This paper investigates the semantics of the Present Perfect (PP) in Brazilian Portuguese (BP), Mexican Spanish (MS), and River Plate Spanish (RPS). These forms have a very limited distribution. In BP, the PP has a universal profile and a number of pluractional characteristics. In both MS and RPS, the PP has both universal and existential readings, has no obligatory contexts of occurrence, and is not felicitous as reference to singular events or their results. The paper combines a formal approach to semantics and descriptive work on grammaticalization.