# Exit — Latin America

> Part of [Exit — universal contract](../exit.md). Cross-region patterns + liquidity heatmap live there.

## 🇲🇽 Mexico
- **DOM**: CDMX (Polanco/Roma/Condesa) ~90-150 / Guadalajara ~100 / Monterrey ~90 / Mérida 120-180 / Riviera Maya 90-200 / San Miguel de Allende 150-250
- **Commission**: seller-pays 4-7% + 16% IVA (5-6% typical); luxury can negotiate to 4%
- **Contract**: exclusividad 3-6 mo
- **MLS**: **partial MLS** in select metros (AMPI MLS Vallarta, Cabo, Mérida, Monterrey); CDMX fragmented
- **Discount**: 8-15% off asking
- **Sell-side**: ISR 25-35% on gain for residents (with allowances + indexation; primary residence exemption up to 700k UDIs); 25%/35% non-residents; commission 4-7%+IVA; notary buyer-side
- **Liquidity**: 🟠 MEDIUM CDMX prime / Guadalajara / Monterrey; 🟢 MEDIUM-HIGH Riviera Maya tourist core; 🔴 LOW secondary towns
- **Quirks**: **Fideicomiso (bank trust) required for foreigners in restricted zone** (50 km coast / 100 km border) — future foreign buyer needs trust setup, adds cost/time; ejido land cannot be freely sold (verify dominio pleno)

## 🇧🇷 Brazil
- **DOM**: São Paulo ~120-200 / Rio (Zona Sul) 100-180 / Florianópolis 100-150 / NE coast seasonal 120-300
- **Commission**: seller-pays 5-6% (CRECI 6% residential)
- **Contract**: exclusividade 3-6 mo
- **MLS**: no formal MLS; ZAP+VivaReal+OLX dominant
- **Discount**: 10-20% off asking
- **Sell-side**: ganho de capital 15-22.5% sliding; primary exempt if reinvested within 180 d; commission 5-6%; ITBI buyer-side
- **Liquidity**: 🟠 MEDIUM São Paulo/Rio/Curitiba/Floripa prime; 🔴 LOW secondary cities; VERY LOW rural / NE inland
- **Quirks**: Inflation indexation matters (CGT base adjusted); condomínio fees disclosure critical (high in Rio); coastal NE foreign-buyer demand sensitive to BRL/EUR cycle

## 🇦🇷 Argentina
- **DOM**: BA (Recoleta/Palermo) 180-365+ / Córdoba/Rosario 200-400 / national 300-500+ [verify]
- **Commission**: BOTH SIDES PAY 3-4% each (BA city law caps buyer 3%; seller 4%); some 2024-2026 deregulation under Milei
- **MLS**: no; ZonaProp + Argenprop
- **Discount**: 15-25% off asking — chronic
- **Sell-side**: ITI 1.5% of sale price OR Cedular 15% on gain (post-2018 acquisitions)
- **Liquidity**: 🔴 LOW even in BA prime — multi-year stock turnover, almost entirely cash USD market
- **Quirks**: **Transactions in physical USD historically** — Milei's 2024-2026 reforms loosening capital controls, peso strengthening; "blue dollar" / MEP cycle volatility; mortgage market re-emerging late 2024 after 6-yr drought

## 🇨🇷 Costa Rica
- **DOM**: Central Valley (Escazú/Santa Ana) 120-250 / Guanacaste coast 150-365+ / Caribbean 200-500
- **Commission**: seller-pays 5-7% (CCCBR 6%) + 13% VAT
- **MLS**: **MLS-CRGAR exists** for member realtors but coverage partial (~30-40%); much off-market
- **Discount**: 10-20% off asking
- **Sell-side**: capital gains 15% flat (since 2019 reform); option for 2.25% of sale price for first sale of habitual residence
- **Liquidity**: 🟠 MEDIUM-LOW Escazú/Santa Ana expat core; 🔴 LOW beach towns (seasonal/dollar-priced); VERY LOW rural
- **Quirks**: **Maritime Zone Law: first 50m public, next 150m concession (NOT freehold)** — concession property has narrower buyer pool; squatter rights (uso capión); everything dollar-priced

