property confiscation

[steveinbsas]

Hello,
I am worried because a few of my expat friends in Mendoza have told me that the government here is planning to create a "retro-active" law that confiscates property which has been purchased by foreigners. They are selling their property quickly.

Anyone selling thier property (especially if it's just an apartment or house) in a panic because of this rumor is not acting wisely.

From http://www.nuwireinvestor.com/articles/argentina-limits-foreign-property-purchases-58472.aspx

"The Argentinean Chamber of Deputies has approved a new law that will limit the amount of agricultural land foreigners may purchase in certain areas of the country for the purpose of reserving those lands for Argentines. The law will also restrict the overall land owned by foreigners in the country to 15%, which has some Argentines questioning whether the new law will hamper beneficial foreign investments. Foreigners who already exceed the limit will be grandfathered in and not lose land already owned, and exceptions will be made for people who have married Argentines or have lived in the country for more than 10 years. "

Obtaining Argentine citizenship will eliminate the problem if anyone reading this is actually in the market for more than 1000 hectares of farm land in certian areas. Webmistress, I urge you to consider citizenship. It sounds like you could qualify and it's much easier than applying for residency.

PS: I found this information in a google search with the following words: "Argentina limits land sales to foreigners" (which I'd read about last December).

 

[ElLatingo]

@webmistress, not to ask the obvious, but, well...where did these expat friends of yours (who've sold or are in the process of selling) hear about the government's plan? Can you follow up on their leads/sources?

 

[steveinbsas]

Here is an interesting thread on the subject in the Chilie Forum:

http://www.allchile.net/chileforum/topic5907.html

The topic of the thread is the aforementioned law limiting foreign ownership of land in excess of 1000 hectares in certian agricultural areas. At the time the proposal was to limit total foreign ownership to no more than 20% of all land in Argentina. It looks like the final number is 15%.

I can see how posts like this one can fuel rumors of individual properties being confiscated, but it doesn't mean the new law will have this result:

by JHyre » Fri Apr 29, 2011 6:21 pm

"This is the same country that confiscated private retirement accounts. If you cannot eat it or carry it out, do not buy it there. Anything that their government can seize, they will."

Just keep in mind this was something that was written by an individual on a fourm in Chilie.

 

[marksoc]

This is the same country that confiscated private retirement accounts

Or saved the money from oblivion in the financial crisis. "Clarin" does not talk about it, but the retirees now receive more income than the projected one of the eliminated private accounts. The AFJPs (the private funds) were a scam.

 

[Fabe]

I was told this tale from a real estate company that was selling an entire block of lots.:
What called my attention was that it wasnt the same group of real estate companies that operate in the area selling "posesiones" with forged "cessiones de derechos"
I introduced myself , and asked him aout the endeavor he was involved in .
He mentioned that it was more than 3 years in the making. A client of theirs mentioned he owned an entire manzana and asked him to subdivide it and sell off the parcels.
He mentioned that although they do this frequently in their territory , here in this municipality it was a first , and he promised , the last.
He mentioned that the municipalidad was completely ill equiped and completely ignorant of the steps in subdividing.
After 3 years they had everything on par and proceded to hang all the banners and do what it is they do to promote the sale.
One day earlier , a fella from the municipalidad approaches them and sais they still need to pay a fee for each lot that got subdivided . He claimed that every lot now had to pay the subdivision fee , retroactivly for 30 years.
He claimed that a carta documento and a picture of the fella sent by the lawyer to the municipalidad made short work of the "apriete" effort.
I posted this to illustrate how some sheisters wrap themselves up in the "law" to perpetrate banditry .

 

[Bajo_cero2]

The National Constitution in English: http://www.senado.gov.ar/web/interes/constitucion/english.php

And article 17, sorry, I forgot.

 

[Bajo_cero2]

One day earlier , a fella from the municipalidad approaches them and sais they still need to pay a fee for each lot that got subdivided . He claimed that every lot now had to pay the subdivision fee , retroactivly for 30 years.
He claimed that a carta documento and a picture of the fella sent by the lawyer to the municipalidad made short work of the "apriete" effort.
I posted this to illustrate how some sheisters wrap themselves up in the "law" to perpetrate banditry .

So?
This is off topic. We are debating about if there is or not the possibility of confiscation legally.

Regards

 

[Fabe]

Perhaps its off topic , but the important thing i wanted to communicate tis that there are avivados that operate and take advantage of the fog of rumors.
Its always wise to look up the law oneself.

 

[willwright]

I doubt this will happen but getting your money when you want to sell in other than Pesos could become a reality and converting those into Euros or Dollars could be made very difficult if not impossible.

 

[steveinbsas]

I doubt this will happen but getting your money when you want to sell in other than Pesos could become a reality and converting those into Euros or Dollars could be made very difficult if not impossible.

This is a great post!

It might not be a problem to get your money out of Argentina in the future, but if that is you primary concern....the answer is simple:

DON'T BUY PROPERTY HERE!!!!!!!!

If you want to live here, buy here.

Otherwise, just rent..and say adios to your dinero (the money you pay in rent).