Considering retiring in Argentina but have so many questions

[Longtime]

Dear expat community,

Thanks for being here. I have been reading your posts to learn about living in Argentina.

My situation is this: Argentine-born but living abroad since a teenager. Never worked or paid taxes in Argentina. Now, I am approaching retirement age and anticipating a small retirement income, in dollars. I am considering a slow life in the provinces but have many questions by the prospects of moving here, baffled by the red tape and illogical regulations. (Note that I have been doing a lot of research lately and feel encouraged by the many new immigrants who are choosing the country at this time.)

1) Money: how do you bring a few dollars into the country? Obviously, the country does not bank in dollars. So…? No dollar bank account? A small account in pesos? How do you even purchase a little plot of land?

2) Belonging in the system: I have researched work and minimum salaries and they do not seem possible to me. So, if I am retired, what would be the benefit of becoming part of the bank system at that stage? Is it possible to remain outside of it? Is it better to rent or to buy property? (Again, a little plot of land in the country.) I’ve heard that taxes are ridiculous. Currently, I do not belong to this jurisdiction. I guess that by moving here, I would? (Double-nationality?)

3) Would it be better to rent? How do people use their monthly retirement money? Transfer into pesos? Keep elsewhere? There is also the chance that a couple of years from now I would rather pick up and go away. How easy would this transition be? I know people stuck unable to sell their properties. How much more expensive is renting?

4) I’ve been looking online and everything is either listed in dollars or in crypto (DAI, USDT, etc.). I am baffled as to how people can come up with the huge sums of dollars when the country does not allow people to keep dollars? Can someone explain? How do you buy a vehicle or a little plot of land? Or a house? (I’ve already given up hope of moving my little Honda or my campervan to Argentina as it seems ridiculously expensive.)

5) I have family in Argentina and the hope that it is still safe enough to live here and that it would give me a better life than growing old in the US, where I am right now. Is this realistic? Are there better options? (Chile? Uruguay?)

Any thoughts and tips are appreciated. -- Longtime away

 

[sergio]

Dear expat community,

Thanks for being here. I have been reading your posts to learn about living in Argentina.

My situation is this: Argentine-born but living abroad since a teenager. Never worked or paid taxes in Argentina. Now, I am approaching retirement age and anticipating a small retirement income, in dollars. I am considering a slow life in the provinces but have many questions by the prospects of moving here, baffled by the red tape and illogical regulations. (Note that I have been doing a lot of research lately and feel encouraged by the many new immigrants who are choosing the country at this time.)

1) Money: how do you bring a few dollars into the country? Obviously, the country does not bank in dollars. So…? No dollar bank account? A small account in pesos? How do you even purchase a little plot of land?

2) Belonging in the system: I have researched work and minimum salaries and they do not seem possible to me. So, if I am retired, what would be the benefit of becoming part of the bank system at that stage? Is it possible to remain outside of it? Is it better to rent or to buy property? (Again, a little plot of land in the country.) I’ve heard that taxes are ridiculous. Currently, I do not belong to this jurisdiction. I guess that by moving here, I would? (Double-nationality?)

3) Would it be better to rent? How do people use their monthly retirement money? Transfer into pesos? Keep elsewhere? There is also the chance that a couple of years from now I would rather pick up and go away. How easy would this transition be? I know people stuck unable to sell their properties. How much more expensive is renting?

4) I’ve been looking online and everything is either listed in dollars or in crypto (DAI, USDT, etc.). I am baffled as to how people can come up with the huge sums of dollars when the country does not allow people to keep dollars? Can someone explain? How do you buy a vehicle or a little plot of land? Or a house? (I’ve already given up hope of moving my little Honda or my campervan to Argentina as it seems ridiculously expensive.)

5) I have family in Argentina and the hope that it is still safe enough to live here and that it would give me a better life than growing old in the US, where I am right now. Is this realistic? Are there better options? (Chile? Uruguay?)

Any thoughts and tips are appreciated. -- Longtime away

Rent a flat for a few months and see for yourself. That's the only way to know.

 

[Rich One]

Rent a flat for a few months and see for yourself. That's the only way to know.