## 🇵🇦 Panama
- **DOM**: PTY (Costa del Este/Punta Pacífica) 120-200 / Boquete/Coronado expat 150-300 / Bocas del Toro 200-400+
- **Commission**: seller-pays 5% (ACOBIR standard) + 7% ITBMS
- **MLS**: no; ACOBIR has internal sharing; Encuentra24 dominant
- **Discount**: 10-20% off asking; PTY oversupply 2020-2024 pushed deeper
- **Sell-side**: CGT 10% on gain OR 3% advance on sale price (taxpayer chooses lower); transfer tax 2% buyer-side
- **Liquidity**: 🟠 MEDIUM Costa del Este / Punta Pacífica / Casco Viejo; 🔴 LOW-MEDIUM Coronado/Boquete expat; LOW Bocas/interior
- **Quirks**: **Rights-of-possession (ROP) land vs titled land** — ROP cheaper but harder to resell, esp. to financed buyers; PTY apartment oversupply 2010-2020 still digesting; USD-pegged so no FX layer

> 🇩🇴 Dominican Republic relocated to [Caribbean exit file](caribbean.md) per region restructure 2026-05-07.

## 🇨🇴 Colombia
- **DOM**: Bogotá (Chicó/Chapinero) ~120-200 / Medellín (Poblado/Laureles) ~100-180 / Cartagena (centro histórico) 150-300 / Cali ~150
- **Commission**: seller-pays 3-5% + 19% IVA (Lonja de Propiedad Raíz standard 3% — varies regionally)
- **Contract**: contrato de corretaje exclusivo 3-6 mo
- **MLS**: no formal MLS; Lonjas (regional realtor associations) share among members; Finca Raíz + Metrocuadrado dominate portals
- **Discount**: 10-15% off asking; coastal/Cartagena narrower
- **Sell-side**: **ganancia ocasional 15% flat on gain** (Ley 2277/2022 lifted from 10% effective 2023); residents may exempt up to ~7,300 UVT if sale proceeds reinvested in housing within 12 mo; commission 3-5%+IVA; retención en la fuente 1% buyer-side
- **Liquidity**: 🟢 MEDIUM Medellín Poblado / Bogotá Chicó-Chapinero; 🟠 MEDIUM Cartagena historic core; 🔴 LOW secondary cities
- **Quirks**: **Medellín "digital nomad" demand 2021-2024 cooling 2025-2026** as STR licensing tightens (Ley 2068 + local restrictions); USD-pricing creep in Poblado/Cartagena; estrato (1-6 socioeconomic strata) affects utilities + resale pool

## 🇺🇾 Uruguay
- **DOM**: Montevideo (Pocitos/Punta Carretas) ~120-180 / Punta del Este (Beverly Hills/La Barra) seasonal 90-300 (peak Dec-Feb) / Colonia 150-250
- **Commission**: 3-5% **typically split buyer/seller** (3% each common Punta del Este; Montevideo sometimes seller-only) + 22% IVA
- **Contract**: orden de venta exclusiva 3-6 mo
- **MLS**: no MLS; CIU (Cámara Inmobiliaria) members share; Mercado Libre + Gallito + InfoCasas
- **Discount**: 5-15% off asking; Punta del Este off-season deeper
- **Sell-side**: **IRPF cedular 12% on real (CPI-indexed) gain** OR 1.8% of sale price for pre-2007 acquisitions (taxpayer chooses lower); commission 3-5%+IVA each side
- **Liquidity**: 🟢 MEDIUM Pocitos/Punta Carretas/Carrasco; 🟠 MEDIUM Punta del Este peak; 🔴 LOW off-season Punta del Este; 🔴 LOW interior
- **Quirks**: **USD-priced market** (Argentine + Brazilian buyers dominate Punta del Este); seasonal liquidity (Dec-Feb); strict bank secrecy + low-friction foreign ownership = stable buyer pool; tax residency program (60-day rule) drives demand

