---
title: "Real estate crowdfunding in Latin America: the rules in each country (2026)"
url: "https://www.unknowngravity.com/en/articulos/real-estate-crowdfunding-latin-america"
site: Unknown Gravity
published: "2026-10-02T19:53:20+00:00"
modified: "2026-10-02T21:00:58+00:00"
language: en-US
description: Real estate crowdfunding is regulated in most of Latin America, but the rules differ sharply from one country to the next.
section: "Home > Cryptocurrencies and tokens > Real estate crowdfunding in Latin America: the rules in each country (2026)"
---

# Real estate crowdfunding in Latin America: the rules in each country (2026)

**Real estate crowdfunding is regulated in most of Latin America, but the rules differ sharply from one country to the next.** Mexico has the most specific category: collective debt financing for real estate development, through platforms licensed by the CNBV. Colombia channels it through collaborative financing companies (SOFICO) and, since 2025, lets the recipient be an autonomous trust estate, the fiduciary structure behind almost every Colombian development. Argentina, Chile and Peru have their own regimes, with investor caps in Argentina and Peru. Tokenizing inside the regime currently has a clear route only in Argentina (in a sandbox), in Brazil and, with a licence, in Chile. This guide sets out each country's law, regulator and limits, checked against official sources as of 2 October 2026. For the definition, see the [glossary](/en/glosario/crowdfunding-inmobiliario).

## Country-by-country summary

| Country | Law and local name | Regulator | Cap per project or issuer | Cap per retail investor | Tokens inside the regime? |
| --- | --- | --- | --- | --- | --- |
| Mexico | [Fintech Law](/en/articulos/mexico-fintech-law) (2018) and CUITF rules: financiamiento colectivo | CNBV | 1,670,000 UDI per transaction (up to 6,700,000 with approval); 7,370,000 UDI per applicant across the system | Concentration in one request: 15% (individual) or 20% (company) | No: Banxico only allows fintechs internal operations with virtual assets |
| Colombia | Decree 2555/2010, Book 41 (Decrees 1357/2018 and 34/2025): financiación colaborativa | Financial Superintendence | 10,000 minimum monthly wages per recipient; 3,000 if all investors are non-qualified | 20% of annual income or net worth, whichever is higher | No specific framework |
| Argentina | Law 27,349 and CNV rules (GR 942/2022); GR 1125/2026: financiamiento colectivo | CNV | 1,500,000 UVA per project in 12 months (PFC platforms) | 10% of the project or 150,000 UVA, whichever is lower, and 20% of gross annual income | Yes, in a sandbox until 2027 (GR 1150/2026), for securities issued under automatic authorisation |
| Chile | Law 21,521 ([Fintec Law](/en/articulos/chile-fintec-law)) and NCG 502: crowdfunding platform | CMF | Neither the law nor NCG 502 sets an amount | No specific statutory cap | Yes, with authorisation as a platform and as an alternative trading system |
| Peru | Emergency Decree 013-2020 and SMV Res. 045-2021-SMV/02 (amended 2025): participatory financing | SMV | 500 UIT per project (PEN 2.75 million), up to 1,000 UIT with a methodology | 20% of the project and 20% of income or net worth over 12 months | No framework |
| Uruguay | Law 19,820 and BCU circulars 2377 and 2484 | BCU | 20,000,000 UI outstanding per issuer | 75,000 UI per issue and 225,000 UI per platform | Law 20,345 allows securities on a distributed ledger |
| Brazil | CVM Resolution 88/2022: investimento participativo | CVM | BRL 15 million per year per issuer | BRL 20,000 per year (10% if income or investments exceed BRL 200,000) | Yes: debt tokens through this route (Circular Letter 4/2023) |

UDI, UVA, UI and UIT are units indexed to inflation or updated every year, like the Colombian minimum wage: the amount in local currency changes over time, which is why the rules use them.

## Real estate crowdfunding in Mexico

The Law to Regulate Financial Technology Institutions (the Fintech Law), published on 9 March 2018, reserves crowdfunding for collective financing institutions (IFC) licensed by the CNBV after approval by an inter-agency committee. It allows three types of transaction: debt, equity, and co-ownership or royalties. The CNBV's rules for these institutions (CUITF) add an express category, collective debt financing for real estate development: loans to developers to fund construction.

