Argentne Citizenship: A Good Reason Not To Do It
- Thread starter DrGrantly
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Actually, even if you only have residency (temporary or permanent) in Argentina, you're still supposed to pay taxes on your worldwide assets (and income), so in my mind, this is isn't really a game changer for getting citizenship.
Davidglen77
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You can end up getting caught in a trap with Argentina if you become a citizen and here's how.
If you are a permanent resident and later want to leave Argentina for your home country, own property or have savings in the bank, you will have a very hard time trying to re-patriate that money to your home country.
What you can do if you are a permanent resident, is leave Argentina, then wait 2 years until your permanent residency expires and then you can repatriate your funds as you are no longer a resident of Argentina.
If you are a citizen, you won't have that option. I was told this by the comercio exterior representative at my bank. If you do get citizenship, MAKE SURE that you plan to stay here forever or know that you won't be able to get your money out legally, at least under the current regime.
If you are a permanent resident and later want to leave Argentina for your home country, own property or have savings in the bank, you will have a very hard time trying to re-patriate that money to your home country.
What you can do if you are a permanent resident, is leave Argentina, then wait 2 years until your permanent residency expires and then you can repatriate your funds as you are no longer a resident of Argentina.
If you are a citizen, you won't have that option. I was told this by the comercio exterior representative at my bank. If you do get citizenship, MAKE SURE that you plan to stay here forever or know that you won't be able to get your money out legally, at least under the current regime.
This same strategy applies to citizens who are no longer resident in Argentina.
This thread is a joke.
This way all citizens of the 35 countries mentioned in the news, should renounce their citizenship.
This was all US citizens should renounce their citizenship.
This way, no one should take citizenship of any country lest he/she be caught in their tax nexus.
This way, everyone should live as a permanent tourist all their lives or do visa runs all their lives lest be caught in a tex nexus somewhere.
This way, no one should ever buy any property anywhere lest, one will have to pay capital gain taxes when he/she tries to wire the money out.
This way, all should become stateless people with no citizenship and passport details/ no KYC details on their heads.
This way, no one should ever open a bank account anywhere lest the governments of the world come to know how much money he/she holds.
This way, one should dig a pit deep in the ground, and go and hide in it for rest of his life till he is called to the heavens/hell ; hence remaining free from all kind of financial and citizenship obligations to all nations of the world.
This way all citizens of the 35 countries mentioned in the news, should renounce their citizenship.
This was all US citizens should renounce their citizenship.
This way, no one should take citizenship of any country lest he/she be caught in their tax nexus.
This way, everyone should live as a permanent tourist all their lives or do visa runs all their lives lest be caught in a tex nexus somewhere.
This way, no one should ever buy any property anywhere lest, one will have to pay capital gain taxes when he/she tries to wire the money out.
This way, all should become stateless people with no citizenship and passport details/ no KYC details on their heads.
This way, no one should ever open a bank account anywhere lest the governments of the world come to know how much money he/she holds.
This way, one should dig a pit deep in the ground, and go and hide in it for rest of his life till he is called to the heavens/hell ; hence remaining free from all kind of financial and citizenship obligations to all nations of the world.
Davidglen77
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I am going to discredit these statements 100%. The problem is, in Argentina if you have money here, it's nearly impossible to get it out and bring it with you, even to your native country.
On the other hand if you are from the US and want to live in Argentina you have the freedom to bring your money with you, as much as you wish when and where you wan to - the US DOESN'T CARE. You may have to pay some taxes, but at least you have the freedom to do so.
Unfortunately Argentina doesn't allow you to take your money out legally, or easily.
Sorry to rain on your parade CEVICHE, but that is the truth, I have spoken to people at banco central who have confirmed this.
Unless you plan to live in Argentina forever DON'T bring any significant sums of money into this country because you won't be able to legally get it out. If that doesn't matter to you, than by all means become a citizen of Argentina. If it does, then BEWARE!!
If you live here for more than 6 months a year in any given financial year, you are due to pay taxes on your world income. This holds good irrespective of whether you are a tourist, a temporary resident, a permanent resident or a citizen. Whether you do it or not in reality, is really is your problem but the fact is that if one choses not to, one is cheating the government, as you become a tax resident after 185 days in a financial year in Argentina.
On other hand, if you are a US resident or citizen any where in the world, you jolly well declare all your accounts, your assets worldwide and pay the applicable taxes and most of the US residents or citizens jolly well do it else you are in big trouble.[background=rgb(250, 250, 250)]It does not matter whether or not you reside in a foreign country if you are a USA Citizen. Unless the IRC specifically exempts you, every USA Citizen is required by law to file a return. Whether or not you pay tax to Uncle Sam, depends on a number of factors; however, you still must file a return. Should every US citizen living abroad permanently renounce his citizenship? What a headache after all, to file returns year after year![/background]
No country wants you to avoid taxes. The 35 countries in the list will be in cahoots with each other and will help the other to fix the noose on the necks of the defaulters.Why just blame Argentina.
Just today, in one of countries ( amongst the 35 listed), where I am a permanent resident and hold a bank account, they blocked my account because I failed to send them my KYC details despite their repeated mails. As soon as my account was frozen, I had no choice but to send them details with proof of every question they asked!
A citizenship/ a 2nd/3rd passport is one of the most useful things you can get yourself in your lifetime..much more useful than saving 10-50K US$ in taxes. Those who are eligible for Argentine citizenship and opting not to take it, are in IMHO, the most unenlightened dunderheads.
Inferno.
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This is happening regardless of your citizenship status. You can not buy dollars nor exchange your pesos to another currency, it doesn't matter if you are from Argentina, US or China. Now, there are ways to move legally your money through an investment account. If you have one here and one in USA for example, you can buy stocks/bonds here with pesos and transfer those to a brokerage account in the US, getting USD dollars when you sell them there. You need to locate the ones that are being listed here and in the US at the same time. This is called blue-chip swap or contado con liqui.
That note also says that this is only for certain people already being investigated for tax-evasion, not little league. You only have to worry if you are a mayor player and are evading a lot of money. I don't think anyone here applies to that category.