Buying a House in Argentina

[toongeorges]

I would guess some sellers nowadays also accept crypto stablecoins pegged to the USD such as USDT or USDC. This could help avoid headaches.

 

[xaxage]

Well, maybe if someone buying an apartment around constitution or in Microcentro, I've seen as low as 25K to 30K, that might be more practical to gather 25-30K cash.

I don't think in CABA there are prices like this unfortunately ...

 

[steveinbsas]

In reply to this:

Here is a list of the posts I've made since 2009 which include the words casa and cambio:

Search

baexpats.org

I used a casa de cambio for my first real estate purchase (an apartment in Recoleta in 2006. There was no "boleto" and we had the "escritura" in the casa de cambio the day after the funds were transfered. The cash was bought into the room and counted. I never had to carry it anywhere...

Bajo_cero2 wrote this

It is better to do it at the escribano office.

Immediately after the link to the list of all of the posts in which I used the words casa and cambio, I wrote this:

I used a casa de cambio for my first real estate purchase (an apartment in Recoleta in 2006. There was no "boleto" and we had the "escritura" in the casa de cambio the day after the funds were transfered. The cash was bought into the room and counted. I never had to carry it anywhere.

The last sentence was the esential point. The escritura did not take place at the escribano's office and he never suggested that it should be done there. The casa de cambio was located on Corrientes near the Obelisco. I don't remember how many blocks it was from the escribano's office, but I am sure that I would have felt exactly the way Cheviche described if I had to leave the casa de cambio with any kind of bag or backpack carrying over $100.000 USD in the city streets on the way to the escribano's office.

From the time the cash was brougt into the secure room at the casa de cambio until the escritura was finished, I didn't have to even get out of the chair I was sitting in.

PS: I realize now that It would have been better if I had only provided one link from the list of all of the posts I've made which include the words casa and cambio, and it is this one:

Thread 'I feel like a real estate purchase is pretty much a gamble here...' https://baexpats.org/threads/i-feel-like-a-real-estate-purchase-is-pretty-much-a-gamble-here.40903/

 

[rdcooper]

In reply to this:




Bajo_cero2 wrote this



Immediately after the link to the list of all of the posts in which I used the words casa and cambio, I wrote this:



The last sentence was the esential point. The escritura did not take place at the escribano's office and he never suggested that it should be done there. The casa de cambio was located on Corrientes near the Obelisco. I don't remember how many blocks it was from the escribano's office, but I am sure that I would have felt exactly the way Cheviche described if I had to leave the casa de cambio with any kind of bag or backpack carrying over $100.000 USD in the city streets on the way to the escribano's office.

From the time the cash was brougt into the secure room at the casa de cambio until the escritura was finished, I didn't have to even get out of the chair I was sitting in.

PS: I realize now that It would have been better if I had only provided one link from the list of all of the posts I've made which include the words casa and cambio, and it is this one:

Thread 'I feel like a real estate purchase is pretty much a gamble here...' https://baexpats.org/threads/i-feel-like-a-real-estate-purchase-is-pretty-much-a-gamble-here.40903/

I know there must be some reason why you can't do this, but why isn't it feasible to bring a certified check from a bank in the US, and deposit it in Argentine bank account that I open?

 

[german_wanderer]

bought 3 flats here this year and plan to buy more. However, I am not sure; it depends on how it will go with Airbnb.

The money I used came from crypto. There are a lot of exchanges here; I used Global Pay.
There was a fee of 0.5 percent for amounts over $10,000 from USDT to cash USD.

Anyway, I never exchanged more than $30,000 at one time. But it worked well for me.
I thought that if I get my DNI soon, then I can transfer it to my own bank account.
Otherwise, I will keep doing it with Global Pay.

 

[LuckyLuke]

I know there must be some reason why you can't do this, but why isn't it feasible to bring a certified check from a bank in the US, and deposit it in Argentine bank account that I open?

Because they are different countries with different banking systems. Checks are printed with local routing numbers, not SWIFT codes, with local account numbers, not IBANs.

