5 Americans rejected at the border yesterday

[toongeorges]

Please clarify: Is it true that the global wealth tax is only on money (assets) outside of Argentina that was taken out of Argentina? ie: if I own an apartment house in Dallas that I bought with funds that I earned in the US, that asset is not taxable. Is this true?

T/

As I understood from the discussion in this thread and the thread about the wealth tax, AFIP has the duty to tax what you earned in the US the same way as what you earned in Argentina and moved out of the country, but you can always appeal to a judge that this is not fair.

 

[Alby]

Where we are up to:

If your apartment in Dallas is worth more than around 40,000 dollars, unless you are in Argentina on a Migraciones residency because of an employment contract of less than five years, the wording of the changes to the tax law and the associated decree certainly gives the impression that you are liable for the Wealth Tax on that apartment during every calendar year you spend than 6 months in Argentina.

Some argue that the government’s attempt to close the loophole that enables the taxpayer to fix their “domicile” overseas in order to avoid the tax has been unsuccessful and that you can still find a way to do so and thus legally escape the tax and spend more than 6 months of the year in Argentina.

Some argue that it doesn’t matter; what matters is the intent of the law, which is not to sweep up a few foreigners but instead to target wealthy Argentines who expatriated wealth.

Some argue that it doesn’t matter because AFIP have no capacity to detect the assets of foreigners (these people believe that this will be as true in 5, or 10, or 15 years as it is today, despite that fact that governments are increasingly working together through mechanism such as the CRP).

Some argue that it doesn’t matter because even if AFIP were to detect your assets, you could easily drag the matter out in the courts and even beat them in front of a judge (and again, they believe that will be as true in 5, 10, or 15 years as it is today).

 

[Anna3313]

Is this thread now dedicated to wealth abroad and taxes? Just so I know to unfollow, as I was more interested in the topic that the original post entailed (tourist VISA, someone being denied at the border) and keep getting updates that don't pertain to that at all but rather taxes and wealth abroad. Thanks.

 

[NeoWonk]

Is this thread now dedicated to wealth abroad and taxes? Just so I know to unfollow, as I was more interested in the topic that the original post entailed (tourist VISA, someone being denied at the border) and keep getting updates that don't pertain to that at all but rather taxes and wealth abroad. Thanks.

This is another example of the wealthy hijacking a topic of interest to the common folk and commandeering it for their own selfish purposes. There's even a separate thread for this wealth topic already! https://baexpats.org/threads/argentinas-new-tax-on-residents-global-wealth.42190/

 

[Alby]

I apologise, the above summary of the debate so far does belong in the other thread, although in fairness it should be pointed out that this thread diverged from the original topic only when Anna3313 raised the question of the future of the Rentista residency, which I wanted to address directly at the time since it becomes a particularly dubious path as a result of the changes to the wealth tax, something even Bajo Cero has acknowledged.

 

[Anna3313]

I apologise, the above summary of the debate so far does belong in the other thread, although in fairness it should be pointed out that this thread diverged from the original topic only when Anna3313 raised the question of the future of the Rentista residency, which I wanted to address directly at the time since it becomes a particularly dubious path as a result of the changes to the wealth tax, something even Bajo Cero has acknowledged.

I think topics related to residency and citizenship relate more directly to the original post, though. Since the folks were turned away since they don't have legal residencies here and thus the topic sort of naturally diverges into a broader question of what's happening with residency/citizenship and is this really becoming a problem and what can those of us in the same situation do to avoid it? Also, mine was one question that wasn't even answered yet these tax responses and wealth diversion tactics have snowballed and have nothing to do with remaining or being allowed into the country and have taken up at least three pages of the thread so far. I understand that happens sometimes on the internet. I was just getting updates on the thread in rapid succession but no further information on the immigration topic, just a slew of question on tax and wealth so I wanted to be certain to turn them off if this thread was going that route as it doesn't apply to me. No harm, no foul...so they say.

 

[Alby]

It was precisely because the changes to the Wealth Tax do relate directly to the question of what is happening to citizenship/residency and problems to try and avoid (specifically the Rentista residency, which was directly asked about) that the thread went off track. But agreed: we should keep them sepárate from now on.