The initiative to implement a “laundering” of capital for those who have undeclared money and can turn it over to construction initially generated important expectations in the sector. However, already in the second phase of this initiative which aims to attract more dollars into the economy and reactivate the sector, only $300 million was cleared as of last week, according to detailed Gustavo Weiss, president of the Chamber of Construction.
The greatest expectations were focused on the first phase of the recycling which ended on November 19, when the cost to enter was the lowest: 5%. Since then, they’ve started running the next 90 days of the second stage at a 10% cost.
The amount recycled so far was intended for new jobs, while it is expected that in 2023 the provision will also be extended to the purchase of used properties, according to the initiative of the real estate companies included in next year’s Budget.
From the point of view of Damian Tabakman, president of the Association of Housing Entrepreneurs (EAV), money laundering “It goes slower than we would like. People are entering, but now they are playing against because the rate is higher”, He says.
“There is also a further technical issue: when whitewashing for buildings was approved, it came up with a limitation which now, with the exchange of banking information with the US also goes against it and should be corrected.
The limitation is that whitewashing is applied to the building only for those with undeclared dollars at that date and not for those who have those invested funds. “Until now, the solution for the latter, to the extent that they wanted to get into construction recycling, was to sell those assets and directly recycle the dollar bills,” Tabakman says.
“But now, if those financial investments were in accounts in the United States, with the exchange of informationthey could no longer do so because the movements of those accounts would be exposed and the non-compliance would be evident,” explained the manager.
Therefore, according to Tabakman, the correction to be made is extend construction recycling to those who have money invested in other assets as well“Otherwise, those in this situation with U.S. accounts might not get into the construction laundering and would have to wait for a large re-laundering, which is yet to be seen,” he described.
Even for developer Santiago Levrio, whitewashing has had a “low impact” thus far. “In general, a major problem is that the washings have lost legitimacy as they occurred They do not guarantee future persecutions.”warns. “This is definitely a big deal,” she says.
At the same time, the entrepreneur points out, “the boldest investment sector is applying to recycling is already sufficiently invested in the real estate marketIn other words, the investor profile who usually recycles already has many apartments to sell, being very little motivated to rent. And for this the deepest market is the consumer least likely to recycle,” He says.
According to his vision, the expectations of the sector at the moment are not so focused on the trend of recycling but on the innovations that arise Regarding the rental law and the ability of wage earners to access real estate, for example.
In relation to the new recycling, “although there were consultations in 2022, We have not yet carried out closed trades in this mode, so we are cautious about this issue,” says Gastón Mazzei, general manager of the real estate company of the same name. information, surely there will be more operations in this mode between next year and 2024,” he estimated.
Source: Clarin