- **Cap per transaction**: 1,670,000 UDI per applicant on one platform, which the CNBV can raise to 6,700,000 UDI. A single applicant cannot exceed 7,370,000 UDI across all platforms.
- **Cap per investor**: an individual cannot put more than 15% into a single real estate debt, equity or co-ownership request (20% for a company), under the formula in article 49 of the CUITF. Investors with no more than 8,300 UDI invested in total may commit up to 4,150 UDI per request, and experienced investors are exempt.
- **Platform minimum capital**: 500,000 UDI, or 700,000 if it runs more than one type of transaction.
- **Operating without a licence is a crime**: article 124 of the law punishes it with 7 to 15 years in prison.

The CNBV register listed 26 operating IFCs on 2 October 2026. Real estate ones, according to their own websites and the press, include 100 Ladrillos (co-ownership through a trust), Briq and M2Crowd, whose licence the CNBV extended in December 2025 to debt, equity, co-ownership and royalties. Since 1 January 2026 platforms withhold 20% income tax on the interest they pay to investors ([2026 Federal Revenue Law](https://www.diputados.gob.mx/LeyesBiblio/pdf/LIF_2026.pdf), art. 25(VIII)), and the industry itself expects the market to concentrate in a few platforms.

**Tokenization**: the law allows dealing in virtual assets only on terms set by Banxico, and its Circular 4/2019 limits fintech institutions to internal operations. In practice, a crowdfunding platform cannot offer real estate interests to the public as tokens. More context in [asset tokenization in Mexico](/en/articulos/asset-tokenization-in-mexico).

## Real estate crowdfunding in Colombia

Collaborative financing sits in Book 41 of Decree 2555 of 2010, added by Decree 1357 of 2018 and reformed by Decree 34 of 2025, dated 17 January. It is carried out by collaborative financing companies (SOFICO), single-purpose corporations, as well as authorised exchanges and trading systems, under the supervision of the Financial Superintendence. What is issued are debt or equity securities, and only through those entities: it is not a public offering and is not registered in the National Securities Registry.

The 2025 change matters for real estate: the recipient can now be an **autonomous trust estate** (patrimonio autónomo), a closed-end collective investment fund or a securitisation, although only with debt. Colombian projects are almost always developed through a trust, so a project held in a trust estate can now take collaborative debt. Direct co-ownership of the property, on the other hand, does not exist as a modality.

- **Cap per recipient**: 10,000 minimum monthly wages (about COP 17.5 billion at the 2026 wage), or 3,000 (about COP 5.25 billion) if all the money comes from non-qualified investors.
- **Cap per non-qualified investor**: 20% of annual income or net worth, whichever is higher, across all platforms. Qualified investors have no cap.
- **Campaign**: six months at most.

Terrenta, the first SOFICO focused on real estate and construction according to the press, started operating in 2025. Platform risk is real: in April 2026 the Superintendence took control of Bloom Crowdfunding. **Tokenization**: Book 41 does not provide for distributed ledgers or tokens. The Superintendence has tested blockchain bond issues in its sandbox and in September 2026 announced working groups on tokenization. More in [asset tokenization in Colombia](/en/articulos/asset-tokenization-in-colombia).

## Real estate crowdfunding in Argentina

Law 27,349 on Support for Entrepreneurial Capital (2017) created the crowdfunding system, supervised by the CNV and run by crowdfunding platforms (PFC), corporations with «PFC» in their name. The law only allows three forms of participation: shares, loans convertible into shares and interests in a trust; plain loans are excluded. Real estate fits through the trust route, with one restriction: CNV rules (GR 942/2022) forbid the platform or its shareholders from acting as trustee of the projects.

- **Caps under the PFC regime**: 1,500,000 UVA per project in 12 months. Each investor may put in up to 10% of the project or 150,000 UVA, whichever is lower, and never more than 20% of gross annual income. At least five investors are required, and the subscription period runs from 30 to 180 days.
- **A second route since April 2026**: GR 1125/2026 brought crowdfunding into the public offering regime with automatic authorisation, using shares and corporate bonds. Non-qualified investors may put in up to 3,000 UVA per issue and 10,000 UVA in total, without exceeding 5% of their net worth per issue or 10% overall.

**Tokenization**: Argentina has the most advanced route. GR 1150/2026, from June, allows shares, corporate bonds, financial trust securities and closed-end fund units issued under automatic authorisation to be tokenized, in a sandbox extended to 31 December 2027. Financial trusts holding real estate qualify; the PFC regime of Law 27,349 does not. Virtual asset service providers act as custodians and distributors: we explain it in the [VASP registration guide](/en/articulos/vasp-registration-argentina-cnv) and in [asset tokenization in Argentina](/en/articulos/asset-tokenization-in-argentina).

