Paying expenses and taxes when buying a property

[IamRoca]

Friends,

I finally decided to buy a place in BA. I plan to live here 3-4 months a year. Rest of the time the place will be empty. Mostly as an investment. I have to say my experience with RE brokers here is horrible, worst in the world in terms of service. My only question relates to payment of expenses and taxes (not ecbribano,CDI,etc)..
1. Do I need to setup a Argentine bank account or can I do it through a US one. Maybe like Santander which has braches in US and I think here also ? This is my main concern and holding me back from buying. I think prices so up with mortgages and increases productivity from the marco policy changes.
2. Is using one of the many money transfer services like xoom, wise, etc. an option ?
3. Likewise for the property tax - my escribano already told me I probably need to get an account to file that every year. I presume they don't use the money transfer route ?
4. Anyone know someone who would take care of all that for me for a fee ? I would just prefer to not to have to manage it myself and let someone else make sure the water/exlectricity,taxes, etc are all paid on time. It is a vacation home and don't want it to take up my free time trying to manage all that from the US.

Thanks in advance for all your responses,

 

[IamRoca]

Oh I don't have residency and don't plan on it for a few years - it might change when I truly retire. But can I open an account without having a residency or DNI -- I do have a CDI.

 

[Ries]

Everything is much easier with an argentine bank account. No international banks actually have “branches “ here. They have freestanding argentine bank companies with the same name, so you transfer money the same way no matter your US bank. It’s possible but laborious to get an argentine bank account. Much easier with a dni. But if you do have one, you can pay your expensas online from the usa in a few minutes a month. Electric, water, gas, and phone/cable/ internet are easily put on autopay. Building expensas are different every month, but you can do it remotely easily. Most banks now have a phone app. ABL whiich is not exactly a tax, but the city bill for sewage, garbage, and street cleaning, can also be set up to auto deduct, but you save a lot if you pay it once in total in January, but, again a free online transfer from an argentine bank account takes a couple of minutes.

 

[antipodean]

Friends,

I finally decided to buy a place in BA. I plan to live here 3-4 months a year. Rest of the time the place will be empty. Mostly as an investment. I have to say my experience with RE brokers here is horrible, worst in the world in terms of service. My only question relates to payment of expenses and taxes (not ecbribano,CDI,etc)..
1. Do I need to setup a Argentine bank account or can I do it through a US one. Maybe like Santander which has braches in US and I think here also ? This is my main concern and holding me back from buying. I think prices so up with mortgages and increases productivity from the marco policy changes.
2. Is using one of the many money transfer services like xoom, wise, etc. an option ?
3. Likewise for the property tax - my escribano already told me I probably need to get an account to file that every year. I presume they don't use the money transfer route ?
4. Anyone know someone who would take care of all that for me for a fee ? I would just prefer to not to have to manage it myself and let someone else make sure the water/exlectricity,taxes, etc are all paid on time. It is a vacation home and don't want it to take up my free time trying to manage all that from the US.

Thanks in advance for all your responses,

1. Yes you will need a local bank (in all practical terms)
2. No - only to send yourself money to said local bank
3. You have two regular property related taxes to pay. (A) the municipal tax you simply pay online and can be done with a credit card depending on the municipality, no accountant required and (B) the National tax on wealth that for non-residents like you that includes real estate (and any other asset you own) located in Argentina, accountant recommended (you’d really need to pay the tax from a local bank account in your own name)
4. You can hire a property manager to take care of the day to day

 

[IamRoca]

Ok assuming I need to open an account, can I do it without a DNI ? Has anyone done so ?
Thanks,

 

[antipodean]

Ok assuming I need to open an account, can I do it without a DNI ? Has anyone done so ?
Thanks,

You should be able to do it with just a CDI and passport, especially if you justify your need for the account as purchase and maintenance of local real estate. You would really need to do it in person. Try Santander. It helps if you have a lawyer/ broker/ accountant who can provide an introduction with a bank manager. (Things may have changed since I first opened my bank account with only a CDI many years ago)

 

[IamRoca]

As an update, I tried a few of the local private banks around Palermo, and all of them said no -- only the government banks... Banco de Nacion and Ciudad. I had to leave but will be back and then try to open one at Nacion. Things may be changed over the years or I could try the main offices of the private banks, but even the managers in Palmero told me it was not possible and to go to Nacion.

 

[Mizu]

Try Banco Piano