Argentine And U S Tax Authorities Now Talking Together

GS_Dirtboy

Registered
Joined
Mar 10, 2012
Messages
2,495
Likes
4,314
AFIP and the IRS are currently trying to work out an agreement to share financial information to uncover tax evasion. This is related with FATCA are familiar with that. This will have a huge impact on citizens from both countries who are hiding cash and assets. I have North American clients who have purchased properties here in negro and/or have not declared their assets and are really squirming. I also have Argentine friends ho have cash sitting in the U S. They seem less worried. I think this is a bit of "no pasa nada" but I wouldn't be so casual.

My business partners and I saw this coming a year ago have have a solution that provides and exit for both groups.

I was called by my bank, HSBC to provide them with a form W-9 of the Internal Revenue Service. Have done that. Waiting to see if they want more information or if they decide the reporting requirements are too much for them and then will close my account.

Anyone else have experience with this?

Best,

GS
 

joeschmoe1920

Registered
Joined
Feb 12, 2016
Messages
102
Likes
98
FATCA, not FACTA. I'm not nitckpicking, just trying to make your thread searchable, as this is indeed important information. There was a similar thread earlier, but FATCA was misspelled there too (differently, I think), which is probably why you haven't found it.

EDIT: the funny guys who came up with the law thought it was hilarious that it sounded like Fat Cats, which is who they claimed to be after.
 

GS_Dirtboy

Registered
Joined
Mar 10, 2012
Messages
2,495
Likes
4,314
FATCA, not FACTA. I'm not nitckpicking, just trying to make your thread searchable, as this is indeed important information. There was a similar thread earlier, but FATCA was misspelled there too (differently, I think), which is probably why you haven't found it.

Thanks for the correction! I did find it. I actually know it is FATCA and told my bank they had also mis-spelled it on their letter. Hahahaha!

Appreciate the catch! :)

GS
 

jbeas176

Registered
Joined
Jul 10, 2007
Messages
499
Likes
223
HSBC closed my account about a year ago because I was not a resident. they said FATCA reporting requirements made it difficult in my circumstances even though
I had the account for over 8 years. I was required to show proof of ligit funds with a financial statement before they would allow the purchase of the apartment. I may regret the honesty of that statement in the future. thanks GS
 

chris

Registered
Joined
Jun 6, 2005
Messages
1,008
Likes
341
Why would US citizens keep a lot of money in an Argentine bank? Wouldn't that be risky?
 

Noesdeayer

Registered
Joined
Apr 1, 2014
Messages
886
Likes
757
chris:
Some of us had no choice during the K years.I sold a plot of land in Nordelta in 2008 for almost U$D 200k to a Brazilian woman who paid me in cash and brought the dollars to me in a backpack.Luckily,I already had a US dollar acc't. at Citibank-I deposited it.
I did lose a few 100 dollars in the "corralto" but after 2004 never again.I figured as bad as the Ks were and they were BAD,they wouldn't pull another "corralito" and luckily they did not.I wasn't going to carry that money out in my person and it was impossible to wire it out.
 

GS_Dirtboy

Registered
Joined
Mar 10, 2012
Messages
2,495
Likes
4,314
Why would US citizens keep a lot of money in an Argentine bank? Wouldn't that be risky?

Also, US citizens own properties here in Argentina that are not declared. This new cooperation between the tax authorities will sniff those out eventually.
 

camel

Registered
Joined
Aug 22, 2013
Messages
986
Likes
1,284
Do US citizens have to declare ownership in foreign properties that are held directly? As far as I can tell, the IRS says no: https://www.irs.gov/...ar-requirements

Of course if you have rental income, you're supposed to report it, and if you sell a property for a capital gain, this may be reportable. But it appears that just buying or holding a property isn't reportable as long as you hold it directly (that is, not through a foreign entity such as a corporation or foreign trust).
 

garryl

Registered
Joined
Dec 17, 2012
Messages
1,487
Likes
1,175
Do US citizens have to declare ownership in foreign properties that are held directly? As far as I can tell, the IRS says no: https://www.irs.gov/...ar-requirements

Of course if you have rental income, you're supposed to report it, and if you sell a property for a gain, this may be reportable. But it appears that just buying or holding a property isn't reportable as long as you hold it directly (that is, not through a foreign entity such as a corporation or foreign trust).
no, IRS only asks US citizen to report any foreign bank acc that has more than 10k in it.
I reported foreign rental income, no one cares.
 

sergio

Registered
Joined
Mar 25, 2007
Messages
3,453
Likes
1,851
"no, IRS only asks US citizen to report any foreign bank acc that has more than 10k in it.
I reported foreign rental income, no one cares. "

Who doesn't care about what? Not clear.
 
Top