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♟ Prices in Punta del Este Uruguay collapse due to lack of demand from Argentina

PUNTA DEL ESTE -. One year after coming into force of the Agreement on the exchange of tax information  to avoid double taxation between Uruguay and Argentina, Argentine real estate properties in the resort fell sharply.

The president of the Real Estate Chamber Uruguay, Gabriel ConPunta del Estede, said the impact of the treaty was a “70% drop”, as recorded by the real estate brokers.

The treaty has generated controversy between the two countries because Uruguay has rejected requests from the Federal Administration of Public Revenue (AFIP which is the name of the Argentine Tax Department) because historical information is still being  requested.

The Vázquez government had resisted signing a treaty of this nature with Argentina, but the pressures of the Argentine government of Cristina Kirchner in the Organization for Economic Cooperation and Development (OECD), and the strategy of the government of José Mujica seek understanding with Argentina led to the signing of the agreement.

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