Argentina Just Exempted Residential Rental Income From Ganancias: Does Buying in Uruguay Still Pay Off? (2026)

The short answer: a significant piece of the cross-border tax comparison changed in 2026. Individuals and undivided estates in Argentina are now exempt from Impuesto a las Ganancias (Argentina's income tax) on rent from property used as a tenant's primary residence. Argentina also exempted the gain on certain sales of property located inside the country that previously fell under the 15 % schedular tax.

None of that automatically crowns Buenos Aires or Montevideo the better bet. The most recent published indicators put gross yields in roughly the same range, though the methodologies aren't identical and a gap of a few hundredths of a point is no basis for a decision. Uruguay keeps specific advantages in units that still carry live Vivienda Promovida (promoted-housing) benefits, and for anyone looking to spread their holdings across two jurisdictions and two currency regimes.

For an Argentine tax resident buying in Montevideo, one very concrete question remains: does the new Argentine exemption reach income from a property located in Uruguay?

The text of the Impuesto a las Ganancias statute offers solid grounds for answering yes. Subsection n) carries no territorial limit, and article 134 allows certain exemptions to carry over to foreign-source income. The tax agreement between Argentina and Uruguay also weakens the likely objection based on article 28.

That said, as of August 1, 2026 we found no published ruling, opinion or binding consultation from ARCA (Argentina's federal tax agency) addressing the new subsection n) as applied to property located abroad. Whether it applies to your situation needs to be confirmed by an Argentine professional.

Exactly what changed in Argentina

The change came through legislation and was then fleshed out by decree.

Article 192 of Ley 27.802, the labor modernization act, published on March 6, 2026, replaced subsection n) of article 26 of the Impuesto a las Ganancias statute. It reads:

"The rental value of the primary residence and, effective for fiscal years or tax years beginning on or after January 1, 2026, income derived from the rental of property intended as a primary residence, to which the provisions of subsection k) of article 85 shall not apply. Likewise, the gain derived from the sale of real property and from the transfer of rights over real property, covered by the provisions of article 99 of this law, that is sold or transferred on or after January 1, 2026, shall also be exempt, on the terms established by the implementing regulations."

Decreto 406/2026, issued on May 29 and published on June 1, set out how the exemption works in practice.

Point	What Decreto 406/2026 provides
What counts as a primary residence	Property used as the sole, family and permanently occupied home of the person living in it
Whose situation is tested	In a lease or sublease, the test is applied to the tenant or subtenant
Who qualifies as landlord	Individuals and undivided estates
Effective date	Income accrued from 1/1/2026 onward, regardless of when the lease was signed
How many units	Every unit the owner devotes exclusively to each tenant's primary residence
What amounts are covered	Also amounts paid for furniture, fixtures or services supplied by the owner
Free use of a property	Imputed rental value may be exempt if the person granted use makes it their primary residence
Sales	Individuals and undivided estates, resident or not, for transactions covered by article 99 involving property located in Argentina
Landlord's deduction	The article 85 subsection k) deduction no longer applies to an individual or undivided-estate landlord

Sources: Ley 27.802, Decreto 406/2026 and the consolidated Impuesto a las Ganancias statute.

It can cover more than one property

The decree settled this question outright. The exemption is not capped at a single property per owner. It can extend to several units, provided each one serves exclusively as the sole, family and permanent home of its respective tenant.

An individual with three apartments leased to three different households, for instance, could claim the exemption on all three income streams, as long as the required use can be documented.

Don't confuse this with the monotributo relief available to certain landlords, which comes with its own caps and conditions.

Short-term rentals don't qualify

A tourist, seasonal or short-stay rental will not, as a rule, meet the permanent-occupancy standard the decree requires. The platform involved — Airbnb, Booking or any other — doesn't determine the treatment on its own, but the lease term, the contract itself and how the property is actually used do.

A stable residential lease can fit. A one- or two-week vacation stay does not.

Can the exemption reach an apartment in Montevideo?

The Argentine rules don't address this scenario head-on. So it's worth separating the arguments that follow from the statutory text from what ARCA has yet to confirm.

Subsection n) contains no territorial limit

The exemption refers to "the rental of property intended as a primary residence." It does not add "located in the Argentine Republic."

