Non-Resident American Buying Apartment - Need Some Advice

[Stevied]

Hi everyone,

I'm hoping someone can provide some advice, or steer me to someone (an attorney or advisor) who can provide me some guidance or advice, on buying an apartment in BA. Here is my situation. I am an American, living in New York City. I am married to an Argentinian who is currently posted to the UN (she works for the Foreign Ministry). I do not have a DNI, but I do have a CDI. We have found an apartment we want to buy in BA - we would rent it out until we move back to BA in the next few years. We have negotiated a price with the seller; we have an escribano (someone my wife has used in the past); we are supposed to sign the Boleto next week. In parallel, I have been trying to sort out how to get the money to Argentina. The seller, as is typical, wants cash US dollars. We have cash in Argentina to complete the Boleto, but not to complete the escritura - for that, we would need to get cash into the country. This is where the problem starts - I can't seem to get anyone to give me clear advice on how I can get the cash into argentina. I assumed that, given the lifting of the cepo, I could just have my wife's sister open a bank account for us (she has my power of attorney) in Argentina, I wire the money, we convert pesos to dollars, and close the transaction at the bank where I give the seller pesos. However I have been given conflicting advice on: (1) Whether she can open the account for us; (2) Whether I can actually convert the pesos to dollars; (3) Whether this is the typical way to do things. We want to do this transaction above the table - I don't mind paying whatever fees need to be paid. I can show evidence of how the money was obtained. The seller does not have any offshore accounts.

Anyway..... probably too much detail, but hoping someone can steer me to an attorney or advisor who might be able to help.

Thanks,

Steve

 

[Rich One]

You Transfer the US$ to someone´s account in the US and He hands you US dollars in Argentina. Must be Someone here that has a USA account and US dollars here ! The fee 5 % or more?
Any major Cueva can handle this operation.

Dirt-boy sure can advise

 

[Stevied]

Thanks Rich One, but it's a large amount and I don't know anyone that has that amount of dollars in Argentina, as well as a US account - it's a large PH in Las Canitas.

 

[Rich One]

Thanks Rich One, but it's a large amount and I don't know anyone that has that amount of dollars in Argentina, as well as a US account - it's a large PH in Las Canitas.

Cuevas move millions of dollars they are not individuals but financial institutions, is your PH over US$300,000?

 

[AmigoArtistico]

When I bought my apartment in 2004, I used a cueva and transferred US$30,000. I also used the cueva for the meeting for the purchase of the property, so I never had to bring the cash outside of the building, which was heavily guarded. Unfortunately, I don't remember the name of the cueva, and I can't find it. It was in Av. Corrientes. I think they charged me 2% for the transfer. I had to wire the money to an account they had in NY, and they transferred it from there to Argentina.

 

[rickulivi]

I think that if, as you said "[background=rgb(252, 252, 252)]We want to do this transaction above the table", you CANNOT use a cueva!!! Cuevas are for the underground . . . You should be able to wire dollars to a local bank, and that's it. According to the newspapers, the day before yesterday they changed the banking regulations. Before, if you wired dollars to Argentina, they would get exchanged to pesos and then to dollars again. Ridiculous but true and the whole thing would cost you 5% or more on banking fees. At worst, have your wife fly to BA, open the bank account, and have her return to NY and then just wire the money. The fee in the US for international wires is around $45. The receiving bank in Argentina may charge you a fee too, which would not be surprising.[/background]

[background=rgb(252, 252, 252)]By the way, you will be a very strange creature in BA; honesty is not an Argentine trait. You should have a t-shirt printed with "No Uso Cuevas" and I am certain people will look at you with amazement![/background]

 

[Stevied]

Cuevas move millions of dollars they are not individuals but financial institutions, is your PH over US$300,000?

Yes it is

 

[Stevied]

I think that if, as you said "[background=rgb(252, 252, 252)]We want to do this transaction above the table", you CANNOT use a cueva!!! Cuevas are for the underground . . . You should be able to wire dollars to a local bank, and that's it. According to the newspapers, the day before yesterday they changed the banking regulations. Before, if you wired dollars to Argentina, they would get exchanged to pesos and then to dollars again. Ridiculous but true and the whole thing would cost you 5% or more on banking fees. At worst, have your wife fly to BA, open the bank account, and have her return to NY and then just wire the money. The fee in the US for international wires is around $45. The receiving bank in Argentina may charge you a fee too, which would not be surprising.[/background]

[background=rgb(252, 252, 252)]By the way, you will be a very strange creature in BA; honesty is not an Argentine trait. You should have a t-shirt printed with "No Uso Cuevas" and I am certain people will look at you with amazement![/background]

Thanks for the info. What was the change in banking regulations?

 

[gracielle]

Your wife should ask someone at the Foreign Ministry for advise.

 

[D.B. Cooper]

[background=rgb(252, 252, 252)]When I bought my Apt here in 2008, I had the very same problem you're going through. You can't open a bank account here unless you have an address here. You have to provide a utility bill with your name & address on it. In the end I trans. a little over $50.000 U$D from my Chase account in the US to [/background][background=yellow]Casa[/background][background=rgb(252, 252, 252)] [/background][background=yellow]Puente[/background][background=rgb(252, 252, 252)] here in BA. [/background]http://www.<span sty...ome/home.action
[background=rgb(252, 252, 252)]I had to pay a nominal fee of $700 U$D, for the trans. I did the closing at their exchange house. Very professional. [/background]
[background=rgb(252, 252, 252)]Recommended. Casa Puente has been in business over 100 years. Not a cueva. [/background]
[background=rgb(252, 252, 252)]Good luck. [/background]