Incentive Regime for Construction: Special Accounts

Financial institutions must open a Special Deposit and Settlement Account for Argentine Construction (Cuenta Especial de Depósito y Cancelación para la Construcción Argentina, CECON.Ar) in pesos and/or dollars for clients that join the Incentive Regime for Argentine Construction and Access to Housing.

Clients may only deposit in these special accounts the funds declared in the voluntary affidavit of foreign or domestic currency submitted to the Federal Administration of Public Revenue (Administración Federal de Ingresos Públicos, AFIP) as money allocated to develop and/or invest in real estate projects in Argentina.

This Incentive Regime for Construction is aimed at promoting new private real estate projects (construction, expansion, facilities, among others), as well as those with works in progress below 50%—at the effective date of the applicable law.

The persons that join this regime may voluntarily include in the affidavit submitted to the AFIP their foreign and/or domestic currency holdings in Argentina and abroad.

The funds stated in the affidavit may be temporarily used for the purchase of national sovereign bonds and immediately invested as set out in the law.

Financial institutions must report to the AFIP—in accordance with its procedures and guidelines—on the debits and credits made on those accounts.

Any natural or legal person prevented from opening a special account may submit a claim to the contact person responsible for customer services at the financial institution through this link.

April 22, 2021.

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