Credit cards in Argentina for temporary residents

[Kula]

6 month paying monotributo taxes probably would be sufficient in most places.
Are you doing all this to be able to buy stuff in quotes?

Yep

 

[Alfred_Arnold]

I see local monotributistas C or D with like 100 lukas in credit. If you're lucky or of very low expectations you can stick a fridge on it to pay in 12 cuotas and then plan something else 10 months later of a lesser value than a fridge.

On a side note....seeing locals buying food in cuotas never ceases to break my heart a bit.

 

[dsp27]

Hey everyone. How fast things change. In just 3 months from the original post I am now citizen so the equation has changes somewhat. Question is what are my options to get a credit line as someone who has no economic activity in Argentina and no relationship with AFIP, etc. I am not obsessed with having a credit card here (I have 10 in the US) but it would be nice. Also what is the "average" credit line bank extend these days?

 

[antipodean]

Hey everyone. How fast things change. In just 3 months from the original post I am now citizen so the equation has changes somewhat. Question is what are my options to get a credit line as someone who has no economic activity in Argentina and no relationship with AFIP, etc. I am not obsessed with having a credit card here (I have 10 in the US) but it would be nice. Also what is the "average" credit line bank extend these days?

Option 1: Work with a bank that offers relationship banking services (HSBC Premier or similar) so they can recognize your overseas earnings with the help of an accountant, usually they are particular that all earnings must be en blanco, declared and on your last declaración jurada. Since your “new” to Argentina maybe they can help you get started making a special exception. However to be eligible for these products these days you also need to be cleared by ANSES/ AFIP to buy dollars since the bundles usually include dollar products - this usually means an up to date tax return. If you check the ANSES site for certificado negativo you can see for yourself - it MUST say in big red letter “unable to issue certificate” or something to that effect.

Option 2: Try an entry level product at a public bank or something like Naranja. Maybe you can get a secured card against a deposit or they have “financial inclusion” products including small credit lines.

Note as an Argentine using an Argentine credit card means you face will more risk at needing to explain your income to AFIP since they expect all spend amounts to match the DJs. You will also come under more scrutiny from banks as now there is no excuse to not do your DJs on worldwide income in their eyes if you are living here (As a foreigner they don’t care so much as they know it’s complicated)

Note credit lines between $40-$100k are the norm. Remember there are separate limits for cuotas.

 

[lunar]

Question is what are my options to get a credit line as someone who has no economic activity in Argentina and no relationship with AFIP, etc.

Option 1 (and the only one): Forget about it.

HSBC most likely will not even talk to you if you don't have any relationship with AFIP. If I remember this correctly, long time ago they offered a credit card to somebody in a similar situation after he deposited 20k dollars as a security deposit. I don't think this is a viable option.

If you want to check tarjeta Naranja offerings just go to their website. There is an option to submit an application for credit card on their website. After you provide your DNI they will say that they don't have any credit products for you, because you are not in the system. And any human representative will tell you the same.

 

[dsp27]

Are there any implications in chancing my DNI/CUIT from the resident 9x.xxx.xxx to citizen 19.xxx.xxx with my bank.ITAU in terms of getting WU transfers?

 

[antipodean]

Are there any implications in chancing my DNI/CUIT from the resident 9x.xxx.xxx to citizen 19.xxx.xxx with my bank.ITAU in terms of getting WU transfers?

You should speak with an accountant to better understand your new risks and obligations in practice, Argentinx to Argentinx

I presume your risk is now higher of being flagged for investigation. Banks (and things like MercadoPago) share transactional and account balance data with AFIP. I imagine when AFIP sees a foreign CUIL it gets put in the “too hard” basket and when they see an Argentine CUIL it gets put in the “presumed monotributista evading taxes and correct clearance procedures basket” after a certain limit (eg above the tax free limit permitted for “family remittances”) and them or the bank will want to make a double click at some point.

There is a reason Argentines fear AFIP and AFIP forever wants more transactions done inside the banking system...

 

[dsp27]

My income is tax-exempt in Argentina as the source is from a multilateral organization. So I am not worried about paying taxes, I am worried about the trouble to having to go thru the process of proving the tax exemption. In any case I have one more year of my “resident” DNI so I don’t really have to report my change of dni to the Bank for another year until I figure stuff out.

 

[Alby]

It's an interesting question. Those of us who have exemption--for example, due to a double tax treaty, or on the basis of the employment arrangements--do, on my reading of the law, still have to declare, and thus obtain the exemption by testing it with AFIP. I too am reluctant to go through the process, but wonder what would happen if I was one day investigated: would my exemption be deemed invalid by virtue of the fact that I didn't claim it?

 

[antipodean]

My income is tax-exempt in Argentina as the source is from a multilateral organization. So I am not worried about paying taxes, I am worried about the trouble to having to go thru the process of proving the tax exemption. In any case I have one more year of my “resident” DNI so I don’t really have to report my change of dni to the Bank for another year until I figure stuff out.

The big issue may not be your income tax liability, but obligation to declare all worldwide bank accounts and assets (shares, savings, real-estate, cars etc) and/ or be invoicing/ earning/ repatriating funds in the correct manner depending on your employment relationship. Failure to do these things can result in fines larger than the account balance... Anyway FY21 returns are due in June 22 I think, so time to consult a professional. Remember the statue of limitations is 10 years for non-registered tax payers and only 5 years for those registered.