Real Estate Agencies Working With Dollar Transfers

[Noruega]

I feel stupid asking this because I do know that it is very difficult to get dollars in, but now that I am househunting, some of the agencies say that they work with people who can help you do dollar transfers, i.e. you transfer the money from an account abroad to some other account (I am assuming also abroad?) and then get you the dollars here, with a 3% commission. Is this correct? Other real estate agents tell me that they have sales fall through with foreigners because they can't get the money, yet others again say that many buyers are happy to get the money abroad. I am confused!! Any clarity would be appreciated, and sorry again for the stupid question!

 

[ElQueso]

There are cuevas that do this. But it is very gray to black, particularly in this climate. And therefore, you have to be able to make a contact in a black-market-like situation to be able to do this. 3% might even be a little low nowadays and I don't know how easy large amounts of cash would be to "bring in".

On top of that, when you buy a house these days you have to prove origin of funds with AFIP. I don't think bringing in the money like the agencies were talking about would work these days.

As I understand, there are ways for foreigners to bring in money to buy property legally, but it is probably complicated, time-consuming and surely some tax payments involved. I've never bought property here, so can't help you with that aspect.

 

[Luis Villalba]

For a foreigner buying a property in Argentina, it's complicated these days. My understanding is that you have 3 options:

a) Send the money en negro to a cueva / casa de cambio (send the money from your account abroad to their account abroad and pay 3 to 4% for the privilege. I think the problem is showing the source of the funds. You can't say you sent the money illegally via a cueva. I think you can still buy the property though (?), but may have problems later;

B) Send the money en blanco via the central bank, showing you payed your taxes abroad, doing everything legally. Problem is that they won't give you dollars and will instead convert the money at the official rate. So a pretty bad option;

c) Find a seller who is a foreigner with an account abroad, or an Argentine with an account abroad that is declared to afip, to transfer the purchase price to. This is the best option probably, but the downside is that you have access to only a small part of the real estate on the market.

 

[ajoknoblauch]

For a foreigner buying a property in Argentina, it's complicated these days. My understanding is that you have 3 options:

a) Send the money en negro to a cueva / casa de cambio (send the money from your account abroad to their account abroad and pay 3 to 4% for the privilege. I think the problem is showing the source of the funds. You can't say you sent the money illegally via a cueva. I think you can still buy the property though (?), but may have problems later;

B) Send the money en blanco via the central bank, showing you payed your taxes abroad, doing everything legally. Problem is that they won't give you dollars and will instead convert the money at the official rate. So a pretty bad option;

c) Find a seller who is a foreigner with an account abroad, or an Argentine with an account abroad that is declared to afip, to transfer the purchase price to. This is the best option probably, but the downside is that you have access to only a small part of the real estate on the market.

d) Wait until the whole house of cards collapses.

 

[ghost]

What you are considering is insane. You have zero recourse and 100% exposure. And prices are currently beyond value because it's the investment left.

 

[garryl]

Not a good time to buy, tons of fees, risk of losing your fund via cambio house, peak real estate prices, low rental return.If you have $, just wait. Or buy in US, the income from US will support your rental there. Unless you do not care and money is not an issue.

 

[mmoon]

Yes, wait, unless you're selling and then cross your fingers because everything can change tomorrow!