Real Estate Cash Out Help

[rolja]

Are you reading the news lately? You would be mad to even walk out the door of the escribania or banco with that sort of cash on you. Try to secure a way to make a wire transfer.
Don't know, just a thought, better safe than sorry...

 

[el_expatriado]

Do the transaction in your bank and then wire from your bank in Argentina to your account abroad. Go speak with the comercio exterior department of your bank here in Argentina to get the details. If the bank account here and the bank account abroad are in your name, there is no problem doing the wire transfer. The only issue is that you have to first exchange to pesos and then exchange back to dollars again when you wire the money. You will lose about 3 peso cents for each dollar you transfer out.

I move money freely between my Argentine and US bank accounts (both with HSBC) and I have both accounts declared legally in both countries. The problem is when you try to do things in the black market.

Just take your time, learn about all the paperwork and don't do anything stupid (like walking out on the street with a 6 figure sum of cash).

 

[el_expatriado]

I should just add that most problems expats run into is when they don't accept that they are in a foreign country and they think they don't need to comply with the local laws. Yes there are 'casas de cambio' that will transfer your money in black, but do you really want to risk it and break the law with so much money at stake?

In the USA would you take your money in cash to a hawala banker in some dingy office some place and then hope they transfer it for you? No. So don't do it here. Yes the rules here are a pain, and yes it takes longer and it is more expensive, but do things the right way will always save you problems and be cheaper in the long run.

 

[treborbb]

Sorry my friend if your American you won't be able to open an account in Uruguay, that's for sure. Second, last time I went from Bs As to Colonia the guy in front of me was pulled over for having over the 10,000us limit on him. 10,000us is the total limit you can travel with these days anyplace in the world. WARNING besides the other problems you may have, they will confiscate any amount over 10k and fine you, DON'T do it.......................... they are always now checking boats and flights out of the country for this reason. If you really do want to risk the Uruguayan route,
then go by car over the bridge and be ready to bribe if caught and hope you can.

So what are your options, well first of all you are not a resident I guess, so you have at least 6-9 months to wait for permission to sell. ( it took me 10 months and then a 25k bribe ) you can buy stock in the stock market that's listed in New York and sell it there, a lot of Argentines do that.

Or find someone who can introduce you to some one to "move" the money for you, they will also collect it when you do your escritura. I can recommend someone for you, who moved a very large amount for me, but it took time. But take care, may be worth reading this
Argentines risking all to carry huge wads of cash - Yahoo! News

http://news.yahoo.com/s/ap/20100906/ap_on_bi_ge/lt_argentina_banking_attacks

GOOD LUCK

 

[Will]

Yesterday I was on the streets of Retiro with a backpack full of money and had to walk through a banking protest, with the fireworks and loudspeakers, to get from Bank A to Bank B...

Good times...

I've done 5 or 6 of these bag full of cash on the street runs... Thank god that will be the last time...

 

[StevePalermo]

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.

I sold my place through Perry earlier this year. The whole transaction took place in a casa de cambio; every dollar arrived at my bank account in Australia within 3 days and I paid less than 1% commission. Recommended.

 

[TexanPaul]

I have a connection with a guy who does transfers for a lot of soccer players. Let me know if you would like an introduction.

Paul

 

[MscleLovr]

Do not try and transfer the cash physically. I agree with StevePalermo.

On purchasing an apartment, I had advice from the high-powered notary (who's a friend of a friend). I had tried to pay legally; the money arrived in HSBC in BA but the Central Bank would not permit the transaction; it took months for me to get my money back to my overseas account with HSBC.

The notary informed me about the parallel banking system and told me 2 firms were reliable. He introduced me to one; they were efficient, charged me less than 2% overall, and I was asked how I wanted the balance of my money returned ($ or € or £) and it happened on time as forecast. I was seriously impressed.

 

[SaraSara]

Uruguay is not the fiscal haven it used to be. Three years ago you could just open an account at any Uruguayan bank with just a passport, a tourist visa, and five hundred dollars. Those golden days are gone.

The banks got very sticky this past year. To open a new account they now demand a local address verified by power bills, etc., and proof of provenance of the money such as a legal real estate sale or stock liquidation.

Most banks don't accept American customers - too much hassle from the IRS.

 

[syngirl]

I have a connection with a guy who does transfers for a lot of soccer players. Let me know if you would like an introduction.

Paul

Ha -- I hope it's not the same guy they mention in the Yahoo article:

Soccer player Fabian Cubero lost a huge sum last month when his accountant left a bank with cash and was attacked by two criminals on a motorcycle in the parking garage. The player wouldn't say publicly just how the robbers got, but several newspapers reported it was 600,000 pesos — $150,000.

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The problem with cash is it's CASH... if you try and walk out of the bank (or the country) with the cash on you and something goes awry, there is no getting it back.

I think the bigger problem with trying to walk out of the country with it on you is going to be on the American end... here you'd probably get away with it if you're willing to pay a bribe...

In the States I can't imagine the reaction if you got found out and then tried to bribe the customs guys. We're talking about staff that can go shit crazy if they find out you forgot about the salami sandwich you packed to take on the plane...