TRANSFER
OF MONEY FROM ABROAD
Transferring money from abroad can become a need
and a problem in the process of buying a property in Argentina.
Therefore, this guide offers you some suggestions to help you trough
this stage.
First of all it is very important to acknowledge
that all transactions in Argentina are 100% cash.
If the seller does not have a bank account outside
Argentina (most of the times), you will have to transfer the purchase
value to Argentina through an Exchange Bureau (“Casa de Cambio”).
3% of the total amount will be charged to you as the Exchange Bureau
fee. In the process, the Exchange Bureau will provide you with an
account number in a US Bank so that you (the buyer) can transfer
there the purchase amount. Same amount will be available in Buenos
Aires for the seller 24 to 48 hours later.
Legal consultancy and the help of a Public Notary
is recommended so as to prevent a Central Bank 30% withholding annual
tax applicable to any sums entering Argentina, unless performed
for capital expenditures (such as buying a property). This legal
support will also help to avert future claims of the Argentinean
tax authorities in income coming from the purchase amount.
Among the documentation to be supplied under Argentinean
Law for the Exchange Bureau you (the buyer) will be required to
fax to either the Exchange Bureau or your lawyer, the buying documentation,
a copy of your pay slip, a report of your work background in your
current position, and eventually your last two tax return forms.
Due to money laundry policy in Argentina, you
(the buyer) will also be asked to show "proof of origin"
of the funds used in the purchase (W-2 forms, 1040, etc). Money
coming from stocks and bonds are considered as cash. When probing
the origin of the funds there will have to be a compelling proportion
between the transferred amount and the source of income.
Additional Information:
*
Legal
restrictions on ownership for non-resident persons
* Warranties
granted to the buyer
* CDI
(Tax Indentification number) & Taxes involved in the purchase
of property
* Intermediaries
and rates
*
> Go
back to Buenos Aires Real Estate Guide: The Buying Process
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