## 🇨🇱 Chile
- **DOM**: Santiago (Las Condes/Vitacura/Providencia) ~90-150 / Viña del Mar/Valparaíso 120-200 / Concepción 120-180 / regions 150-300
- **Commission**: 2% **each side typical** (seller + buyer pay 2% each) + 19% IVA; some seller-only at 3%
- **Contract**: corretaje exclusivo 3-6 mo
- **MLS**: no MLS; Portal Inmobiliario + Yapo + TocToc
- **Discount**: 8-15% off asking 2024-2026 (post-correction)
- **Sell-side**: residents **CGT 10% on gain on residential** (first **UF 8,000 lifetime exempt** for individuals — Ley 21.210); non-residents 35% (additional tax); **Ley 21.442 (2022) condominium law** restructured edificios; commission 2%+IVA each side
- **Liquidity**: 🟢 MEDIUM Las Condes/Vitacura/Providencia; 🟠 MEDIUM Viña/Concepción; 🔴 LOW regions
- **Quirks**: **UF (Unidad de Fomento) inflation-indexed pricing** — contracts and prices in UF, paid in CLP at fixing date (FX/inflation hedge); 2019-2020 social unrest + 2021-2022 constitutional uncertainty + 2023 mortgage rate spike still digesting in 2026; co-propiedad inmobiliaria (condominio) regime governs apartments

## 🇵🇪 Peru
- **DOM**: Lima (Miraflores / Barranco / San Isidro / Surco) ~120-200 / Cusco 150-300 / Arequipa 150-250 / regional 200-365+ [verify with SUNAT / Registros Públicos]
- **Commission**: **3-5% seller-pays typical** (Asociación Peruana de Profesionales Inmobiliarios) + 18% IGV (VAT) on commission
- **Contract**: corretaje exclusivo 3-6 mo; minuta de compraventa via notario público → Registros Públicos (SUNARP) registration
- **MLS**: NO MLS; **Urbania + Adondevivir + Properati** dominate; Lima-centric; agency-network beyond major brokers fragmented
- **Discount**: 10-20% off asking; Lima Miraflores prime narrower; 2024-2026 modest correction
- **Sell-side**: **Impuesto a la Renta 5% on gain** (residents + non-residents) under Art. 84 LIR — verify SUNAT; alternatively progressive PIT for residents; **alcabala 3% buyer-side**; commission 3-5% + 18% IGV; **foreign-seller can repatriate via SBS (Superintendencia de Banca, Seguros) banking channels**
- **Liquidity**: 🟠 MEDIUM Lima Miraflores / Barranco / San Isidro / Surco prime; 🔴 LOW Cusco / Arequipa; VERY LOW regional / sierra rural
- **Quirks**: **Border 50km Andean restriction (Constitution Art. 71)** — foreigners need Supreme Decree authorization for border-zone property; **Pacific Ring of Fire HIGH seismic + tsunami coastal + 2017/2023 El Niño catastrophic floods + huaicos + volcanic Misti/Ubinas/Sabancaya south**; STR Decree 001-2023 + Lima Miraflores/Barranco regs; coworking Comunal / WeWork / Selina Lima; PEN BCRP-managed but USD-pricing common Lima Miraflores prime; **Investor Visa USD 30k BUSINESS** (NOT real-estate exclusively) / **Rentista USD 1,500/mo passive** — see `visa-programs.md`; PR after 3yr continuous; passport after 2yr PR

