Correct. Everything changed from the last week of December. Prior to that date, if you could demonstrate tax "domicile" elsewhere, you were fine; as an Expat you could, for example, be liable for Argentine income tax, liable for the Argentine wealth tax on your in-Argentine assets, but exempt from the wealth tax on your overseas assets. From that date, if you are eligible for income tax (other than those on 5 year employment contracts and those who can find protection in a double tax treaty) you are also eligible for the wealth tax on your overseas assets. (The tax domicile loophole for the wealth tax was expunged by parliament). This thread has warned about the change for months and one poster has had it confirmed by a professional accountant. It makes the Rentista category now obsolete other than for the insane, and is a risk for anyone who is currently using it, or used it in the past to reach permanent residency, and who must now count on AFIP never talking to Migraciones.Given the exposure, a person would have to have their head examined for going the Rentista visa route. It would be far better to share time between two or three countries 90 days at a time rather than volunteer a good view of your taxable assets to The Argentine Government.
https://www.treasury.gov/resource-center/tax-policy/treaties/Documents/US-Argentina-TIEA.pdfHow will AFIB identify expats American or European assets iif the US and EU are not participating in CRS?
Actually a traveler entering ARG on a tourist visa can stay up to 6 months minus 1 day.Given the exposure, a person would have to have their head examined for going the Rentista visa route. It would be far better to share time between two or three countries 90 days at a time rather than volunteer a good view of your taxable assets to The Argentine Government.
I have thought about these arguments over the months this issue has been around. The flaw in the argument that in 15 years AFIP won't care about old cases is that assets are held over time. You could go 15 years holding an overseas assets undectected, then get caught; at that point they are not chasing a 15-year old case, but instead a current case with a 15 year history of failure to declare. They are hardly going to just charge you for the year they detected you, but instead back taxes, and fines for the entire period.I personally am not worried about this. The expected loss of reporting is way, way higher than the expected loss of non-reporting. The probability of Argentina 1) finding out 2) pursuing it 3) having the amount not get inflated away during this time period is nearly nil.
Institutions do not change culture over night and as time moves they quit wanting to prosecute cases far back in time. Maybe in 15 years AFIP will become efficient, but it is far from it today. And in 15 years they won't be prosecuting cases from 15 years ago they will full with the cases of that time period.
Regarding AFIP's lack of desire to go after expats I would say this is very true. In my experience AFIP cares little for expats. Even when being told of enormous tax dodging by a tax-resident expat they laugh at it. I once went to AFIP to try and pay taxes and the employees literally asked me why I would even want to do that. It was such a strange concept for them.