The contrast with the sales exemption is easy to see. For sales, subsection n) points to article 99, which taxes transactions involving property located in Argentina specifically. Decreto 406/2026 repeats that territorial boundary.

For rentals, there is no equivalent cross-reference.

That alone doesn't prove the exemption applies to foreign property, but it is the first argument in favor.

Article 134 allows exemptions to reach foreign-source income

An Argentine tax resident is taxed, as a general rule, on both Argentine- and foreign-source income. Income from an apartment in Montevideo is foreign-source.

Article 134 of the Impuesto a las Ganancias statute provides that article 26 exemptions which, by their scope, are capable of applying to foreign-source income also govern such income, subject to specified exclusions and adjustments.

The exclusions listed refer to other subsections. The new subsection n) is not among them.

That strengthens the favorable reading: an article 26 exemption with no express territorial limit can carry over to foreign income through article 134.

Article 28 doesn't appear to block it in the Uruguayan case

Article 28 restricts exemptions where applying them could shift revenue to foreign treasuries. But the provision itself carves out cases that would affect international double-taxation agreements signed by Argentina.

Argentina and Uruguay have had the Agreement for the Exchange of Tax Information and Method to Avoid Double Taxation in force since February 7, 2013. Its article 10 covers Argentina's Impuesto a las Ganancias and Uruguay's IRNR (the nonresident income tax); article 11 governs the credit for taxes paid in the other state.

Given that express carve-out, article 28 doesn't stand out as a clear obstacle to applying subsection n) to Uruguayan rental income. Sources: Argentina's Ganancias statute, the agreement as approved by Uruguay's Ley 19.032 and the status reported by DGI (Uruguay's tax authority).

What's still missing

As of the date this piece was updated, the official databases we searched turned up no ARCA ruling, circular, opinion or binding answer specifically analyzing the new exemption in relation to a rental located in Uruguay.

Practical questions are open too:

• how exempt income will need to be reported on the Argentine return;
• what documentation ARCA will accept as proof of permanent residential use;
• how a foreign tenant's status will be evidenced;
• how partially residential use will be treated;
• what happens with contracts that alternate between permanent housing and short-term rental.

Decreto 406/2026 doesn't require a minimum one-year lease. Even so, a stable contract, the tenant's identification, proof of address, receipts and the absence of any tourist operation can all help substantiate the required use.

The binding consultation route

Ley 11.683 allows a binding consultation to be filed before the taxable event occurs or within the period set for reporting it. The answer binds both ARCA and the taxpayer who filed, so long as the facts and background reported don't change.

For a sizable investment, or for income that could materially change an Argentine return, this is the safest way to get an answer that actually applies to your case. Source: Ley 11.683, consolidated text.

What happens to the IRNR credit

If the Uruguayan income is exempt in Argentina, there will be no attributable Argentine tax to offset the IRNR against. The credit is effectively reduced to zero.

That doesn't mean the reform has no economic effect. Under the old regime, the Uruguayan tax could only be credited up to the amount of Argentine Ganancias attributable to that income. If the Argentine tax was higher, a balance was left to pay. The exemption would wipe out that balance.

The right comparison is this:

• with the Argentine exemption: you pay whatever Uruguayan tax applies and nothing is added for Ganancias;
• without it: Ganancias is computed under Argentine rules and the Uruguayan tax actually paid is credited, subject to statutory and treaty limits.

In a unit with a full Vivienda Promovida income-tax exemption, there is no Uruguayan IRNR to credit in the first place. If Argentina were to reject the exemption, the Argentine burden would have to be computed without that credit.

The sales exemption does not reach Uruguayan property

Here there's no comparable ambiguity.

The new exemption applies to gains on transactions covered by article 99. That article taxed individuals and undivided estates on the sale or transfer of rights over property located in the Argentine Republic.

So the elimination of the 15 % schedular tax does not extend to the sale of an apartment in Montevideo. That sale was never within the scope of article 99 to begin with.

The gain has to be analyzed under the Argentine rules on foreign-source income in force at the time of the transaction, together with the Uruguayan treatment of the sale.

