New Member, Kind Of...

[afretes]

Hi Forum, I've been a member for a while, never really contributed. But I have a question;
I currently live in Canada and I'm originally from Argentina, I've been living here for over 30 years. Now I'm considering buying a property in Bs. As.
My question is in regards to actually paying for a property. How are funds transferred? Any difficulties with taxes? May be a simple matter and kinda a noob question, but I don't know anything about it.

Thanks!

 

[Ries]

I dont know about Canadians, much less dual citizens if you still have an Argentine passport too- but as a US citizen, the wire transfer part isnt that hard- what is difficult is what happens after it gets to argentina. You must talk to an argentine lawyer and escribano, and find out the latest details. When we bought, in 2007, a lot of paperwork had to be done in Buenos Aires, and then, we were given a 24 hour window to have our bank in the USA wire transfer the money to the approved (by the government) bank in argentina, then there is a complicated closing process. Afip will need to know where the money came from- and the inquiries are probably more stringent if you are still an Argentine citizen.
The only difficulty with taxes is paying em all.
Everybody gets a cut.
Its very byzantine- as you probably know, Argentine law is based on French law, not related very much to Canada or the USA.
But if you have the money, they will let you bring it in- its getting it out thats the problem.

 

[Hybrid Ambassador]

When mentioning buying a property, a land or a already built up dwelling such as a house or flats?
To add to Ries-san's savvy comment,there is this chap called "GS-Dirtboy", he deals in helping people buy real estates there and also a nice Girl called "nikad" that knows a thing or two also..Those three can perhaps facilitate your task of acquiring the property there.

 

[afretes]

Thanks guys!
I figured it wouldn't be easy, nothing ever is in Argentina. I have contacted GS-Dirtboy in the meantime and he has replied.
Regards!

 

[ghost]

Hi Forum, I've been a member for a while, never really contributed. But I have a question;
I currently live in Canada and I'm originally from Argentina, I've been living here for over 30 years. Now I'm considering buying a property in Bs. As.
My question is in regards to actually paying for a property. How are funds transferred? Any difficulties with taxes? May be a simple matter and kinda a noob question, but I don't know anything about it.

Thanks!

Are focused only on Buenos Aires?

 

[clooz]

The book The Complete Guide to Real Estate Investment in Argentina by Simon Fawkes is detailed and was accurate last time I looked at it.

The process of buying an apartment in BsAs in 2009 was almost identical to the process in the US, with about the same number of weeks taken for processing, and about the same percentage of fees, transfer taxes, and other closing costs.

You find a place you want to buy, and make an offer. The real estate agents provide the offer docs, and get you into contract. Then you open a bank account, have your escribano prepare the closing docs, you transfer the money, go to the closing and sign the papers. Money is wired bank to bank, and released at the closing. The title transfer is registered and delivered a few weeks later. Your escribano ensures that the title is valid and is transferred, and your bank officer ensures that the money gets delivered to the closing.

The only additional steps that I recall seeing here are that the seller is required to provide a cert from the AFIP showing they have paid off their taxes, and the docs are required to be translated into your language if not Spanish.

 

[afretes]

Are focused only on Buenos Aires?

Not necessarily, we wouldn't mind drier weather. My wife has arthritis, we would consider other areas.... perhaps Jujuy, Salta, San Luis.

 

[afretes]

The book The Complete Guide to Real Estate Investment in Argentina by Simon Fawkes is detailed and was accurate last time I looked at it.

The process of buying an apartment in BsAs in 2009 was almost identical to the process in the US, with about the same number of weeks taken for processing, and about the same percentage of fees, transfer taxes, and other closing costs.

You find a place you want to buy, and make an offer. The real estate agents provide the offer docs, and get you into contract. Then you open a bank account, have your escribano prepare the closing docs, you transfer the money, go to the closing and sign the papers. Money is wired bank to bank, and released at the closing. The title transfer is registered and delivered a few weeks later. Your escribano ensures that the title is valid and is transferred, and your bank officer ensures that the money gets delivered to the closing.

The only additional steps that I recall seeing here are that the seller is required to provide a cert from the AFIP showing they have paid off their taxes, and the docs are required to be translated into your language if not Spanish.

Thanks.