## Real estate crowdfunding in Chile

Law 21,521, known as the Fintec Law and published on 4 January 2023, regulates crowdfunding platforms alongside other technology-based financial services. The CMF set out registration and obligations in NCG 502 (January 2024), and the registration deadline expired on 3 February 2025. A platform needs registration in the Registry of Financial Service Providers and a specific authorisation; platforms that only work with qualified investors are exempt.

The law regulates the service, not the instrument, and sets no maximum amounts per project or per investor: it protects investors through disclosure duties. If what is offered are securities, the Securities Market Law 18,045 also applies, requiring registration unless an exemption applies (the main one is NCG 452).

**Tokenization**: the CMF has already spoken. In Official Letter 76656 of 27 April 2026 it found that a project generating income from renting out property, and allowing digital representations of those assets to be quoted and traded, provides at least two regulated services: crowdfunding platform and alternative trading system. In Official Letter 59065, from March 2026, it recalled that a token can be a security if it represents transferable economic rights, whatever it is called. More in [asset tokenization in Chile](/en/articulos/asset-tokenization-in-chile).

## Real estate crowdfunding in Peru

Participatory financing is governed by Emergency Decree 013-2020 and the SMV regulation (Resolution 045-2021-SMV/02), amended by Resolution 019-2025-SMV/01 in November 2025. It can use equity or debt securities or loans, and is carried out by management companies authorised by the SMV, with minimum capital of PEN 300,000.

- **Per project**: 500 UIT (PEN 2.75 million at the 2026 UIT), up to 1,000 UIT if the platform applies a classification methodology. **Per recipient**: 750 UIT over 12 months for a company, extendable to 1,500.
- **Per non-institutional investor**: no more than 20% of a project and, over 12 months, no more than 20% of income or net worth, whichever is higher.
- **Campaign**: 90 days, extendable by another 90.

The SMV directory listed three companies on 2 October 2026; one of them, Prestópolis, lends to property developers. **Tokenization**: there is no framework. The SMV warned in 2021 that token schemes are not supervised, and Law 30050 only allows authorised entities to advertise for money from the public. More in [asset tokenization in Peru](/en/articulos/asset-tokenization-in-peru).

## Uruguay and Brazil: two benchmarks

**Uruguay** regulates platforms through Law 19,820 (2019) and Central Bank circulars 2377 and 2484. The July 2025 circular raised the cap per issuer to 20,000,000 UI and admitted financial trust securities, the natural route for real estate. Small investors may put in up to 75,000 UI per issue and 225,000 UI per platform. Crowder was the first licensed platform, in January 2024, and Law 20,345 of 2024 already allows securities on a distributed ledger. More in [asset tokenization in Uruguay](/en/articulos/asset-tokenization-in-uruguay).

**Brazil** is the most active market. Under CVM Resolution 88/2022, a company can raise up to BRL 15 million a year and an ordinary investor can invest up to BRL 20,000 a year. In 2025 there were 69 registered platforms, which closed 861 offerings worth BRL 3.9 billion, according to the CVM itself. It is also the country where regulated crowdfunding already works as a tokenization route: in 2023 the CVM accepted that debt tokens can be offered this way. The CVM is preparing a rule to replace Resolution 88; as of this guide we have not been able to confirm it has been published. More in [asset tokenization in Brazil](/en/articulos/asset-tokenization-in-brazil).

## How it compares with Europe and Spain

In the European Union, Regulation (EU) 2020/1503 harmonised lending- and investment-based crowdfunding for businesses. It covers offers of up to EUR 5 million per project owner over 12 months, and a licensed provider can operate across the Union with a passport. Investor protection works differently from Latin America: there is no investment cap, but a knowledge test, a risk warning with express consent when a non-sophisticated investor goes above EUR 1,000 or 5% of net worth, and a four-day reflection period. In Spain the CNMV grants licences, and Urbanitae was the first platform with a European licence, in 2022.

The underlying difference: Europe protects investors with information, Latin America with caps, set as a share of income or net worth (Colombia, Peru, Argentina), as an amount (Brazil, Uruguay) or as concentration per request (Mexico). For a developer raising money in several countries, the lowest caps drive the campaign design.