What the latest available data shows

As of August 1, 2026, the most recent complete indicators published for both cities cover June 2026.

Indicator	CABA	Montevideo
Reported gross yield	5,89 % per year	6,0 % per year
Sample	Model one-bedroom apartment, 50 m²	Median across published apartment segments
Theoretical years to recover the purchase price	17,0	16,7
Highest published yield	Lugano: 10,5 %	Piedras Blancas: 11,8 %
Lowest published yield	Puerto Madero: 3,4 %	Parque Rodó: 4,6 %
Published net yield	No equivalent net series in the source	3,9 % estimated
Price type	Asking	Asking

Sources: Índice Zonaprop CABA, June 2026 and the Índice INGAR, July 2026.

This is not an apples-to-apples comparison

The CABA figure tracks a model two-room, 50 m² apartment. The Montevideo figure comes from an in-house methodology that computes yields by neighborhood and unit type and then publishes a median.

Both indicators rest on asking prices, not on sales and leases that actually closed. Nor do they build in the same cost structure.

So a spread of 5,89 % against 6,0 % does not prove that one city outperforms the other by exactly 0,11 points. The prudent takeaway is that, according to these series, published gross yields sit in a similar range.

What Zonaprop's 5,8 % actually means

The June report says two different things:

• yields ticked down slightly from the previous month;
• it takes 17 years of rent to recover the purchase price, a span 5,8 % shorter than a year earlier.

That 5,8 % refers to the payback period, not to a year-over-year drop in yield. The series shows a year-over-year improvement against the 2025 average, alongside a small monthly dip in June.

INGAR's series is still short

The Índice INGAR launched in March 2026. Its published methodology states that it will not report year-over-year changes until it has twelve months of observations. It also withholds a figure when a segment fails its sample-size or stability checks.

In June:

• Piedras Blancas posted 11,8 % gross, but on thin listing volume;
• Parque Rodó posted 4,6 %;
• Villa Biarritz, 5,1 %;
• Pocitos, 5,4 %;
• Tres Cruces, 6,5 %;
• Larrañaga, 6,3 %;
• Cerro published no yield for lack of sufficient data on that indicator.

The extremes have to be read alongside listing volume. A neighborhood with a high yield and few listings can be harder to buy into, lease out or resell than one with a somewhat lower yield and a deeper market.

The neighborhood matters more than the citywide average

A useful comparison doesn't stop at "Buenos Aires versus Montevideo." You have to cross-reference:

• neighborhood;
• unit type;
• condition and age;
• common charges or building fees;
• vacancy;
• ease of resale;
• maintenance risk;
• taxes;
• management costs;
• the price actually negotiated.

In Montevideo, for example, June's Índice INGAR put Tres Cruces at 6,5 % gross and Pocitos at 5,4 %. Within a single city the spread can exceed a full point before costs and risk even enter the picture.

Where Uruguay keeps the edge

1. Vivienda Promovida, if the benefit is live and properly documented

Ley 18.795 authorizes tax benefits for projects granted promoted status. For a buyer who puts a unit on the rental market, the most relevant ones tend to be:

• full or partial exemption from IRPF, IRAE or IRNR (Uruguay's personal, corporate and nonresident income taxes) on the rental income;
• exemption from Impuesto al Patrimonio (Uruguay's net-wealth tax) for the remaining benefit period;
• exemption from ITP (the property transfer tax) on the first sale, where the timing and conditions are met;
• exemption from IVA (value-added tax) on the first sale made under the regime.

The regulations provide that the income-tax benefit runs during the fiscal year in which construction is completed plus the nine that follow. The clock does not restart when each buyer acquires a unit.

They also distinguish between full and partial exemption:

• 100 % in the zones and situations defined by MVOT (Uruguay's housing ministry);
• 100 % where it applies because the Fondo de Garantía de Alquileres (the state rent-guarantee fund) or another approved guarantee is used;
• 60 % for the remaining leases covered by the regime.

In Montevideo, the ministerial regulations grant 100 % in certain designated promotional areas and set specific conditions for others. The applicable percentage has to be verified in the project declaration and in the certificate covering the particular unit.

The rental benefits require:

• permanent residential use;
• a lease of at least twelve months;
• compliance with the required documentation;
• an unexpired promotional period.

