LEGAL RESTRICTIONS ON OWNERSHIP FOR NON-RESIDENT PERSONS

Foreign ownership is unrestricted except in certain areas of national security, such as frontier zones. A foreign investor who wishes to acquire immovable property in such area must seek the prior consent of the National Commission of Security Zones (“Comisión Nacional de Zonas de Seguridad”).

Investor must provide the Commission with documentation concerning the projected use for the property to be purchased (capital to be invested, nationality of labour to be employed, etc.), and documentation concerning the buyer company (company´s by-laws, latest balance sheet, details of the members of the board of directors, etc.), all of which must be certified by a Public Notary, translated by a public translator and legalized in the nearest Argentine consulate in the country of origin of the investor or “Apostilled” through the systems of the Hague Convention of 1961 on Recognition of Foreign Documents if the country of origin of the investor has adhered to the system of the Hague Convention of 1961.

Although the power of the National Commission of Security Zones to grant approval for a purchase by a foreign investor is discretionary, the Commission’s permission is normally granted.

Additionally, due to recent regulations of the Public Registry of Commerce of Buenos Aires, any purchase when made by a foreign company, must be also recorded by the Public Registry of Commerce. Moreover if the Public Registry of Commerce considers the foreign company is not merely acquiring the property, but carrying out permanent commercial activities in Argentina, the Public Registry of Commerce may request also the registration of the foreign entity in the named Public Registry of Commerce.

Additional Information:

* Warranties granted to the buyer
* Transfer money to Argentina
* CDI (Tax Indentification number) & Taxes involved in the purchase of property
* Intermediaries and rates

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