Recycling for the purchase of used properties: many requests but almost no operations

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This year, legislation allowing the purchase of used properties with laundered money was approved, already applied to construction activities. The provision has aroused enthusiasm among real estate companies, who believe it can contribute to the recovery of sales. But so far -e about to run out of time to whiten with the cheapest cost by 10% – there are no trades.

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To encourage the tool, next Tuesday 28 AFIP will train the sector on how to proceed in operations of this type.

Marta Liotto, president of the Professional Real Estate Association (Cpi), says so for the moment. there are only questions on how the operation works. “We believe we can do short-term trades,” she estimated. “We have asked the authorities for an incentive to invest and reactivate the sector. So we are willing to receive all the training to be able to operate because we are still we are missing some elements. But we have no doubt it will work,” she said.

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According to Alejandro Bennazar, president of the Real Estate Chamber (CIA) “there is an ongoing operation detected” for the purchase of used properties. But there is still a lack of training with practical cases so that the real estate agent advises accordingly, “, he said. According to the manager, the tool will help the recovery that “is already being seen: since November there have been 35% more requests in the sector,” he says.

“Since the anti-money laundering provision was regulated, let’s see many questions but really no concretions, says Diego Migliorisi, managing partner of the homonymous real estate agency. And he adds that “the wait continues to be due to the number of requests, which suggests that there is interest in this type of operation and, therefore, we are attentive”, he commented.

According to Roberto Vivaldo, president of Century 21, “beyond trying to improve the bet by broadening the purpose to the purchase of used homes and the purchase of inputs for SMEs, things are slow.”

“It is difficult to promote the purchase of a property with the intention of renting it out when there are still serious disputes over current legislation. However, laundering looms as a big opportunity given the account information deal in the US,” he adds.

“This places the anti-money laundering law as the only healthy way out for those who have gone seeking shelter in the North Country without having so far declared those funds. Some estimate in their calculations that this would generate a volume of transactions six times higher than the current average of the best month of 2022. The figure is much needed to motorize the real estate activity, not counting the number of items that construction moves,” he says.

When asked on the subject, the broker Gustavo De Simone agrees that “there are many expectations regarding the use of this new possibility. But still not much movement.

Neither Altgelt Negocios Inmobiliarios concluded any operation through capital disclosure. Meanwhile, Santiago Magnin points out that the real estate agencies linked to the network “have a good volume of sales, but no operation was carried out with recycling“, he indicated.

Gabriel Brodsky, chief executive of Predial, commented that the recycling of Construction “hasn’t fundamentally changed the pace of the business; it has rather been a small boost,” he commented. And regarding the possibility of buying used units, he said: “We have received more requests and even some operations have been completed. These included not only used apartments, but also ticket sales for brand new apartments, but which already had an investor owner and could go out of business by selling to a money laundering buyer.

According to the entrepreneur’s vision, “it would have been much more advantageous if the option to purchase used apartments had been included from the outset or, by incorporating this option, the 5% rate would have been maintained for longer. Basically, because whoever is buying now already had the money deposited before and had paid the 5% cost to outsource the money. There aren’t many cases willing to pay the 10% and this limits the flow of potential deals.”he pointed.

The possibility of money laundering is open to those who have undeclared money and want to apply this law which started with a tax cost of 5% and was then raised to 10% (until February 17th). And it reaches 20%, when the option expires at the end of 2023.

Source: Clarin

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