📝Recommendations
Cryptocurrencies in the Real Estate Sector: Key Recommendations
From CRIPTOJURIS VENEZUELA Foundation and CCSCEX | CARACAS COMMODITY EXCHANGE®, we provide a series of recommendations to consider for the use of cryptocurrencies as a means of payment in the real estate sector, taking into account national legislation.
Let's begin the journey:
1. Process your registration online through the official website of the Comprehensive Registry of Cryptoasset Services (RISEC).
Have a wallet and cryptoasset of your preference.
Seek advice to make the decision. Set the price of the property as a reference price in fiat currency and its equivalent in cryptocurrencies. For example, $25,000 US Dollars, equivalent to the date 06/10/2020, equal to BTC=2.56472326, PTR=423).
Prepare the sales agreement document, indicating the following elements in the payment clause:
Express the amount in Bolivars.
Express the amount in the chosen cryptocurrency.
Provide the alphanumeric codes of both the seller's and buyer's wallets.
Indicate the registered exchange platform for the wallets.
Provide the Hash (like a reference code for the transfer operation) of the transaction.
Indicate the date, time, and block address where the operation was registered on the Blockchain.
Include the following note: All in accordance with Article 9 of the Constituent Decree on Cryptoassets and the Sovereign Petro Cryptocurrency, Monday, April 9, 2018, published in the Official Gazette of the Bolivarian Republic of Venezuela, No. 6.370 Extraordinary.
Have the following documents available:
Certified copy of the property document;
Cadastral record;
Receipt of electricity, water, telephone;
Municipal tax clearance;
Condominium fee clearance;
Proof of primary residence registration.
Comply with articles 27 and 62 of the Constituent Decree on Partial Reform of the Decree with Rank, Value, and Force of Law that establishes the Value Added Tax, published in the Official Gazette of the Bolivarian Republic of Venezuela No. 6,507, dated 29/01/2020, regarding the payment of the additional aliquot if paid in a cryptocurrency or crypto asset different from those issued and backed by the Bolivarian Republic of Venezuela.
You must present documents that demonstrate the payment of the property in cryptocurrency or crypto assets issued and backed by the Bolivarian Republic of Venezuela or another chosen currency, in addition to providing proof of payment of the tax obligation.
You must submit your purchase-sale document to the corresponding Subordinate Registry, together with the supporting documents, for the review and calculation of corresponding registry fees.
Hire a lawyer and an expert real estate firm in crypto real estate contracts.
Among other aspects to fulfill.
Include a note regarding the lawful origin of funds.
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