I know you are doing your due diligence before coming down here, but I feel like we are skipping way ahead here. When the moment comes, assuming you actually like Argentina enough to buy a property, there will be plenty of ways to do it. You will by then have to have your immigration affairs in order and banking as well to begin planning your purchase. I would not worry too much. Buying a house for most people is not a problem. Having enough money is the problem... and if you have that, you will certainly get a property.

 

[LuckyLuke]

In my town a family that sold their farm was in a fatal car crash on the way home. No one could find the money just the empty case but all the Bombero's bought businesses and become millionaires in the following years. This was like 20 years ago or more but on Día del Bombero Voluntario someone leaves an empty case in front of their statue in the park or the firestation.

I never heard your story, but I recall being told if I was selling a property, to go with several family members with individual cars to the Escribano office. When leaving, the sale sum should be split evenly between each driver to be driven home using different routes. It sounded like something out of a spy movie, but your story confirms it.

 

[LuckyLuke]

Buying a house in Argentina is probably the most bizzarre experience of my entire life!

I remember feeling edgy if I am carrying 2-3000 usd on streets of BA for my regular expenses.

On day of purchase, I carried a huge amount of cash on the streets of BA. It felt "naked" like hell. Anything could have happened. I delayed buying house in Argentina by almost 15 years ( lived on rent for 15 years) for exactly this reason which I ultimately realized is absolutely unavoidable in Argentina.

I went to many houses and banks to be able to do this transaction as described by some users above. However all refused to assist me for various reasons. It was not a joke to arrange so much hard cash in USD con "cara grandes, lineas azul, y sin mantas" and then carry these huge wads of cash on your body, on the streets.

I was very lucky to have done the purchase after Milei's blanqueo. Banks were rolling in dollars. When I asked the bank to withdraw my wired funds, they tried handing me random old bills expecting me to be an idiot I suppose. After demanding the new bills, the manager was consulted and I was given all of it in bills so new they were still stuck together. It was a beautiful sight but short lived. Even the agent was surprised.

 

[Ries]

Its perfectly possible to wire money to Argentina.
It can be done in the blanco, in the negro, or with crypto.
foreign bank to argentine bank, or by hawala, or sometimes by transfering money from a your foreign bank to another foreign bank, and then the owner of the foreign bank gives you pesos in Argentina. There are Argentines who have pesos (or dollars ) here, who would prefer to have them elsewhere, although I am not qualified to tell you the legality of this, I know it happens.

All of it costs something- and some methods run the risk of owing taxes and penalties in the future.

The best advice is to find a good escribano. Interview a couple of english speaking (or dutch, or japanese, or whatever you need to be comfortable) and see if they explain things clearly to you in the interview. Call the colegio of escribanos, and ask them if they can recommend candidates.
An escribano will help you figure out the details, which change all the time.
I have now had 3 closings here- twice in banks (they will give you a room) once at the colegio of escribanos. In each case, money arrived in more than one way, never had one where we had to take a taxi with a duffle bag full of money.
Some sellers will accept some or all of the money wired to an account outside of argentina. This is not legal, but it happens.
There are the occasional cases of people coming from a closing, with a giant bag of money, and stopping at a bar, and getting robbed.
Dont do that.
Actual closing, at the table at time of signing, often, but not always, is piles of cash run thru a money counting machine, but there are a lot of other ways Argentines buy and sell, including bank transfers, and its done every day, its not some secret dangerous thing.
Get an escribano, it can be done safely.

 

[carride]

I know there must be some reason why you can't do this, but why isn't it feasible to bring a certified check from a bank in the US, and deposit it in Argentine bank account that I open?

Its perfectly possible to wire money to Argentina.
It can be done in the blanco, in the negro, or with crypto.

Yes, especially In the current political environment. I do not know the details, but my bet is it is easy to legally wire in funds and purchase a property as a non-resident. Later become resident. (my reply to the original post)
As a resident this is also an ideal time to wire in your international savings, that stay in a local USD account, with minimal fees. Plus current policies that encourage you to use those funds to buy real estate. Perhaps, or not, with a window of opportunity that might not exist later. Only shop among sellers who will transact in this current environment of out-in-the-open and legal bank transfers.