For Impuesto al Patrimonio, the fiscal year in which construction is completed is exempt. In each of the nine following years, the home must have been leased for at least six months.

Sources: Ley 18.795, Decreto 355/011, consolidated text, Decreto 129/020 and the MVOT regulations.

Before you value a property as "exempt," ask for:

1. the project number and declaration;
2. the official construction completion date;
3. the income-tax exemption percentage;
4. how many fiscal years are left;
5. the guarantee, term and use conditions;
6. the certificate for the withholding waiver.

A listing that says "covered by Ley 18.795" tells you nothing about the benefit the unit actually still carries.

2. Impuesto al Patrimonio can be low or nonexistent on a leased unit

For fiscal year 2025, DGI published a general rate of 0,10 % on taxable net worth above:

• $ 6.653.000 for an individual;
• $ 13.306.000 for a family unit.

That general rate applies, among other cases, to a nonresident who pays IRNR.

Nonresidents who do not pay IRNR face a special schedule:

Taxable net worth	Rate
Up to $ 6.653.000	0,70 %
Over $ 6.653.000 and up to $ 13.306.000	1,10 %
Over $ 13.306.000 and up to $ 26.612.000	1,40 %
Over $ 26.612.000	1,50 %

Unlike the general rate, this special schedule kicks in from the first peso of taxable net worth.

Situation	General treatment
Nonresident who leases the property and pays IRNR	0,10 % on the amount above the threshold
Nonresident who does not pay IRNR	Schedule from 0,70 % to 1,50 %, from the first taxable peso
Vivienda Promovida unit with a live wealth-tax benefit	Exempt if the year's conditions are met

Source: DGI, 2025 Impuesto al Patrimonio rates.

Not every apartment ends up paying this tax. The base is determined under tax rules and may fall below the threshold. Leased properties are also subject to specific valuation rules.

That's why you can't simply apply the rate to the dollar purchase price. The calculation belongs to a Uruguayan accountant, working from the assessed tax value and the property's status as of December 31.

3. Uruguay's wealth tax can be credited in Argentina, up to a limit

The agreement Argentina and Uruguay signed on April 23, 2012 was approved by Argentina's Ley 26.758 and Uruguay's Ley 19.032. It has been in force since February 7, 2013.

Its article 10 covers:

• in Argentina, Ganancias and Bienes Personales (the personal-assets tax);
• in Uruguay, among others, IRPF, IRNR, IRAE and Impuesto al Patrimonio.

Article 11 provides that where an Argentine resident holds assets subject to tax in Uruguay, Argentina will allow a deduction equal to the Uruguayan wealth tax actually paid.

The credit cannot exceed the portion of the Argentine tax, computed before the deduction, that corresponds to assets located in Uruguay.

So Uruguay's Impuesto al Patrimonio can work as a credit against Bienes Personales, but it won't always be recovered in full. The valuation bases differ and the agreement imposes a cap.

Sources: the agreement on IMPO, Argentina's Ley 26.758 and the in-force status reported by DGI.

4. An open currency market

Uruguay maintains free access to foreign-exchange transactions. Individuals and companies can buy and sell foreign currency without needing individual approval for each operation. Financial institutions apply identity, source-of-funds and anti-money-laundering checks.

In Montevideo's residential market, it helps to separate two different transactions:

• purchases and sales are typically listed and negotiated in dollars;
• long-term leases are frequently set in Uruguayan pesos and adjusted according to the applicable regime and the contract.

Ley 19.889 allows parties to set rent in local currency, foreign currency, unidades reajustables or unidades indexadas (Uruguay's inflation-linked accounting units) under its special regime for leases without a guarantor. If the price is in local currency and no other method was agreed, that regime applies the annual CPI. Other contracts may fall under Decreto-Ley 14.219, the free-contracting regime or the Civil Code, depending on the characteristics of the property and the lease.

Source: Ley 19.889, articles 421 and 422 and Decreto-Ley 14.219.

In Argentina, resident individuals can now access the official market to buy foreign currency for holding or deposit, without the general cap that used to apply, provided they meet their bank's requirements and demonstrate economic capacity.

