How Do You Bring $ To Buy Real Estate In 2016

[nikad]

I am a bit outdated as to how you can bring money from abroad to buy property in Argentina with the current Macri administration.

If buyer is a permanent resident with bank accounts in the country, etc what is the way to go? Transfer usd using banks? If using a cueva won't AFIP inquire about the origin of those funds?

We are tired of renting and might try to buy something before prices go up again when loans are more widely available.

TIA for your input and help

 

[rickulivi]

Nikad

I can't answer your question but I am convinced that this is a great moment to buy real estate in BA. So, don't say "might" and actually buy one.

 

[Rich One]

Ask G_Dirtboy for assistance consider your AFIP situation. Maybe the Seller has a Foreign account and wants to receive a direct transfer?(at least for part of the sales price )

 

[GS_Dirtboy]

To purchase real estate here your money MUST come into the country through legal means - ie a bank account, not a cueva nor in an Adidas bag. Further, you must show provenance of the funds; that the source of the funds are from legal means. However, sale funds for property purchases can still be paid overseas if you want to do it that way. The buyer who has a foreign account can pay the seller who has a foreign account. We expect that loophole to disappear at some point in the "near" future. We (my agency) has no problem sending money out of the country as well for a VERY low fee. PM me for details if you want.

Hope this helps.

GS

 

[estebandepraga]

Damn, what should I do with my several Adidas bags now? Put shoes and sports gear in them?

 

[GS_Dirtboy]

Damn, what should I do with my several Adidas bags now? Put shoes and sports gear in them?

I know of a "convent" that will store them for you.

 

[Ceviche]

GS_Dirtboy,

I had a question on behalf of my friends. Would highly appreciate if you could give your output here on the forum.

What is your view on the new bill, which will be activated soon to bring in money from abroad, back into the country without any penalties being imposed.

Can that money be transferred to a new bank account in USD ( not converted to pesos) and then be used to buy property? Please advise?

 

[GS_Dirtboy]

GS_Dirtboy,

I had a question on behalf of my friends. Would highly appreciate if you could give your output here on the forum.

What is your view on the new bill, which will be activated soon to bring in money from abroad, back into the country without any penalties being imposed.

Can that money be transferred to a new bank account in USD ( not converted to pesos) and then be used to buy property? Please advise?

Hi Ceviche,

I'm not very familiar with the details of the new legislation but the intent is to try to capture some of the off-shore money (estimated in the Billions of Dollars) of Argentines and bring it back into the money supply. From what I understand, there are penalties imposed in the way of a graduated "tax" from 5% to 15% depending upon when you repatriate the money. I don't know if there is an advantage for these funds to be used in real estate transactions. I had lunch with a group of American and Argentine businessmen last week and they briefly discussed this. The general consensus was that the legislation would not bring much money back into the country.

Having said that, there is currently a mechanism to "convert" Dollars in negro to real estate called Cedines. These are bonds floated by the government for this express purpose. We have seen sellers tend to shy away from accepting Cedines for purchases. Also, I don't believe that the bonds have performed to the expectations of the government - even at a 5% discount on the purchase price of real estate. They didn't convert nearly as much as they thought they would.

Hope this helps.

GS

 

[Brian in Tucuman]

I am in a very similar situation

I talked with BBVA Frances and the lady told us we could only transfer upto $400usd and they would charge $100usd. I am not sure how reliable this infromation is.

She recommended using Western Union but when I checked their website it is only for much smaller amounts than I need to transfer.

Has anyone brought large amount of money in before?



I currently just go to ATMs when I need cash and use credit cards for larger items. Though I bought my car with an adidas bag.

 

[RichardP]

Nikad

I can't answer your question but I am convinced that this is a great moment to buy real estate in BA. So, don't say "might" and actually buy one.

Can you please share why you are convinced this is a good moment?