A new Real Estate Property Transactions Registry was created

General Resolution No 2168/2006 (the “Resolution”) was published in the Official Gazette on December 11, 2006. The Resolution creates the Real Estate Transactions Registry (the “Registry”).

The Resolution provides for the mandatory registration of persons “habitually” involved in transactions related to the purchase or sale, as well as lease, of real estate.[1] The Resolution defines “habitual” transactions as follows: (i) the intermediation for the purchase and sale and/or lease of real estate, every time a commission is paid; and (ii) the lease of 5 or more real estate properties, and, independently of the number, when the monthly aggregate income is AR$ 8,000[2] or more, or AR$ 96,000 or more per year, for those leases.

Such registration must be made within the 10 business days as from the fulfillment of said requirements. For such purpose, a special link in the Administración Federal de Ingresos Públicos (Argentine Federal Revenue Administration - “AFIP”) website (http://www.afip.gov.ar) will be available. Only those who have obtained the fiscal password as set forth in General Resolution No 1345/2002 may register themselves.

A lack of registration in the Registry or information of the relevant changes may lead to the application of fines for formal breach set forth in the National Tax Procedure Law N.° 11,683, that in principle, range from $150 (one hundred and fifty Pesos) and $2,500 (two thousand five hundred Pesos).

The Resolution will be effective on February 1, 2007 when the Registry will be available. The registration of those who as of March 4, 2006 should have been registered will be admitted if carried out not later than March 16, 2007.