Hi, I need some advice on buying property please

[Iznogud]

6) Find someone trying to get that money out of the country and trade services.

 

[Canick]

1) You can make a donation but you will be taxed.

can you confirm this? my understanding is that there is NO tax if you, as a foreign resident, want to donate money to your sister who is a resident of argentina.

likewise, her justification for these funds is "they were donated" and then she needs to show the donation letter with all of its official apostiles and certificates and that is sufficient for the AFIP.

Iznogud, please correct me if i am wrong, but as of 2011 it was like this.

 

[Iznogud]

I'm sorry but can not confirm this as per current regulations. I speak from past experience.

A long time ago, a very good friend of mine donated me some doe so I could purchase my appartment (pay the bank loan/mortgage). An attorney of his took care of the paperwork.

The main point being that you better take the whole thing appart and consider it a group of problems to solve and not a single one. Best way to get the proper information and not get screwed in the process.

 

[ghost]

I'm sorry but can not confirm this as per current regulations. I speak from past experience.

A long time ago, a very good friend of mine donated me some doe so I could purchase my appartment (pay the bank loan/mortgage). An attorney of his took care of the paperwork.

The main point being that you better take the whole thing appart and consider it a group of problems to solve and not a single one. Best way to get the proper information and not get screwed in the process.

The rules chage by the moment and yes, you will get screwed. The trick is to minimize the screwing. That is the best you can hope for.

 

[MarcusMT]

can you confirm this? my understanding is that there is NO tax if you, as a foreign resident, want to donate money to your sister who is a resident of argentina.

likewise, her justification for these funds is "they were donated" and then she needs to show the donation letter with all of its official apostiles and certificates and that is sufficient for the AFIP.

Iznogud, please correct me if i am wrong, but as of 2011 it was like this.

Hi can anyone confirm this?

 

[MarcusMT]

A nominal charge would have to be inside Argentina (the fiscal value of the property) and it will probably be below the gift threshold. The remaining cost can be wired bank to bank.

Hi Matt, thanks for the info..do you know what the current gift threshold is? presumably the escribano would deal with transfering the money etc?

I can arrange in England for us $ to be sent to any token/nominted bank account, the company I use offers good exchange rates if your changing certain amounts.
thanks.

If anyone else has any more info please keep it coming it's all really helpful...thanks again! Marcus

 

[Mano Negra]

Marcus,
A broad power of attorney would be helpful but I have a better idea.
Most sellers would prefer to sell property in Argentina and have foreign currency wired to a token bank account in the States, Panama or Uruguay.
A nominal charge would have to be inside Argentina (the fiscal value of the property) and it will probably be below the gift threshold. The remaining cost can be wired bank to bank.

I don't know where your sister would prefer to live but some relatives and myself have a high ceilings, sunny 1 bedroom + patio right in front of Parque Las Heras (alto Palermo).

Regards,

Feel free to PM me or reply to this post.

As far as I am aware there is no legal reason that any amount has to be paid within the country, other than fees. I am currently buying a property myself so have spoken to a lot of agents, lawyers and notaries.

 

[Mano Negra]

1) You can make a donation but you will be taxed.
2) She has to have the means to justify where those funds came from and include it in her Tax Forms, next year.
3) Buying and selling properties in U$D is not verbotten yet, or is it? I understand that the issue at this point is how to procure the foreign currency and not how to spend it if you already have it.
4) Those transactions do involve a lot of currency changing hands "under the table". Maybe that's where you can chime in.
5) Beware of transferring funds here, do your research well and find out who will give you dollars and who will try to screw you with official rate funny money.

While you can legally buy a property in dollars still (and all sellers want to) in practical terms it is impossible to bring the money in without infringing exchange controls. This could be important if your sister is later asked to justify, not where the money came from (I dont think there is a tax in Argentina on inter-family gifts - could be wrong) but how it came in. If you use an avenue outside of central bank control it will not give you records and your sister could be accused of having generated the money through undeclared income and be fined the tax plus IVA. However, if she has 8 entry stamps in her passport she might well have bought $10k in each time. A friend of mine won this argument with the AFIP recently. Otherwise find a seller who has an account outside the country which should not be difficult if you are buying something newish.

 

[Mitch]

ok, I know if one.

 

[glasgowjohn]

I am eagerly awaiting the visit by my three sisters.....