Buying Real Estate As A Foreigner

[Thereandbackagain]

Hi Folks,

I realize that there are already some threads regarding the procedure, but since things in AR are sometimes chaotic and conditions change I wanted to ask again and see what exactly are the requirements.

Condition: foreigner without DNI / not intending to obtain a DNI anytime soon.

If I remember right you need a CDI you get easily from the AFIP which is the tax ID for foreigners. Any other papelito needed from the official authorities?

Regarding the payment: since foreigners cannot open a bank account (is this still correct?), how do you actually pay for the Apartment/House? The money is there in cash in foreign bank accounts.

Controls: As far as I remember the AFIP wants to check the source of the funds. This is not a problem, would be just good to know how long this may take, what to present, etc.

Any other complications / requirements?

Many thanks!

 

[John Doe]

Why would you want to buy real estate in BA?

 

[D.B. Cooper]

Why would you want to buy real estate in BA?

Probably for the same reason you did.

 

[John Doe]

I bought my apartment in June..............2003. Almost everything was different, then. There were few if any obese people on the streets, supermarket cashiers stood, with not a chair in sight, with the lines moving tie as fast. If I had the same renovation done on my apartment, today, as was done in 2003, it woul cost,probably 3 - 4 times the amount.

 

[Churchill]

Why would the weight of the average man or woman in the street (or supermarket) influence your decision to invest in the local real estate market?

 

[John Doe]

I said that almost everything was different in 2003.

 

[garryl]

Bad time to buy real estate -- inflated price, high inflation, on the verge of collapse again. Stay put, it's good to have money in your bank account.

 

[mjohnstone]

http://www.lanacion.com.ar/2049232-cuestion-de-precio-compro-o-espero-esa-es-la-cuestion

 

[Stevied]

Getting the money into Argentina, even with the relaxed controls, is a pain in the rear. You need to work with one of the banks that has experience with arranging for your funds to get transferred. You should search on this site and you'll find a bunch of threads on this subject. I used Banco Piano. The problem you may have is that, in my experience, you need to open an account in Argentina, which usually requires a DNI, but not always. The process is that you would open a local account with the bank, then the bank will give you wiring instructions to a US bank (a correspondent account for the bank). On the day of closing, you will wire your funds from your US account to the correspondent bank - and then they will credit your Argentina account with the dollars. You will want to close at your bank to avoid transporting dollars in bags through the street (yes, this does occur). They charge a fee (it usually ranges from 1.5 -3 percent). You will need proof of provenance - I used a letter from my accountant, and several years of tax returns - and these will need to be translated. Getting the CDI is relatively easy if you live locally - more difficult if you don't. You should hire a good Escribano for the closing process - they can also facilitate getting your CDI. It's a process that is way more complicated than it should be, but is doable.

 

[Bigboxer]

Further to bringing in money Banco Piano is now charging 3.5% vs 0.7% with Banco Itau. It seems that the process is more streamlined....it's about time!