Puerto Rico should pursue the sale of assets for cash, Rafael “Tatito” Hernández reiterated

Speaker of the House of Representatives, Rafael “Tatito” Hernandezwelcomed the federal treasury proposal that attempts to track sales and purchases of homes in cash or where individuals are not involved, but regretted that Puerto Rico has not adopted a similar step.

“In the House, we create legislation to take control and compel citizens to report real estate transactions made in cash,” Hernandez said.

But shortly thereafter, he indicated that “it was the federal Treasury, unlike our state government, that established the rules to eliminate alimony in the sale and purchase of homes.”

about a year ago, Hernandez promoted legislation So that entities and people involved in the real estate sector in Puerto Rico would have to report to the Treasury Department sales and purchases of real estate where cash is involved, but the legislator found a wall of opposition among real estate brokers and banks, among others. between.

The proposed law came to light when the former Secretary of the Treasury, Francisco Pérez Alicia, revealed that, thanks to technological innovations that the agency had adopted for tax audit purposes, by 2022, in a period of about 16 months, detected Was Nearly 4,000 property purchase and sale transactions in cash In Puerto Rico. For that period, the agency received statements about 54,000 real estate transactions on the island.

On Friday, El Nuevo Día revealed that the Financial Crimes Investigation Network (FinCEN) linked to the United States Treasury is working in a new testament Broadly speaking, it will force real estate brokers, lawyers or other players in the real estate sector to submit a report to the federal agency when it comes to certain real estate transactions such as the purchase and sale of residential properties where cash is involved. Involves or is carried out between entities rather than people.

The agency assures that this measure aims to avoid speculation in the sale of housing in the United States, a dynamic that has increased the cost of obtaining a roof in that country.

“This government cannot continue its inaction, shirking its responsibility, and waiting for the federal government to take the right action,” the lawmaker said in a statement sent to El Nuevo Día.

He stressed, “As Puerto Ricans we have the ability to take a more active role and protect the economic security of the country, allowing citizens or entities to report purchases and sales of real estate, including cash, to the Treasury. have to do.”