Repatriation of funds from apt rental?

[Heather G]

Anyone know if the new laws about repatriation of funds made in AR applies to rentals? For example, would it be illegal if I rent out my apt here but get paid in the US, even if I am paying all applicable taxes here?

 

[mariposa]

if you get paid in the U.S., how would they know? unless AFIP knows about the monthly movements of your U.S. bank account. which they shouldn't.

 

[Heather G]

They'd know because I'm paying taxes to AFIP on the money. The question is if it has to go into an Argentine bank account at some point. When I sell an artwork to ship abroad, I have to be paid here and the money has to go into an Argentine bank account - this has been the law for ages and has to do with people selling big, important artists work, but incidentally applies to mine as well. But the law about the apt money isn't clear, and of course AFIP doesn't answer emails....

 

[mariposa]

They'd know because I'm paying taxes to AFIP on the money.

sorry i don't understand this.

 

[Heather G]

Well, I'm assuming that if I pay taxes to AFIP claiming that I'm getting x amount of money per year on an apt, that they could then ask me why it hasn't passed through my Argentine bank account...(?) I don't really know if they would or not, probably not in the moment, but in 3,5 or 10 years when I want to sell the place I want to make sure that I'd done things by the book so as not to make that any more difficult than it needs to be. I find that much of my problem in trying to do things by the book here is just finding out what the book actually says. I went to see a "contador publico" and he waved me away, basically saying "no pasa nada" - which may be true, but it may not be either.....

 

[jez]

How are you declaring the income from the apartment to AFIP, are you a Monotributo?

 

[Heather G]

Well, at the moment I'm doing monotributo but for regular income, this would be "impuesto a las ganancias de bienes personales" paid as a non-resident because I'll be living abroad.

 

[mariposa]

well i pay the bienes personales tax every year, on my house, and every year when i am not in BA (which is more than 1/2 year) i rent out my house to foreigners (so far it's always been people from the U.S.) who pay me directly in the U.S. (where i live most of the time). when i pay the bienes personales tax i show a U.S. bank account (one, not all of them, or any other "wealth" i may have), and what i show is the end-of-year balance.

so, i still don't understand your question.

 

[Heather G]

That's interesting, so you are paying the bienes personales tax on a bank account but not on the rental income or they are the same? the printout that i got from AFIP was for paying taxes on "ganancias" from bienes personales, which I think is different from just bienes personales as "wealth" (?) My apt is way under the amount to have to pay the bienes personales (or at least the amount on the escritura was way under from when I bought it and the valuation from rentas is even lower)
I guess my question is just in relation to the new laws Chrisitina has passed about foreign investors needing to have money made from local investments pass through local banks - if it applies to them as large companies does it also apply to us as individuals?

 

[Davidglen77]

To clear things up - you do not pay bienes personales tax on cash money in a bank account. This tax is NOT levied against cash. It's levied against your total net worth minus liquid assests, and the 1st 300,000 pesos of value is not counted either. Bienes Personales tax is levied against the value of your real estate, cars, jewelry, etc.
Also, residential property rental inome is not taxed as income as if it were business income or earnings, etc. If you go over a certain amount of rental income you may have to pay "Ingresos Brutos" if the property is in capital federal. Ingresos Brutos is paid to RENTAS not AFIP it goes to the city government NOT AFIP. Go to a good accountant or the colegio de contadores and they will explain all of this to you.