Trying to understand an email from Santander

[hankscott]

I just got an email from Santander that says I can request an account to "regularize" my holdings. Does anyone know what this means (the Google translation of the offer is pasted below).

"You can now request the Special Regularization Account of Assets (CERA) through Online Banking
A new account to regularize your holdings, both in pesos and dollars, and bring funds from abroad.
Once the account is opened, you have until September 30, 2024 to credit the funds.

"Until September 30, 2024, you will have to keep them in your account, unless you use them for the following destinations:

Special VEP payments for asset regularization.

Investments in Superfunds enabled for this regularization, stocks and bonds.

Transfers to CERA, own or third parties

Duly documented onerous transactions, in the case of regularized assets for an amount of up to USD 100,000.

"Once this period has ended, if you regularize up to USD 100,000, you can use the funds as you decide.

"For amounts greater than USD 100,000, you will have to keep the funds in your account or use them for the indicated destinations until December 31, 2025. If you do not do so, a 5% withholding will apply as the Special Regularization Tax.

"These accounts do not accept cash withdrawals."

 

[SinPulgas]

I just got an email from Santander that says I can request an account to "regularize" my holdings. Does anyone know what this means (the Google translation of the offer is pasted below).

"You can now request the Special Regularization Account of Assets (CERA) through Online Banking
A new account to regularize your holdings, both in pesos and dollars, and bring funds from abroad.
Once the account is opened, you have until September 30, 2024 to credit the funds.

"Until September 30, 2024, you will have to keep them in your account, unless you use them for the following destinations:

Special VEP payments for asset regularization.

Investments in Superfunds enabled for this regularization, stocks and bonds.

Transfers to CERA, own or third parties

Duly documented onerous transactions, in the case of regularized assets for an amount of up to USD 100,000.

"Once this period has ended, if you regularize up to USD 100,000, you can use the funds as you decide.

"For amounts greater than USD 100,000, you will have to keep the funds in your account or use them for the indicated destinations until December 31, 2025. If you do not do so, a 5% withholding will apply as the Special Regularization Tax.

"These accounts do not accept cash withdrawals."

This is obviously for the blanqueo (tax amnesty). You only need to think about this if you've been hiding your wealth from the government (and taxes) and now you want to "come clean."

 

[hankscott]

Thank you!