How to handle proceeds of real estate sale

[earlyretirement]

Yeah, I think it does depend on what type of account it is. But I made the BIG mistake of declaring my offshore accounts when I was applying for residency and then after that I got taxed on them each year. It's best to consult your accountant about it and what types are taxed or not.

Almost NO Porteños declare their assets outside of Argentina. I posted in another thread, I'm sure Argentina will be more aggressive at least in tracking down Porteños that travel abroad all the time and then compiling a list of people and the places they are going to often and then checking public records to see if they own real estate there.

As far as banks, I seriously doubt you will get banks around the world agreeing to cooperate with Argentina/AFIP. Other countries yes...but Argentina..No because of their pariah status in the international banking community.

As far as if you have to declare that cash... for all AFIP knows, you had debts you had to pay off, or you gifted that money to family members (if you're American you can legally gift away $13,000 per person) so for all they know you gave a $13,000 gift to each one of your kids, your parents, your siblings, your cousins, etc.

The plain truth of the matter is it's almost impossible for Argentina to enforce any assets that are outside of Argentina. Heck, they have a hard enough time getting Porteños to pay what they owe INSIDE of Argentina.... they think they are focusing more on that.

But I still tell my Porteño friends that own properties in Miami and Florida to get their properties out of their name ASAP. They all just purchased under their own names which is silly due to the worldwide asset tax rule in Argentina.

 

[earlyretirement]

Edit: I forgot to mention the $13,00 US per person gifting is totally TAX FREE for both parties.

 

[scotttswan]

So, do you have to declare amounts in an overseas current account if you are a permanent resident.... anyone ?

i think you are supposed to.

 

[earlyretirement]

i think you are supposed to.

Yes, you are supposed to but almost no one does it. Some important business leaders or politicians WILL declare the token offshore account but most certainly don't declare all of them.

Then each year my accountant has to show an updated copy of that bank account. It needs to match up.

My accountant actually advised me many many years ago NOT to declare it but I didn't really understand the white/black thing back then and didn't want to break any laws.

LOL. I laugh now after knowing how it all works.

People don't think about the liabilities of getting permanent residency in Argentina. Really if you can avoid it...that's better. And if you can't, just be careful with your assets overseas.