Purchasing A House

Edu R

Registered
You can just execute a wire transfer from the US to Arg., yes. You will have to arrange with the bank with at least 24 hours' notice to withdraw large sums (depending on the branch, that might be anything upwards of 5-10k USD). Some banks will ask for supporting documentation regarding the operation, otherwise it will trigger a Suspicious Activity Report. As a general rule, don't open an account JUST to deposit the money and withdraw all of it immediately, it just pisses banks off. You're better off using your regular bank and reaching out to your executive beforehand.

There's an argument to be made that you might be better off locking the price in pesos and then bringing in that money via CCL (it'll probably be too large for WU), but that's really going to be up to what you negotiate with the seller and the spread at the time of closing.

Another issue is that real estate deals in Arg usually have a large off-the-books component, where the seller underreports the property price and expects to be paid the difference in cash in USD.

This generates issues for people bringing in money to close because they will bring in, let's say, 100k, give all of it to the seller, but their deed will state the selling price as 60k, and now there's an unexplained 40k gap that doesn't look good in your tax filings. It's also a pain in the ass if you were hoping to offset the purchase price against the US sale for income taxes. Whether you're OK with that, is up to you. It's a buyer's market so you might be able to dictate the terms on that, but in my experience, people can be irrational about this.

I would perhaps bear in mind that if you have permanent residence in Argentina, you should have been paying Bienes Personales for your worldwide assets since at least the date you got your permanent residence (perhaps even from the moment you got your precaria, but that's a can of worms best left unopened). If you're going to register the property under your name and you haven't been filing correctly, this might trigger audits down the line.

TLDR: yes, it's doable, but there's a lot of moving parts. I recommend consulting a lawyer (hopefully me, but just in general).
 
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nikad

Registered
We bought property 6 years ago in the city. A few things that might help: The custom is that the buyer chooses the place where the transaction is carried out ( payment and deed registering ). You simply wire transfer the money to your local usd bank account: if you send dollars, you will receive dollars. Make sure you talk to your bank and know which codes to use exactly, etc. We did it with Galicia, but Santander and BBVA Frances are also friendly. It is important that you have document that support the origin of these funds and taxes paid. Get copies of that, the bank might ask, the escribano will ask as well. And lastly, make sure that your escritura states the amount you actually paid for the property. This will save you a lot of trouble if/when you decide to sell it.
 

FallenAngel

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You can also pay by wiring to the sellers foreign account (usually USA account). That side steps bringing money to Argentina. Most sellers have foreign accounts and most prefer a wire transfer to that foreign account rather than keeping money that will be forever imprisoned in Argentina.
 

DomoDomo

Registered
You can also pay by wiring to the sellers foreign account (usually USA account). That side steps bringing money to Argentina. Most sellers have foreign accounts and most prefer a wire transfer to that foreign account rather than keeping money that will be forever imprisoned in Argentina.
Or sometimes the realtor has a US bank account and US dollars in Argentina which they would like to move to the US.
 

Alpinista

Registered
You can also pay by wiring to the sellers foreign account (usually USA account). That side steps bringing money to Argentina. Most sellers have foreign accounts and most prefer a wire transfer to that foreign account rather than keeping money that will be forever imprisoned in Argentina.
i think the possibility / likelihood to make a foreign account transfer correlates heavily with the real estate segment you are after (if you buy a 1m usd house in tigre, there is a good chance you can do this, if you buy a 100k usd in quilmes, it will be very unlikely)
 
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