You will have no difficulty in getting your new DNI, then in 2 months in an Airbnb apart, will get first hand to all your worries. Besides your family here will likely have all the answers.

 

[gracielle]

My situation is this: Argentine-born but living abroad since a teenager....

If you were born in the City of BA (aka CABA):

Última actualización: Lunes 26/12/2022 19:12hs

DNI – Nuevo ejemplar | Buenos Aires Ciudad - Gobierno de la Ciudad Autónoma de Buenos Aires

Sólo serán válidos los DNI tarjeta; por lo cual, las cartillas deberán ser reemplazadas. La emisión del nuevo ejemplar del DNI para extranjeros es sólo para residentes permanentes. Para realizar el trámite debés tener domicilio en la Ciudad Autónoma de Buenos Aires.

buenosaires.gob.ar

DNI – Nuevo ejemplar....cual son los requisitos, pasos para realizar el tramite, costo y medio de pago y mas informacion....

 

[Ries]

Many US retirees get their SS checks deposited monthly in their argentine bank accounts in pesos.
Its very difficult to live in Argentina without a bank account, and a DNI, so "being in the system" is kinda a necessity.
You will then be able to put your various monthly payments on autopay from your bank account.
I have bought property here, not a rural lot, but the process is the same for all purchases- its all priced in dollars, and the transaction takes place in dollars. Poor people dont own property here, unless they inherit, as saving tens to hundreds of thousands of dollars is not possible on average minimum salaries.
Uruguay is much more expensive, both for buying property and daily living.
Argentina has complications, for sure, but its actually pretty liveable for people on low incomes, compared to many countries.
In dollars, utilities, health care, taxes, food, and public transportation are a fraction of what they are in places like the USA.
But I would agree- you need to come down, rent short term for a couple of months, and see if its for you.

 

[earlyretirement]

Argentina is a GREAT country to retire in if you're earning a foreign currency like US dollars. You can live reasonably well there. You would just convert over to pesos as needed. No need to keep a big stash of pesos. Before making a lot of big plans, just rent an Airbnb for a few months and see how you like it. The other benefit to doing this is you an rent in different neighborhoods to compare without a big long-term commitment. Most owners will give you a discount to rent several months so check with the various companies.

On Airbnb you can easily get an idea of management companies that manage several properties. I'd recommend always filter by Superhost so you are dealing with good reputable owners/managers.





1)

- No reason or need to bring down tons of cash. You can easily find private companies/banks to get money into Argentina. Most will charge a small % for you to wire into their USA/European account and then get the funds there in Argentina. You can use foreign credit cards as well. It's not as good as cash rate but it's fine for a few months and in a bind.

2
- You don't really need to "belong" to the system. The only benefit of having a local account is paying bills online. I'd just rent a few months and see how you like it before you buy. I'm not sure if you are implying taxes are ridiculously high or low? I don't need to get residency. Argentina is an easy country to come and go and many "permanent-tourists".

3)

- Yes, just start out and rent and see how you like it. Keep ALL your cash savings outside of Argentina and just buy pesos as needed. You can rent for all budgets so look on Airbnb and you can easily see the ranges. Prices in all ranges depending on location and amenities and size.

4)

- There is a lot of generational type wealth in Argentina. Also, the fact that many don't fully trust the banks, people just save up until they can buy a property or families help out their kids. Inflation is also high so a lot of people just always are spending money. Look at the restaurants and they are always full. You don't really need a car in Argentina. I had one when I lived there but I only used it on Sunday or when I went to Uruguay on the Buquebus as I had a house in Uruguay. Having a car in Buenos Aires is NOT needed.

5) I have family in Argentina and the hope that it is still safe enough to live here and that it would give me a better life than growing old in the US, where I am right now. Is this realistic? Are there better options? (Chile? Uruguay?)


- Argentina is a safe country. You won't have issues there. DEFINITELY it's a much higher quality of living in retirement vs. the USA. I find Buenos Aires to be one of the best options for retired people. At the blue market exchange rates, it's quite reasonable to eat, you can get healthcare for not too much. It's safe and a pretty easy city to navigate.
I find other countries in South America not to be nearly as good.
Other countries might be cheaper but it's not that great. Buenos Aires is a world class city. Really beautiful, tons of things to do, sporting events, concerts, Teatro Colon. Great neighborhoods, great public transportation and easy to get around.

