Several hotels and buildings in Montevideo and Punta del Este and are being developed through the trust, an attractive system that protects the capital by offering greater guarantees for investors. It also advances the form of "condo" where each of these rooms is sold as a unit of condo or studio to different buyers. The real estate consultant in July Villamide in dialogue with G & N reviews recent trends in investments in bricks.
- What differences exist between the trust and the corporation?
- a trust is the same as a corporation, but its laws are specific. The big difference with it is that it protects the assets of any avatar that are within the trust itself. If a corporation is developing a building developer, and have problems, can affect the capital. Not so when it comes to a trust, is like a bell jar that protects the heritage of any event that might have any of the actors who are participating in it.
- How do they operate?
- There are alternatives. Building Trust at cost, in which a group of buyers agrees to purchase a building and is paying the cost of construction of each month. Sometimes, the trust allows them to access a lower price assuming they increase the cost of construction, but not paying the premium price that a developer can charge due to the uncertainty of not knowing what will be the final cost. There are financial trusts that are more sophisticated, requiring the approval of the Central Bank, and in such cases, these trusts can be listed.
- What specific assurances given the land trust?
-The administrator is committed to delivering the money contributed by all purchasers of the units as the work progress. The trust provides that once topped the building will be given to each of the buyers who had purchased the unit. The trust is not there beyond the specific action for which it was created. Any money that is provided, including the land is in your name. You can not divert the money for any other purpose, or for other construction site. From a tax standpoint, pays the same as a corporation.
- What countries operate with trusts to encourage investment in real estate?
"It's a figure that is widely used in Argentina. In fact, more than half of property development in Buenos Aires are made through trust. In Uruguay, we have developed many yet, but several years ago that there is legislation. Are more common in Punta del Este, Argentine capital has developed to sell to customers in Argentina. In Punta del Este, there are usually many buildings through the modality of the trust.
- And in our country, what trusts can mention?
- There are five or six buildings built by trusts in Montevideo, two office buildings and other dwellings, in addition to the trusts of Punta del Este. Is also to build a hotel, Luis de la Torre and September 21, under this system.
- How does the system in a hotel?
-Until recently, the only way to build a hotel was that an investor or make a payment chain 15 or the 2nd billion. It is not easy to be in that situation in small places such as Uruguay or seasonal use as Punta del Este. The "condo" allows you to build a 100-room hotel, but instead of getting an individual who is the investor of the project total 10 0 12 million, each of these rooms is sold as a unit of property horizontal or studio to different buyers. Buyers give the usufruct for a term of 10 years, the hotel management contract. And the hotel management has different agreements, which can range from a fixed to each of those buyers, up to recover a mix between a percentage fee based on billing and another based on the profits and assumes all risk. There are several possibilities. But the investor who bought that room will receive an income for their share of the hotel run by an international chain or a local group. In short, the "condo" has the advantage of spraying this investment 10 0 12 million dollars of small investors suddenly 100 100 0 $ 120,000, they will receive income for their share of a chain hotel run by international or a local group. In short: the condo hotel has the advantage of spraying this investment 10 0 12 million in 100 small investors 100 0 $ 120,000, they will receive income attractive close to 10 percent annually in dollars, and in turn provides the guarantee of having a title of property as a condominium unit.
- What happens once you pass the first ten years?
"Ten years later, the inverter, it continues to operate as a hotel or dissolve that connection with the hotel manager and each one uses, sells, rents it as needed. The room can be sold as condominiums, just that the buying will have to transfer the usufruct to the administration within 10 years. This is the obligation placed by the Uruguayan government for tax exemptions that the project is, both during construction the hotel, including in management. This investment is stimulated by a decree in late December that promotes the condo-hotels, which will allow multiple installed in Montevideo hotels, investments 10 0 15 million dollars, what other way would have been difficult.
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