opening bank account for "residento transitario"

RyGuy

Just Joined
#1
Hi,
We just purchased an apartment in Bs.As. with a view to use it while on vacation and rent it other times. We naturally assumed as a property owner in Argentina we could open a bank account to deposit rent and pay for our expenses associated with our apartment. Much to our surprise, we have been told unless we are residing in Argentina full time, we won't be allowed to open a bank account. This information was verified by the HSBC head office here in Canada and their Bs.As. office. How is it possible, as a foreigner, to be able to have the right to own a property in Argentina but not be able to have a bank account? Does anyone know about this new law?
 
#2
I suggest opening a PayPal account to collect rent and deposits. For expenses i suggest you have your property managment agency manage them. Many expenses you can prepay in advance, i do this with my building expense. The headache and expense of opening a local bank account is not worth it.
 

nikad

Registered
#3
You can open a bank account at any local bank: you need to get a certificado de domicilio ( at your nearest police department ) and then go with that to the AFIP office to get a CDI. With your CDI you got to the bank ( also take your passport and visa ) and open a bank account.V
 
#4
I know that if you are buying a property here in BA you CAN open an account, but MOST branches will send you away as they are unaware of the specifics on how to do it.
I have personally accompanied 3 clients of mine in the last few months to open accounts.
BUT, you have to think of the following:
HOW will you declare the money you deposit into it? When you are buying a property you can justify the money transfer/deposit by showing it coming from your US account into the local BA account for the SOLE purpose of buying the property. But you cant bring more than that....UNLESS you want to declare an income here....and pay income taxes....
 
#5
Another thing.....if anyone is wanting to open an account for the purpose of BUYING A PROPERTY, I am using a very good financial service located in Recoleta.....they are very thorough, helpful, and their comisions are below 2%...in case, email me at: pg@telviso.com
 
#6
At what dollar/ peso threshold does the bank by law require the client to 'declare' the funds? Is it the us10k threshold or something other? And just what is this 'declaration'? Thanks much.
 
#7
I apologize if I dont understand some of the terms....I'm more used to the Argentine spanish at this point...
Threshold....do you mean up to what amount can you deposit money without declaring? I have a feeling that number would have to do with your "Technical Cash on Hand" amount......this number is kept, ongoing, by your accountant.....and it is the amount that "technically" you have saved in your "cookie jar" at home....it's the cash you have in your hand at this very moment....its an amount that you can spend and justify saying , "I had it saved under my mattress".....Am I making sense?
Any money you are depositing must be declared somehow.....either as an income here in Argentina, OR as a legal transfer for the SOLE pupose of buying a property and paying additional fees...
 

Maikito

Active Member
#8
nikad said:
You can open a bank account at any local bank: you need to get a certificado de domicilio ( at your nearest police department ) and then go with that to the AFIP office to get a CDI. With your CDI you got to the bank ( also take your passport and visa ) and open a bank account.V
Maybe you were lucky or the requirements have changed, but this did NOT work for me.
 
#9
Welcome to Argentina, I tried for almost a year to open a bank account even those I had a residence approved but in process and being a monotributo, whic means I pay taxes and give vouchers. Everybody trow me out the banks when I said I don't have a DNI as I was committing a crime. Anyway I agree with the one who say getting the money through paypal is the best, as you won't get into the banking burocracy. If you still need one, try the Banco Itau, it's Brazilian therefore have more flexible policies than local banks. HSBC and Santander and all thos foreign are franchises here, that's why their policies are different than in any other country.

Good luck!
 
#10
I forgot something, if California opened an account to 3 of his/her clients, she may have a good friend in the bank ;-) After my banks history I found a friend who helped me with that as well, but then I realized that the best is to have the money abroad!