Buying an apartment in CABA

[SanTelmoSoul]

Hi there, I have a share in an apartment I inherited from my father in 2008 or so... long story, but thought I'd share some experiences that might help you (these are just my experiences, and I have local friends, but most importantly the best lawyer in BA who also speaks great English as my Castellano is not great. As I inherited a share of the apartment, I did not have to pay up front for it.... however...

If you buy a place and want to leave your Argentinean assets to certain relatives, Spanish law states that at least 50% of your estate must go to your next of kin. You have discretion about the other 50%. If your kids are actually your next of kin, that is great, but Argentinean law does not recognise adopted kids or step kids (my lawyer referred to us as "love children" so, against the wishes of my father's will, his entire Argentinean estate had to be inherited by one of his five kids - he was the only one recognised by Spanish law). We sorted it out in the end, but had to do it between sibilings, and sometimes that is not pretty.

Long story, but if you buy, do try to get yourself a good lawyer to advise you on either preparing an Argentinean will, or how to structure your assets so that your kids can actually benefit from your good wishes, and not have to fight it out with AFIP, each other and their grief. Good luck!

Thank you all for your answers. I've collected numismatic and bullion coins since I was a kid and brought them here slowly over the years. I support 3 children here and rent an apartment for $1000 a month with high expenses. I'm an independent contractor with permanent residency and tax status. I am by no means rich. I would like to buy a modest 2 bedroom PH in Capital up to $70000 and eventually give it to my kids. I know practically nothing about the process and new laws, so I appreciate all of your knowledge.

 

[nikad]

Hi there, I have a share in an apartment I inherited from my father in 2008 or so... long story, but thought I'd share some experiences that might help you (these are just my experiences, and I have local friends, but most importantly the best lawyer in BA who also speaks great English as my Castellano is not great. As I inherited a share of the apartment, I did not have to pay up front for it.... however...

If you buy a place and want to leave your Argentinean assets to certain relatives, Spanish law states that at least 50% of your estate must go to your next of kin. You have discretion about the other 50%. If your kids are actually your next of kin, that is great, but Argentinean law does not recognise adopted kids or step kids (my lawyer referred to us as "love children" so, against the wishes of my father's will, his entire Argentinean estate had to be inherited by one of his five kids - he was the only one recognised by Spanish law). We sorted it out in the end, but had to do it between sibilings, and sometimes that is not pretty.

Long story, but if you buy, do try to get yourself a good lawyer to advise you on either preparing an Argentinean will, or how to structure your assets so that your kids can actually benefit from your good wishes, and not have to fight it out with AFIP, each other and their grief. Good luck!

I am confused as to why you are talking about Spanish law, when successions are ruled by Argentine Civil Code and are very specific and clear. By Argentine law you can only leave by will to a relative, friend or person of your choice 1/3 of the estate. 2/3 are mandatory to the next of kin ( spouse, children, parents in that order ). Adopted children ( full adoption ) will have the exact same rights to the estate as that of biological children, if it was a " simple adoption " they still have rights to the estate but not mandatory.

 

[elhombresinnombre]

I am confused as to why you are talking about Spanish law, when successions are ruled by Argentine Civil Code and are very specific and clear. By Argentine law you can only leave by will to a relative, friend or person of your choice 1/3 of the estate. 2/3 are mandatory to the next of kin ( spouse, children, parents in that order ). Adopted children ( full adoption ) will have the exact same rights to the estate as that of biological children, if it was a " simple adoption " they still have rights to the estate but not mandatory.

I agree with @nikad (I usually do!)

Some years ago, I consulted a local lawyer, long since gone on to other things, who used to post here as @Attorney in BA and received the same advice as @nikad has just given you. I don't think they have changed such an important piece of legislation while I've been asleep.

Word to the wise: if your consultations have lead you to believe a)that Spanish law is applicable here or b)that the discretionary portion is 50% then c)this may not have come from the best lawyer in town.

 

[elhombresinnombre]

I agree with @nikad (I usually do!)

Some years ago, I consulted a local lawyer, long since gone on to other things, who used to post here as @Attorney in BA and received the same advice as @nikad has just given you. I don't think they have changed such an important piece of legislation while I've been asleep.

Word to the wise: if your consultations have lead you to believe a)that Spanish law is applicable here or b)that the discretionary portion is 50% then c)this may not have come from the best lawyer in town.

Or d)...
...You think they are working for you but in reality they are working for somebody else. This has happened within our family's experience and I understand it's not that uncommon.

 

[Silvie]

successions are ruled by Argentine Civil Code and are very specific and clear. By Argentine law you can only leave by will to a relative, friend or person of your choice 1/3 of the estate. 2/3 are mandatory to the next of kin ( spouse, children, parents in that order ). Adopted children ( full adoption ) will have the exact same rights to the estate as that of biological children, if it was a " simple adoption " they still have rights to the estate but not mandatory.

Exactly, the same information was given to me by my legal advisors. And if you don't have any of those 3 above-mentioned categories of "next of kin" you may leave all your possessions to whoever you like.