Companies still need prior approval from BCRA (Argentina's central bank) to access the market for the purpose of building foreign assets. Cross-restrictions also remain between certain official-market operations and transactions in foreign-currency securities or assets.

Sources: BCRA Comunicación A 8226 and the current foreign-trade and exchange regulations.

If the purchase will be made through an Argentine company, map the path of the funds before signing a reservation. If an individual is buying with money already held and documented in the banking system, the analysis can look quite different.

5. Jurisdictional diversification

Buying in Montevideo doesn't erase the owner's Argentine exposure: an Argentine tax resident remains subject to Argentine rules on worldwide income and foreign assets.

What does change is where the asset sits, which rental market it depends on, and which legal regime governs it. For some investors, that diversification is worth more than a small difference in current yield. For others, distance and management costs weigh heavier.

There's no universal answer. It comes down to the role the property is meant to play in the portfolio.

Bienes Personales hasn't gone anywhere

The Ganancias exemption on rental income leaves Bienes Personales untouched.

Argentine tax residents report assets held both inside the country and abroad. Since fiscal year 2023 there is no separate, higher schedule for foreign assets: the general schedule applies to all covered assets together.

For fiscal year 2025, filed in 2026:

• general exempt threshold: $ 384.728.044,57;
• general rates: 0,50 % to 1,00 %;
• statutory maximum for 2026: 0,75 %;
• from 2027: 0,25 % on assets above the applicable threshold.

Sources: ARCA, Bienes Personales, 2025 rates and Ley 27.743.

Anyone who opted into REIBP — the special advance-payment regime for Bienes Personales — is governed by its own rules and should look at their position separately.

The Uruguayan property is valued under Argentine rules, not simply at the listing price or at the assessed value used in Uruguay. Against the attributable Argentine tax, the Impuesto al Patrimonio credit provided for in the bilateral agreement may apply.

Where Buenos Aires may be the better choice

An honest comparison also has to show where CABA comes out ahead.

An exemption with no ten-year promotional clock

For an individual leasing an Argentine property as the tenant's primary residence, the Ganancias exemption doesn't depend on the unit belonging to a promoted project, and it doesn't expire on a deadline counted from construction.

As long as the law, the regulations and the required use hold, the income stays exempt.

Being close to the asset

An owner living in Buenos Aires can visit the property, oversee repairs, pick contractors and handle a renewal without hiring a full-service management company in another country.

Distance doesn't invalidate an investment in Montevideo, but it carries a cost that belongs in the net yield.

Local knowledge

Knowing a particular block, how it feels at night, the transit options, the real demand and the quality of a building prevents mistakes that are hard to capture in a spreadsheet.

A buyer from Buenos Aires probably reads Villa Crespo, Caballito or Palermo better than La Blanqueada, Cordón or Tres Cruces. That gap can be closed with good advice and solid comparables, but it shouldn't be waved away.

Mortgage financing

UVA-indexed mortgages are once again available in Argentina to buyers who meet each bank's income and residency requirements. A nonresident buying in Uruguay may find fewer options, or different terms.

Compare actual offers: loan-to-value, term, rate, payment-to-income ratio, currency, insurance and total cost.

Closing costs

In Montevideo, a buyer's main costs usually include:

• the customary 3 % broker's commission plus IVA;
• notary fees of 3 % plus IVA and the Caja Notarial contribution (≈4.23% effective), along with disbursements;
• ITP at 2 % on the updated Catastro (land registry) assessed value;
• certificates, registry filings and other transaction expenses.

Depending on the property and the relationship between price and assessed value, the total typically lands somewhere between 7 % and 9 % of the price. Don't apply a flat percentage without asking the notary for an estimate.

Sources: Cámara Inmobiliaria Uruguaya, DGI, Impuesto a las Trasmisiones Patrimoniales and our guide for foreign buyers.

If current income is your only objective, diversification doesn't hold particular value for you, and the Uruguayan unit carries no meaningful exemption, compare specific properties in both cities before you decide.

How the math shifts: a worked example

Assume:

• a one-bedroom apartment in Montevideo;
• price: USD 125.000;
• monthly rent equivalent to USD 620;
• annual rent: USD 7.440;
• owner is an Argentine tax resident;
• long-term residential lease;
• no mortgage debt;
• the Índice INGAR operating methodology.

