Paying For A Real Estate Purchase

[Utopos]

What is the best way to pay for a real estate purchase here, when my funds are currently dollars in a U.S. bank? I don't want problems with AFIP for a large cash purchase, whether in dollars or pesos.

 

[D.B. Cooper]

When I landed here in 2008 I wanted to open a bank account so I could transfer money from the US to purchase an apt here. But I couldn't open a bank accnt because I didn't have a permanent address, had never worked here, didn't have a job. Basically i didn't exist . I even tried to open a joint bank accnt with a native. Nothing worked. Finally on a suggestion I went to Casa Puente. http://www.puentenet.com/ I was able to open an accnt & tranfer funds from my US Bank in U$Dollars. Bought the apt that I now live in. I'm very happy.
That was in 2008 when Nestor was the Prez. Now the Queen is in charge. The rules of the game may have changed.
There was no Blue rate back then. FYI. Paid in cold hard greenbacks. Had to show a letter from my NY attny. that the $$$ came from the sale of my NYC apt.

 

[Farenheit]

I got my CDI and opened an account at Banco Itau, no problem. I had just entered as a tourist prior to this.

 

[nikad]

If you transfer the money via Banco Central it will be converted into pesos at the official rate. Are you allowed to pay for your property in pesos?

 

[nikad]

When I landed here in 2008 I wanted to open a bank account so I could transfer money from the US to purchase an apt here. But I couldn't open a bank accnt because I didn't have a permanent address, had never worked here, didn't have a job. Basically i didn't exist . I even tried to open a joint bank accnt with a native. Nothing worked. Finally on a suggestion I went to Casa Puente. http://www.puentenet.com/ I was able to open an accnt & tranfer funds from my US Bank in U$Dollars. Bought the apt that I now live in. I'm very happy.
That was in 2008 when Nestor was the Prez. Now the Queen is in charge. The rules of the game may have changed.

What you did is the inverse contado con liqui, it is perfectly legal still, and will allow the OP to get wither pesos or dollars, if pesos at a rate much closer to the blue dollar rate ( ccl rate )

 

[cbonanni]

Did it last week to buy the Mrs. a new car. Many do not take new customers , and only will with a referral. Then they charge 1 % more or less. They pay the blue. Did it 3 years ago when we bought our Apartment and renovated it.

As for AFIP , it is your money , correct ?

The most important thing to remember is the 11th Commandment:

THOU SHALL NOT GET CAUGHT !!

 

[Utopos]

If you transfer the money via Banco Central it will be converted into pesos at the official rate. Are you allowed to pay for your property in pesos?

We're still in the planning stage, so a purchase in either dollars or pesos is possible. I really REALLY don't want to buy a house using the official rate. I know a cuerva who handles large transactions with reasonable fees for receiving either dollars or pesos, but don't know if AFIP would then be a problem even though the money is mine.

 

[mariano-BCN]

i'm also looking around to buy a property, a flat/studio/loftor ph, and have the same problem. I won't bring my euros into my Argentinean bankaccount 'cause they will be change at the official rate and therefore only buy from a foreigner or Argentinean with a foreign bank account. Completely legal.

 

[dennisr]

My crystal ball thinks the selling and purchasing of real-estate will soon be loosened: the pessification, especially for foreigners. Would wait and see how this CEDIN ( US dollar certificate) thing plays out. Plus, understand and have read there are provisions for foreigners to participate. By Argentine standards, the gov is bending over backwards to make this thing fly. I am very skeptical, but you never know.

http://www.iprofesional.com/notas/162170-Esta-semana-activan-el-dlar-Cedin-y-las-inmobiliarias-ya-prenden-velas-para-que-le-de-impulso-al-mercado

http://translate.google.com/translate?u=http%3A//www.iprofesional.com/notas/162170-Esta-semana-activan-el-dlar-Cedin-y-las-inmobiliarias-ya-prenden-velas-para-que-le-de-impulso-al-mercado&hl=en&langpair=auto|en&tbb=1&ie=UTF-8

 

[nikad]

There are roughly 3 options:

1- Transfer the money through Banco Central, get it pesified at the official rate.
2- Use a good cueva, they only charge 1-2% and give you the dollar bills here or if you prefer pesos at the blue rate.
3- Use a good stock broker agent that buys stock/bonds abroad and transfers them here so that you get pesos at the blue rate or dolalr bills.

Comments: I would not go with number 1 at all. I would consider number 2 if you can justify where your money comes from ( savings, bank statements, proceeds of the sale of another property, etc ) 3 This one is all en blanco and gives you the blue dollar rate.