Here are 7 questions -and 7 answers- to know the standard in detail:
In what currency can the Money Laundering Law be adhered to?
According to Law 27,613, its amendments and regulatory decree, foreign currency and/or national currency can be laundered in the country and/or abroad that had not been declared as of March 12, 2021 by those who are tax residents. from the country.
If the laundering is in foreign currency, it must be converted into pesos at the buying exchange rate of the Banco de la Nación Argentina on the day the funds are deposited in the Special Deposit and Cancellation Account for Argentine Construction (CECON.Ar) .
What special tax must be paid for money laundering?
It will be a special tax and the rate is modified according to the moment the money is deposited, either in pesos or in dollars converted to the official value.
The greatest benefit will be obtained by those who deposit the funds before November 19 and will pay an aliquot of 5%. If you enter between 90 and 180 days, the rate will be 10%, and from then until the end of the term, 20%.
This tax cannot be paid with money laundered in the operation, so it is necessary to have these amounts available to pay the tax.
What is the term to invest the laundered funds in real estate projects?
The term for the investment of more than two years, since it expires on December 31, 2024. This extended term is very useful to be able to choose, with a detailed analysis, the best investment proposal for our capital, but according to what is foreseen by our company, the current built square meter prices are the lowest price that will exist from today until the end date of the investment term.
What type of real estate can be acquired with the laundered capital?
The real estate projects for investments, so far, are exclusively those intended for new private works started as of March 12, 2021 (constructions, extensions, installations: among others), but in addition, it would be incorporated that the funds that are declared within the framework of the Normalization Program to Reactivate Argentine Federal Construction, they may also be used for the acquisition of a used property that is affected exclusively for the home-room of the declarant of the funds and their family or for a period of not less than 10 years. , to the location with exclusive destination to the house-room of the tenant and his family.
Also included are those new private works that, as of that date, had a degree of progress no greater than 50% of the completion of the work.
Real estate projects must be registered in the Registry of Real Estate Projects (REPI) and each of them must be identified through the Real Estate Project Registration Code (COPI). These requirements are unavoidable and allow or reject the presentation to be made.
Is it necessary to pay the total investment at the beginning?
No, laundered funds can be invested in real estate projects in stages, that is, partially. In the event that it is authorized, something that is almost certain, the purchase of used real estate will usually be paid in cash and if it is not, the payment term may not exceed the validity of the law.
This allows, in real estate developments in a well, an investment can be made through which installments are paid at the same time that the work is being developed.
Can I launder funds and benefit from the exemption and payment on account of personal assets?
No. Those who adhere to laundering are not entitled to the benefits of exemption from the tax on personal assets or the payment on account of said tax for the investments made.
What currency should be laundered pesos or dollars?
According to the analysis carried out, it is much more convenient to launder dollars instead of pesos, since the amount that must be paid for the special tax, if you launder pesos, will be twice as much as if you launder dollars. This is essentially due to the value of the blue dollar, that is, the performance it has in the informal market.
The recently enacted money laundering law opens up a golden opportunity for those who need to have money within the legal circuit and who are currently outside of it. In the world, white money is an immediate business opportunity and illegal or undeclared money is becoming increasingly difficult to use and we are on the way to making it impossible to use in a very short time.
On the other hand, if we also take into account that the value of real estate in Argentina is at one of its historical levels, it will be a successful equation whichever way you look at it. The special tax of 5% if they enter before November, is extremely lower than the value that the real estate will recover in a medium term and if the investor also acquires a real estate development in a well, said profits may be appreciated in a much shorter term. . Wasting this opportunity by smart investors will surely lead them to regret it in a very short time.
President of CAMESI (Chamber of Real Estate Services Companies), President of Keymex Argentina, auctioneer and public broker
Source: Ambito