Gross yield on price works out to:

USD 7.440 ÷ USD 125.000 = 5,95 % per year.

INGAR's methodology deducts 35,16 % of gross rent:

Component	Modeled share of gross rent
Management	12,40 %
Uruguayan income tax	10,06 %
Maintenance	5,00 %
Vacancy	4,20 %
Contribución Inmobiliaria and Primaria (municipal property tax and the school levy)	3,50 %
Total	35,16 %

The tax component comes to 10,06 % rather than 10,5 % because the model applies the 10,5 % withholding after factoring in its vacancy assumption. In a year with twelve months of actual occupancy, the withholding can be computed on the full accrued rent.

Methodology source: Índice INGAR.

Estimated operating result

Uruguayan scenario	Gross rent	Modeled deductions	Result before Argentine personal taxes
General regime	USD 7.440	35,16 %	USD 4.824
Vivienda Promovida with full income-tax exemption	USD 7.440	25,10 %	USD 5.573
Vivienda Promovida with partial exemption	USD 7.440	Depends on the applicable percentage	Must be recalculated

In the promoted scenario with a full exemption, the 10,06-point tax component drops out of the model. The other costs stay.

These figures exclude:

• any residual Ganancias in Argentina;
• Bienes Personales;
• Uruguay's Impuesto al Patrimonio;
• closing costs;
• major renovations;
• the gap between asking rent and the rent actually agreed;
• swings between the Uruguayan peso and the dollar.

Possible Argentine treatment

Interpretation	Unit under the general regime	Promoted unit with full exemption
Argentina accepts the exemption	No Ganancias is added; the IRNR paid in Uruguay becomes a cost with no usable credit	No Ganancias is added and no Uruguayan income tax is paid either
Argentina rejects the exemption	Ganancias is computed and the IRNR actually paid is credited, up to the applicable limit	Ganancias is computed with no credit for Uruguayan income tax, because none was paid

No single figure can be put on the Argentine tax without knowing the owner's other income, deductions, loss carryforwards and overall tax position.

Yield on total cost

If the buyer spends, say, an extra 8 % on acquisition costs, the capital invested isn't USD 125.000 but roughly USD 135.000.

On that basis:

• gross yield: USD 7.440 ÷ USD 135.000 = 5,51 %;
• modeled general-regime result: USD 4.824 ÷ USD 135.000 = 3,57 %;
• promoted result with full exemption: USD 5.573 ÷ USD 135.000 = 4,13 %.

Which is why you should always compare against total cash out the door, not just the listed price.

What should actually drive the decision

Whether the Argentine exemption reaches beyond the border matters, but it shouldn't be the single assumption that closes the deal.

Before you put down a reservation, run at least three scenarios:

1. Argentina accepts the exemption.
2. Argentina rejects it and allows the IRNR credit.
3. The unit loses or exhausts its Vivienda Promovida benefits.

Then compare:

• gross and net yield;
• total cost to buy;
• years of exemption remaining;
• how liquid the neighborhood is;
• likely vacancy;
• common charges;
• maintenance risk;
• managing from a distance;
• the currency the rent is set in;
• wealth taxation;
• resale price and ease of resale.

A property that only looks attractive if you adopt the most favorable tax interpretation has very little margin of safety.

Frequently asked questions

Do residential rentals pay Ganancias in Argentina in 2026?

For individuals and undivided estates, income accrued from January 1, 2026 on rentals used as a tenant's primary residence is exempt. The date the lease was signed doesn't change that starting point. Companies require a separate analysis.

What counts as a primary residence?

Decreto 406/2026 defines it as the sole, family and permanently occupied home of the person living in it. In a lease, the test is applied to the tenant. Tourist and seasonal rentals do not normally fit that definition.

Does the exemption reach an apartment located in Montevideo?

There are substantial legal arguments in favor: subsection n) imposes no territorial limit, article 134 allows exemptions to reach foreign-source income, and the agreement with Uruguay blunts the article 28 objection. Even so, as of August 1, 2026 we found no published ARCA position resolving this specific scenario. Confirm it with an Argentine professional.

