“Uruguay yesterday sanctioned its Financial Inclusion Law, which will ban cash payments worth more than US$5,000 as of May 1 next year. Property transactions and car purchases will thus have to be made through banking mechanisms. The measure will affect thousands of Argentines who have snapped up properties across the River Plate, primarily in the summer-favourite destination of Punta del Este. The recipients of income from rent contracts already in place before May 1 of 2015 will have to declare a bank account to which the funds should be deposited. In addition, all taxes will have to be paid electronically, regardless of the sum that is owed.”
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