Go for it! If you have family here that even makes it easier. I assume you're totally fluent so that part is super easy. That's probably the biggest issue I see for retirees that move down here and don't speak the language or never can really get immersed in the local culture. You won't have that issue.

I definitely plan to move back to Buenos Aires once I fully retire. Maybe not live there year-round as it's miserable there in the summer months with the heat and humidity. But it sure beats the USA.

The toughest thing I think you will encounter is things aren't nearly as efficient in Argentina. Stuff is inefficient, tons of red tape, lines in many places. And when they don't work there isn't really anything you can do. For example, internet can go out for 3 days. I've lived in the USA for 12 years and my internet hasn't gone down even once. Things work well here. In Buenos Aires things like that can be a hassle. But if you learn to live with those types of inefficiencies it will be fine for you. Especially if you're retired.

 

[Agribotics]

Many US retirees get their SS checks deposited monthly in their argentine bank accounts in pesos.

At the official exchange rate? Is it possible to have a USD foreign currency account at the right bank?

 

[Aztangogirl]

Many US retirees get their SS checks deposited monthly in their argentine bank accounts in pesos.
Its very difficult to live in Argentina without a bank account, and a DNI, so "being in the system" is kinda a necessity.
You will then be able to put your various monthly payments on autopay from your bank account.
I have bought property here, not a rural lot, but the process is the same for all purchases- its all priced in dollars, and the transaction takes place in dollars. Poor people dont own property here, unless they inherit, as saving tens to hundreds of thousands of dollars is not possible on average minimum salaries.
Uruguay is much more expensive, both for buying property and daily living.
Argentina has complications, for sure, but its actually pretty liveable for people on low incomes, compared to many countries.
In dollars, utilities, health care, taxes, food, and public transportation are a fraction of what they are in places like the USA.
But I would agree- you need to come down, rent short term for a couple of months, and see if its for you.

No it's not. I have lived in Buenos Aires for over 5 years. No Argie bank account or credit card. I have permanent residency. I have no problem paying my monthly bills at PagoFacil. The banks here suck.

 

[earlyretirement]

At the official exchange rate? Is it possible to have a USD foreign currency account at the right bank?

I used to have an Argentine and US dollar account in Argentina with HSBC bank. I was a Premier client for many, many years. I haven't lived in Buenos Aires for a few years and all of a sudden a few years ago they gave me notice that my account was closed. They wouldn't tell me why. Keep in mind I have my DNI and have had permanent residency for many years.

I didn't have a chance to go during COVID at all and just recently went a few weeks ago. Fortunately I was able to get all my cash out.

The manager told me that they were closing US dollar accounts of any members that didn't have any job in Argentina as determined by Argentine tax returns. I've heard of other foreigners that were able to open bank accounts in Argentina but not sure if this is still the case.

I agree by and large that the Argentine banks suck there. The only reason I wanted one was to easily pay bills but I have my property manager pay them so it's not too big of a deal.

 

[Agribotics]

I used to have an Argentine and US dollar account in Argentina with HSBC bank. I was a Premier client for many, many years. I haven't lived in Buenos Aires for a few years and all of a sudden a few years ago they gave me notice that my account was closed. They wouldn't tell me why. Keep in mind I have my DNI and have had permanent residency for many years.

I didn't have a chance to go during COVID at all and just recently went a few weeks ago. Fortunately I was able to get all my cash out.

The manager told me that they were closing US dollar accounts of any members that didn't have any job in Argentina as determined by Argentine tax returns. I've heard of other foreigners that were able to open bank accounts in Argentina but not sure if this is still the case.

I agree by and large that the Argentine banks suck there. The only reason I wanted one was to easily pay bills but I have my property manager pay them so it's not too big of a deal.

I have an HSBC Premier account in Taiwan and was hoping to transfer it to LATAM when I relocate but now that plan looks doubtful. Much thanks for the helpful info.