## Crowdfunding or tokenization: which route fits

They are not the same thing. Crowdfunding is a regulated fundraising channel, with a licensed platform and its caps. Tokenization is a way of recording and transferring the investor's right on a distributed ledger. They combine where the rules allow it, as in Argentina, Brazil, or Chile with a licence: the token brings a modern registry and transferability, and the crowdfunding regime brings permission to offer it to the public. That is the model behind our [tokenized real estate crowdfunding software](/en/tokenizacion/crowdfunding-inmobiliario-tokenizado-lanza-tu-propia-plataforma-de-inversion). Offering real estate tokens to the public without the corresponding licence is unauthorised activity in Mexico, Chile and Peru, and may be in Colombia and Argentina if the token is deemed a security. We compare the two in [crowdfunding vs tokenization platform](/en/articulos/diferencias-entre-crowdfunding-y-plataforma-de-tokenizacion-guia-practica), and the regional map is in [asset tokenization in Latin America](/en/articulos/asset-tokenization-in-latin-america).

## What to check before investing or launching a platform

- **That the platform is licensed** in the regulator's register: CNBV, Financial Superintendence, CNV, CMF, SMV, BCU or CVM. The Bloom case shows a licence does not remove risk, but without one there is no supervision at all.
- **What exactly you are buying**: a loan to the developer, shares in the company, an interest in a trust or co-ownership. Each carries different risk and tax treatment.
- **The vehicle**: trust, autonomous trust estate or special purpose company, and who the trustee is.
- **The caps that apply to you** as a non-qualified investor: in Latin America they are legal limits, not recommendations.
- **Liquidity**: almost no regime has a real secondary market. Colombia lets platforms run an internal register of transactions, and Peru lets them advertise transfer opportunities.
- **If you plan to launch a platform**: licensing takes time and requires minimum capital. It is often faster to structure the project with a local vehicle and an already licensed platform, or to tokenize where the regulator already allows it. To look at your case, [book a meeting with the team](/en/meeting).

## Official sources

- Mexico: [Fintech Law (current text)](https://www.diputados.gob.mx/LeyesBiblio/pdf/LRITF.pdf), [CNBV CUITF rules](https://www.cnbv.gob.mx/Normatividad/Disposiciones%20de%20car%C3%A1cter%20general%20aplicables%20a%20las%20instituciones%20de%20tecnolog%C3%ADa%20financiera.pdf) and [Banxico Circular 4/2019](https://www.banxico.org.mx/marco-normativo/normativa-emitida-por-el-banco-de-mexico/circular-4-2019/circular-4-2019.html).
- Colombia: [Decree 1357 of 2018](https://www.funcionpublica.gov.co/eva/gestornormativo/norma.php?i=87770) and [Decree 34 of 2025](https://sisjur.bogotajuridica.gov.co/sisjur/normas/Norma1.jsp?dt=S&i=172040).
- Argentina: [Law 27,349](https://servicios.infoleg.gob.ar/infolegInternet/anexos/270000-274999/273567/texact.htm), [CNV GR 1125/2026](https://www.argentina.gob.ar/normativa/nacional/resoluci%C3%B3n-1125-2026-424560/texto) and [CNV GR 1150/2026](https://www.argentina.gob.ar/normativa/nacional/norma-426586/texto).
- Chile: [Law 21,521](https://www.bcn.cl/leychile/navegar?idNorma=1187323) and [CMF NCG 502](https://www.cmfchile.cl/normativa/ncg_502_2024.pdf).
- Peru: [Emergency Decree 013-2020](http://www.sice.oas.org/SME_CH/PER/Dec_Urg_No_013_2020_s.pdf) and [SMV regulation](https://www.smv.gob.pe/ConsultasP8/temp/RSUP%20045-2021%20-%20Aprobaci%c3%b3n%20Reglamento%20FPF.pdf).
- Uruguay: [BCU Circular 2484](https://www.bcu.gub.uy/Servicios-Financieros-SSF/Documents/Proyectos%20Normativos/seggci2484.pdf) and [Law 20,345](https://www.impo.com.uy/bases/leyes-originales/20345-2024).
- Brazil: [CVM Resolution 88 (consolidated)](https://conteudo.cvm.gov.br/export/sites/cvm/legislacao/resolucoes/anexos/001/resol088consolid.pdf) and [CVM Economic Bulletin 108](https://www.gov.br/cvm/pt-br/centrais-de-conteudo/publicacoes/boletins/boletim-economico/2512_cvm_boletim_economico_108.pdf).
- European Union: [Regulation (EU) 2020/1503](https://www.boe.es/doue/2020/347/L00001-00049.pdf).

*Framework as of 2 October 2026, checked against each regulator's official sources. Regimes change: confirm the current position before investing or structuring. General information, not legal or investment advice.*