Argentina's New Tax On Residents Global Wealth

[jblaze5779]

What is even the benefit of declaring any form of residency in Argentina, over coming in and out as a tourist? What do you get with a DNI? The ability to open a bank account full of worthless pesos and attract the attention of AFIP? Buy a house you may never be able to sell again at inflated real estate prices because rich people in Argentina buy property instead of putting it in bank accounts? You can get health insurance via OSDE without a DNI. You don't need a car in Buenos Aires. If you have USD, it is far better to rent in pesos, rather than pay $300K USD to buy some ugly apartment in a rapidly aging building.

All valid points here.

 

[on the brink]

Here and in Uruguay, nothing beats being on a tourist visa.

 

[Moe]

There is a lot of talk here of Rentistas being especially visible for the wealth tax. What about Pensionados?

Do they have any exemption from the wealth tax? They are also forced to provide proof of foreign sourced funds(their pension) to Migraciones.

 

[Greg S]

Here and in Uruguay, nothing beats being on a tourist visa.

Yes. Leave as little financial trail as possible. Good advice wherever you live.

 

[Ries]

boy, you guys must all be pretty rich.
I dont have anywhere near enough money to be paying wealth tax...

as Jimmy Buffett said- I had enough money to buy Miami, but I pissed it all away.

 

[Moe]

boy, you guys must all be pretty rich.
I dont have anywhere near enough money to be paying wealth tax...

as Jimmy Buffett said- I had enough money to buy Miami, but I pissed it all away.

Despite your statement it seems you don't have to be a billionaire to potentially get caught up in this.


There is a new potential special 'solidarity' wealth tax moving through legislation now on people with over 2-3 million USD approximately.

But based on what I've read online there is an existing personal worldwide tax on assets (also commonly referred to as a wealth tax) which begins at a much lower level, 305,000 ( around 4,000 USD give or take depending on official exchange rate). So if you're an Argentina resident living in country and your overseas assets are above 4,000 USD and you don't have some exemption it appears you would indeed legally owe something.

 

[on the brink]

Every time I see the words "solidarity" or "sovereignty" I shudder. They are used to justify the worst excesses.

 

[another]

There is a lot of talk here of Rentistas being especially visible for the wealth tax. What about Pensionados?

Do they have any exemption from the wealth tax? They are also forced to provide proof of foreign sourced funds(their pension) to Migraciones.

The only proof you have to provide to migraciones is a proof of pension paid monthly by your country's federal or provincial govt or any other official body of the kind in your country of origin. This only shows the amount of your monthly income from this source, not from your investments' sources. So it doesn't give them any info on how much you actually own - unless they actively go after you. So pensionado visa is pretty safe - unless you buy a property in Arg, in which case you'll have a lovely relationship with AFIP, which might or might not lead to the implications in connections to the wealth tax

 

[Moe]

The only proof you have to provide to migraciones is a proof of pension paid monthly by your country's federal or provincial govt or any other official body of the kind in your country of origin. This only shows the amount of your monthly income from this source, not from your investments' sources.

You're right, it wouldn't tell them how much you actually own.

But as they would have confirmation of that foreign monthly (pension) income, assuming it is even a modest amount by international standards (1,500usd+) it seems it would be subject to personal income tax here. Unless there is a specific exemption for pensions that I am unaware of.

 

[another]

Pension is not an asset per se, it's an income, so they can't charge wealth tax on it, if something, it would have to be an income tax ( ganancia ).
So no worries. On top of it you are not obligated to transfer it to the ar bank, so AFIP will not even have you on the radar - migraciones assign CUIL or CUIT and that's registered ,but after that there will be 0 info on you in AFIP data base.