Money laundering is born, promoted by the government to obtain dollars from the state coffers and to incentivize the construction sector a slow pace compared to the expectations that arose at the beginning of its implementation.

One week after the end of the first phase of the provision, when most of the adherents were expected, since it has a lower tax cost, about 40 million dollars were laundered, according to the data processed by the Chamber of Industry (CAMARCO).

In accordance with the provisions of the Argentine Federal Law on Construction Incentives and Access to Housing (No. 27,679), the first part of the money laundering period expires on November 19. paying a fee of 5%.

From that date, with a cost of 10%, the second phase will begin until February 17, 2023 and, finally, until August 16 of next year, the capital can be outsourced at a cost of 20%.

Preliminary estimates, according to the developers, assumed the possibility of adding approximately US $ 4,000 or 4,500 million during the entire process. This is why they now say “we will see”, hoping that the figure will continue to increase.

Gustavo Weiss, president of CAMARCO, underlines regarding the development of the first stage: “much more was expected. Even if there are still 10 days to go ”.

Meanwhile, Damián Tabakman, president of the Chamber of Urban Developers (ECHR), described: “There are already operations and in the next few days, at the end of the first phase, we will see more “.

According to Alejandro Ginevra, head of the GNV developer, who has projects in Puerto Madero, money laundering in his company works “well”. “We are signing several tickets, but more publicity is needed from the government“, He says.

And he adds that “many people are still not informed. They do not know the advantages and the low cost it has. Furthermore, opening a bank account is very simple ”, describes the entrepreneur. According to his experience, the whitening system works best on “premium products”.

With regard to the official information to attract interested parties to the anti-money laundering initiative, Afip informed 216 consortia of country development companies, country clubs and private neighborhoods about the advantages of joining the law about a fortnight ago.

This induction campaign aimed to inform about the extension of the regime construction incentive. The benefit reaches the realizations, extensions and installations carried out in real estate projects of new private works started from 12 March 2021 and which, pursuant to building regulations or similar provisions “are subject to complaint, authorization or approval by the competent authority “.

The standard also includes those works started before that date and which to date have a degree of progress of less than 50% of the completion of the works.

Of because adhesion to whitening comes with little energy, in the sector they hazard a few hypotheses: “It is likely that today you will buy an apartment in the well, as proposed by the initiative of this project, and then resell it don’t be business. Perhaps there are those who are waiting for the Budget project that will allow them to buy apartments, used or new, which can be obtained at a better price and make a big difference, ”commented a market developer.

It happens that the possibility that it extends to money laundering is also extended in the budget that is being discussed in the Senate the purchase of used properties, according to a request that the Real Estate Chambers have made.