment possibilities for those who enter the money laundering scheme in particular is the subscription to “mutual investment funds”, in tune with Rossi. “For a conservative saver who has dollars (as is the case of those who enter the money laundering scheme) an ideal vehicle is the Funds that invest in sovereign, provincial and corporate bonds of high credit quality”, he concludes.
So, with the premise of always preserving capital and generating effective returns on inflation in dollarsmoney laundering can be attractive for those looking to protect their assets in an uncertain economic environment. In addition, the flexibility of investments and the possibility of avoiding paying taxes through special accounts offer another strategic variable for many investors.
Source: Ambito
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