Does the sales exemption reach a Uruguayan apartment?

No. The exemption points to article 99, which covers property located in Argentina. The sale of a Uruguayan property has to be analyzed under the rules for foreign-source income and under Uruguayan law.

Can the Argentine exemption apply to more than one property?

Yes. Decreto 406/2026 provides that it can cover every unit an individual or undivided estate devotes exclusively to the primary residence of each respective tenant.

If the Argentine exemption covers my Uruguayan apartment, do I pay nothing?

Not necessarily. IRNR may still be due in Uruguay, unless a full exemption applies. And if the income is exempt in Argentina, there will be no attributable Argentine tax against which to use the IRNR credit.

Does Bienes Personales still apply to the Uruguayan property?

Yes. The Ganancias exemption doesn't change Bienes Personales. The property goes into the Argentine resident's return under the corresponding valuation rules. Impuesto al Patrimonio actually paid in Uruguay can be credited, capped at the attributable Argentine tax.

How does Montevideo compare with Buenos Aires on returns?

Zonaprop's model apartment in CABA yields 5,89 % gross (June 2026 edition) and the median for apartments in the Índice INGAR is 6,0 % (June 2026 edition; the current figure is on the Index). Since the methodologies aren't identical, the sound reading is that both indicators sit in a similar range. The specific property, the neighborhood and the actual costs matter far more than the gap between those two averages.

How we handle this at INGAR

INGAR is not a substitute for advice from an accountant, notary or tax attorney. Our job is to make sure the real-estate decision reaches those professionals with concrete information about the unit itself.

Before a reservation, we can document:

1. The Vivienda Promovida declaration, project number, applicable percentage and construction completion date.
2. Fiscal years remaining, without pretending the ten-year clock restarts at purchase.
3. Return on total cost, using the negotiated price, commission, notary fees, ITP and estimated expenses.
4. How the rent figure was derived, stating whether it's an asking price, a closed comparable or an estimate.
5. Recent common charges, Contribución Inmobiliaria, Primaria, insurance and expected maintenance.
6. Vacancy assumption and management cost, including the cost of replacing a tenant.
7. The use and lease term required to preserve the Uruguayan benefits.
8. Coordination with a notary chosen by the buyer and with the buyer's Argentine accountant.

Ask for this before you reserve. The project declaration, tax certificates and property documents should be reviewed by the professionals representing the buyer.

Keep reading

• What taxes an Argentine owner pays on a rented apartment in Uruguay
• Buenos Aires or Montevideo: where should you buy in 2026?
• USD 250.000 doesn't buy you USD 250.000: the real cost of buying in Montevideo
• Vivienda Promovida: tax benefits and conditions
• Rental returns in Montevideo, neighborhood by neighborhood
• Property taxes in Uruguay

Sources

• Argentina — Ley 27.802, labor modernization act
• Argentina — Decreto 406/2026
• ARCA — consolidated Impuesto a las Ganancias statute
• Argentina — Ley 11.683, binding consultation regime
• ARCA — Bienes Personales
• ARCA — Bienes Personales rates, 2025
• Argentina — Ley 27.743
• Uruguay — Ley 18.795
• Uruguay — Decreto 355/011, consolidated text
• Uruguay — Decreto 129/020
• ANV/MVOT — Vivienda Promovida regulations
• DGI — Impuesto al Patrimonio rates, 2025
• DGI — withholding on rental income
• Argentina–Uruguay agreement, Ley 19.032
• Argentina — Ley 26.758
• DGI — status of tax treaties
• Uruguay — Ley 19.889, article 422
• BCRA — Comunicación A 8226
• BCRA — foreign-trade and exchange regulations
• Zonaprop — Índice CABA, June 2026
• Índice INGAR — Montevideo, July 2026
• Índice INGAR methodology
• DGI — Impuesto a las Trasmisiones Patrimoniales
• Cámara Inmobiliaria Uruguaya — buying process and costs

Information verified as of August 1, 2026. This content is informational and does not constitute tax, accounting, legal or notarial advice. Based on the research conducted for this article, the application of subsection n) of Argentina's article 26 to rentals of property located in Uruguay has not been addressed in any specific published position from ARCA.