Real Estate Cash Out Help

[Aussie29]

Hi again - Thanks for the information, accusations, intimations, introductions, educations and chuckles!

Got tied up with a little escritura surprise that kept me pretty busy.

A little more info -

As most people deduced, we are not argentine residents, oy paper we will probably have a 20% gain on the property itself but when the trips down and seemingly endless fees are all paid up it will likely be a wash or maybe what we would have made by having in high yield savings account here in the USA.

I appreciate the offers/ideas to help and will PM those people as soon as I have a little more information about the logistics of the transaction. I have offered the buyer about a 3% discount if he was willing to close here in the USA but that doesnt appear to be an option.

I think the best idea was the $10,000 shuttle trips to Uruguay but I don't have the time as I really need to be in out of BA in 48 hrs max.

My understanding is the transaction will be "blanco"

I guess I'm leaning towards using a transfer service but jeez it makes me super nervous. I should also mention I am a bit of a thrill seeker but seeing someone walking down sarmiento carrying a cash and blood encrusted limb of mine is not a pleasant thought.

Funny thing when i put down the initial deposit something like 60k I had some of it taped to me but mainly stacked in my shoes and I basically did burst into the cambio office at a full awkward limping sprint from the hotel which definitely elicited a few laughs. So I hand the money over to the older man who was the developer a very slight softspoken clearly upperclass type in stlylish clothes - he stuffs all the money into his jacket breast pocket, we chat for a few minutes and he walks out like its nothing. I left about a minute later and he was just walking right down calle Florida, I honestly thought about mugging him myself (joke) but it kind of blew my mind. I had taken crazy and painful (duct tape) precautions on the flight down and the transit to hotel then cambio and this guy who is well known property developer just walks out with it !

 

[French jurist]

Aussie,

you won't have any problem if you deal with a serious casa de cambio or with people recommended to you by reputable people such as Perry. Such transactions are common and most of them involve using cash.

Still, I can understand your stress

 

[Aussie29]

One more thing - I like the AMEX travel checks option also. I just wonder if you can they would allow me to buy that many checks or there is a gov't regulation on it. On another note isn't about time the US launched a $500 bill.

 

[fifs2]

Aussie29 - this thread has been hilarious and informaive so thansk for it. All of your musings re options for fainting friends etc..sounds like the workings of a busy mind. The need to get out Bsas in 48hrs max is intriguing..has someone got a contract out on you, a scorned woman seeking to physically hurt you, ..do tell!

 

[Aussie29]

Awesome news -- only 30,000 pesos to get my Escritura so we can sell. That will lighten my load a bit.

 

[nikad]

One more thing - I like the AMEX travel checks option also. I just wonder if you can they would allow me to buy that many checks or there is a gov't regulation on it. On another note isn't about time the US launched a $500 bill.

I am reading on the Amex website that there is 25k usd daily buy limit. You might want to call them or visit their offices and see if they can offer you a solution. 08104442437

 

[Ries]

This makes me glad that I am not planning on selling. I figure to die, and make my kids deal with trying to get the money out of the country.

(not that I really think its any big deal- yes, there are small charges for transferring money, but people do it every day without problems)

But I like the idea of torturing my children- serves the little buggers right, for all that they have put me thru.

 

[Will]

I learned the hard way that if you buy in Argentina you should plan to hold onto it for a long time. It costs about 10%, all expenses combined, to buy, and the same amount to sell...

You will be taxed on the amount of "rental income" you could've gotten. The burden of proof is on you to show that you didn't receive rental income while you were out of the country.

AFIP approval takes at least 3 or 4 months. It's very annoying.

At some point you will find yourself out in the street with a bag full of cash... It's difficult to avoid because traditionally the seller chooses the location of the boleto and the escritura is done at the buyer's bank. Most Argentines I've dealt with would just try to be discreet about it... none wanted to shell out the $700usd for an armored truck, nor did they trust security people.

There's some great property in Argentina but you need to know what you're getting yourself into.