## 🇪🇨 Ecuador
- **DOM**: Quito (La Floresta / Cumbayá / González Suárez) ~120-250 / Cuenca (Centro Histórico / Gringolandia) 100-180 (US/CA expat hub) / Guayaquil (Samborondón / Urdesa) 150-300 / Salinas / Olón coast seasonal 150-365 / regional 200-365+ [verify with SRI / Registro de la Propiedad]
- **Commission**: **3-5% seller-pays typical** (AEPI - Asociación Ecuatoriana de Promotores Inmobiliarios) + 12% IVA on commission
- **Contract**: corretaje exclusivo 3-6 mo; escritura pública via notario → Registro de la Propiedad municipal registration
- **MLS**: NO MLS; **Plusvalia + Inmobiliaria.com + Properati Ecuador** dominate; **Cuenca-specific portals** (Gringo Tree, Cuenca High Life classifieds) for expat market
- **Discount**: 10-20% off asking; Cuenca expat segment narrower (US/CA buyer demand stable)
- **Sell-side**: **Plusvalía Municipal sliding rate** on gain (varies by canton); national CGT integrated into PIT; commission 3-5% + 12% IVA; **alcabala 1% buyer-side**; **USD-dollarized since 2000** = no FX layer for USD-base sellers
- **Liquidity**: 🟢 MEDIUM Cuenca Centro Histórico / Gringolandia (**top US/CA expat retiree hub globally** per International Living indices — verify); 🟠 MEDIUM Quito La Floresta / Cumbayá; 🔴 LOW Guayaquil (post-2024 Internal Armed Conflict Declaration); VERY LOW regional / Salinas off-season
- **Quirks**: **2024 Internal Armed Conflict Declaration** (Decree 111) — violent crime peaks Guayaquil / Esmeraldas / Manta (Quito/Cuenca relatively safer); **Pacific Ring seismic (2016 Pedernales M7.8) + Cotopaxi volcano active 2024 + Galapagos rising sea-temp + tsunami coastal**; **USD-dollarized since 2000** (no native currency — political-economy reversion-risk overhang); STR Decreto 042-2020 Quito; coworking Selina / IMPAQTO Quito + Cuenca; **Pensioner Visa USD 1,500/mo** / **Investor Visa USD 42,500** (~100×SBU 2026 SBU USD 470/mo) — see `visa-programs.md`; 2yr Temporary → Permanent after 21mo; naturalization 3yr PR

## 🇵🇾 Paraguay
- **DOM**: Asunción (Carmelitas / Villa Morra / Las Lomas) ~150-300 / Encarnación 150-300 / Ciudad del Este 150-300 / Mennonite Chaco / interior 200-500+ [verify with SET / Dirección General de los Registros Públicos]
- **Commission**: **3-5% seller-pays typical** (informal market — broker law nascent) + 10% IVA on commission where applicable; some split
- **Contract**: bilateral sale agreement via escribano público → Dirección General de los Registros Públicos registration
- **MLS**: NO MLS; **Infocasas + Clasipar + ABC Color clasificados** dominate; agency-network beyond major Asunción brokers very thin
- **Discount**: 15-25% off asking; rural deeper; AR/BR buyer pool sensitive to cross-border FX cycle
- **Sell-side**: **Territorial PIT — foreign-source NOT subject to PY IRP** (residents and non-residents alike on PY-source only); **flat IRP 8/9/10%** on PY-source gain; ITBI ~1.5% buyer-side; commission 3-5% + 10% IVA; among lowest acquisition costs in LatAm
- **Liquidity**: 🟠 LOW-MEDIUM Asunción Carmelitas / Villa Morra / Las Lomas; 🔴 LOW Encarnación / Ciudad del Este; VERY LOW Chaco / Mennonite communities; **Itaipú/Yacyretá-driven data-center + cheap-energy demand** emerging segment
- **Quirks**: **Resolución SET 1186/2023 reformed PR** — formerly cheapest formal RBI in world (~USD 5,200) → now USD 70k SUACE business invest OR active SET RUC; citizenship 3yr continuous PR; **Río Paraguay flooding catastrophic 2014-15/2018/2019/2024 + Cerrado/Chaco wildfires 2019-20/2024 + drought**; minimal seismic; STR Decreto 8.771 (2017); coworking Loffice / CoLabora Asunción; **Itaipú/Yacyretá #2 net electricity exporter** (cheap energy attracts data centers); border 50km restriction Ley 2532/2005; PYG BCP-managed but USD widely accepted Asunción; Mennonite German + Portuguese border + Spanish + Guaraní co-official multilingual buyer pool