Changes in the construction money laundering law: what properties can be bought now

The Executive Power published this Friday in the Official Gazette

-called the Incentive for Argentine Investment, Construction and Production- that generate expectations in the real estate market.

It is that this modification expands the range of options to be able to use laundered capital for the purchase of homes and construction, which allows to give impetus to a market that does not finish recovering.

Decree 18/2023 published in the Official Gazette expands the investment items in relation to used real estate, which is expected to generate a greater flow of operations.

Article 1 establishes: "The funds that are declared must be allocated to the development or investment, in real estate projects in the Argentine Republic or to the acquisition of a used property."

Likewise, it clarifies that "used property" is understood to be those that, prior to the acquisition by the declarant of the funds, had been inhabited or affected by lease, use, usufruct, habitation, antichresis, surface area or other real rights. ”.

Ratifying something that had been anticipated in the debate on the project, the decree states "in the case of the property affected to a rental with exclusive destination for a house-room, the tenant must not be the owner of any property, whatever the proportion".

The purchase of used properties, however, will have limitations: it must be destined for the home of the launderer and his family or, "for a period of not less than 10 years", for rent with the exclusive destination of a house-room (that is, no comercial).

The decree adds that the AFIP "will issue the pertinent complementary regulations regarding, among other aspects, the form of accreditation of the acquisition of the used property located in the country and the verification of compliance with the requirements and destinations,"

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