Real Estate Cash Out Help

[gouchobob]

Two things occur to me.

1. This is probably not the right place to be asking these questions. Do some checking around and ask the Argentines that are professionals at this. Perhaps your banker or real estate agent. There are multiple ways to do this and they know them all.

2. If this is now a real problem it sounds like a good reason not to buy real estate in Argentina.

 

[TomAtAlki]

When I bought my property about 3 years ago I brought my cash in through a Casa de cambio and since I needed the cash in ar for the purchase, they charged me a 2 or 3% fee (us cash is relatively difficult to come by in ar). They told me that when I am ready to send cash to the USA there would be a minimal fee because they want the cash. The place I went to had been in business since the 1800's and very reputable. Also I had the seller come to the Casa de cambio so I never left the building with the cash. Maybe you could do this in reverse. Good luck.

 

[steveinbsas]

Yes, I didn't check the precise laws but depending on your migratory status you could be supposed to pay taxes on the transaction.
In fact the escribano could actually be obliged to contact AFIP (I don't know but maybe) if you are not a resident (I don't know if you are).

A nonresident seller must get "approval" from AFIP to sell the property. They have a lot more paperwork to complete and usually need an accountant before they can receive the COTI. The process can take up to three months. AFIP "assumes" that nonresidents rent their properties when not in Argentina and may not have paid taxes on their rental income. They also check to see if the "wealth tax" has been paid and if the declared sales "price" is reasonable or is "below" market.

Residents with the DNI have a much easier task and often the real estate agent can get the COTI in a few days. The escribano will collect the applicable taxes at the "closing" from both the buyer and seller and make sure they are paid. If Aussie29 has a DNI it should be fairly simple. I don't think a foreigner (with or without residency) has to pay any additional taxes on the sale just because they are not a citizen.

 

[ghost]

Talk to Perry.

 

[dennisr]

Do not forget about money laundering laws in the USA. You have to declare any financial instrument over 10k when entering, citizen or not. US Customs would confiscate your cash in New York minute if it was carried on your person. Uruguay used to be an option, but things are changing. You are between a rock and a hard place.

 

[elhombresinnombre]

Or plan C.

Write novel about some guy who uses Plan A and Plan B (with variations) and the crazy, wacky ways it all inevitably goes wrong. I'm thinking Fish called Wanda meets Nueva Reinas.

Sell film rights. Insist your part is played by Gastón Pauls opposite Ricardo Darín ......or Michael Palin opposite Kevin Kline ......or Wile E. Coyote opposite the Road Runner.

Make Small Fortune

Deposit Small Fortune in Large American Bank. You are now rich and no laws or bodies have been broken in the process. Give apartment to your maid as a propina.

There you are: sorted. Job's a good 'un.

 

[perry]

There is no complications about sending money out of the country if you have the correct contacts . You will require a certificado de non retencion if you are a foreigner and are selling a property.

If you wish to communicate with me Aussie I will save you a lot of stress and the cost of the transfer will not exceed 1 percent saving you also a lot of money.

 

[Aussie29]

Don't mind the patdown or having the money exposed in the airport - just want to keep it legal. In the US it is legal to leave the country with any amount of money as long as you declare it. Does the same rule apply.

 

[French jurist]

Don't mind the patdown or having the money exposed in the airport - just want to keep it legal. In the US it is legal to leave the country with any amount of money as long as you declare it. Does the same rule apply.

Well, if you tell the aduanero at Ezeiza that you have 1 million pesos taped on you, make sure to arrive early (and take a picture of the aduanero's face).
They'll probably want to see all the cash so you'll have to remove the tape (ouch that hurts).

 

[citygirl]

Talk to a real estate expert. There are far too many variables here. Are you selling en blanco or en negro?

I have a possible suggestion - will PM you separately once I confirm its possible with an accountant (it works for getting money into the country, not sure if it works although it should for getting money out of the country).