 

[steveinbsas]

I learned the hard way that if you buy in Argentina you should plan to hold onto it for a long time. It costs about 10%, all expenses combined, to buy, and the same amount to sell...

Even if you're a nonresident, unless you pay 2% to a "buying service" (in addition to the buyer's commission) you shouldn't pay more than 8% (including $$ transfer fees) to purchase a property and selling should cost 4% at the most.

You will be taxed on the amount of "rental income" you could've gotten. The burden of proof is on you to show that you didn't receive rental income while you were out of the country.

AFIP approval takes at least 3 or 4 months. It's very annoying.

This is only the case for nonresident foreigners (without temporary or permanent residency). I received the "approval" from AFIP online and very quickly with no assumed rental income to pay taxes on.

There's some great property in Argentina but you need to know what you're getting yourself into.

That is so (obviously) true.

 

[Zackdotcom]

The facts --

Our flat is under contract, the buyer will be paying cash in US$ 100 bills low/mid 6 figures.

My Objective -

Get the money back into the USA with myself and as much as the dough as possible in tact. I am willing to take a 2 maybe 3 percent hit if I can avoid risking life or limb, but I need immediate access (few days) to the funds and WILL NOT allow them to enter the Argentine banking system.

Plan A -

Do the deal at a place like Casa Piano , get my cash go donwstairs and transfer the money to my account in the USA.

Questions -

Is this method even still possible , I have heard the gov't is starting to crackdown on these operations.

How much will this cost and how long does it take for the money to show up.

While I know these types of casas have been around for decades it still makes me nervous to hand six figures over a counter and get some scribbled receipt back and then go my hotel wait for it to appear in my bank account. BTW I am not trying to hid anything from the US Gov't I full intend to declare whatever I make.

Plan B -

I find myself sitting in some bank or cambio with a two foot stack of bills in front of me. Get out a roll of duct tape and transform myself into the michelin man. Now I am all taped up and secure and ready to brave some lovely street in the microcentro carrying more cash than the average argentine makes in in a lifetime.

Variation 1 -

Basically a full sprint right out the door , probably very abrubtly without even indicating i was ready to go to my escriabano, just go into the bathroom at the bank and literally come out in full sprint into the street , run a serpetine route to nearest 4 or 5 star big hotel where i would already have a room key and head straight to the room.

Thoughts?


Variation 2 -

Have friend with me faint on the sidewalk in front of the bank/cambio causing a bit of scene to attract a few police and maybe an ambulance , I really don't trust the cops who stand at the banks/cambios but I figure if a few are around I should be ok. Slip into the crowd and then dash for the hotel. I will have the money very secure on my body so my concern is a targeted attack not a random mugging I will have an emergency decoy bag with me.

Thoughts?

Question -

What can I do to ensure the authenticity of the bills I am getting , obviosuly I can bring a counterfeit pen but I have heard those are unreliable, is there another good portable method I could bring with me. I know they use the machines at the bank but I have zero faith.

FYI - Armor car service doesnt really help me beacuse I need to get this money out of the country not to another bank or safe deposit. I don't want to roll up to some hotel in armored car that just keeps my trail hot.


Part 2-

So assuming all goes to plan I am now some random guy sitting in a nice hotel room with a few 100k.

I guess I would tape up again and use the hotel car service for a ride to the airport, again my security concern is much lower at this point the cash will be body taped.

Questions -

Do I need to declare the money at the airport outbound, what are the implications of this? Am I doing anything illegal in Argentina, will they stop me from leaving with it or just ask for information.

Ferry ? Having used the ferry to montevideo before I know there is/was? almost no migration control or security so maybe that's the way to go?

Also once I get back in the US I intend to check the yes box on the $10,000 or more question. What will happend at that point does anyone have any experience doing that?



I really appreciate any input, thoughts, ideas and experiences that might help.

I am actually a fairly frequent contribiutor to the board but started a new username as I embrace my paranoia.

Dude delete this post... ASAP!!!
PM me there are options.