Selling property: getting money out of Argentina

[sergio]

With all of the recent currency restrictions, how can a permanent resident or non-resident sell a property and get the money back to his / her home country? Someone said it's not possible but I doubt that. Anyone know about this?

 

[ghost]

Ask Perry.

 

[perry]

Of course it is possible as long as you do this in white and declare the funds legally . The amout must be the same as the deed .

Sending monies out of Argentina is very expensive though and can cost up to 5% atm.

 

[Thejohnatvu]

I used Banco Piano to transfer the proceeds of my apartment sale back to the US at 2%. This was in August.

 

[hazlo]

Hi All!

This is my first post (besides the greeting post)

Pertaining to this thread... I am looking for some real estate / Finance advice.

I bought a condo in 2003 and have been renting it or keeping it empty just until recently. I am the purchaser, but my ex's cousin has her name on the title. I am looking into a) getting the title in my name or b) selling the condo and taking the $$ out of the country.

Can anybody give me advice on this or point me to someone who can can preferably also speaks English?

I am worried about taxes and the cost of getting my cash out.

Thanks
David

 

[steveinbsas]

I bought a condo in 2003 and have been renting it or keeping it empty just until recently. I am the purchaser, but my ex's cousin has her name on the title. I am looking into a) getting the title in my name or b) selling the condo and taking the $$ out of the country.

I am worried about taxes and the cost of getting my cash out.

If I was in your position, unless I still had a great relationship with my ex-wife and/or her family, I'd also be worried about her cousin being willing to "transfer" the title to me or sell it and give me the money. Legally, it's her condo and this is Argentina.

My first and only Argentine girlfriend tried to convince me I could only buy an apartment if I put her name on the title. Fortunatley, thanks to my friend fom Uruguay (the one who helps expats at migraciones) I learned otherwise and acquired residency a few days prior to buying my apartment...in my own name. (It isn't important to be a resident when buying but it is when you sell.)

I also got some good advice in this forum and was warned not to believe what my girlfriend was telling me. I don't know why you put the cousin's name on the title, but I recently read that AFIP can go back ten years regarding the source of the funds used to buy an apartment and can tie up a property for ten years into the future to be sure all taxes have been paid.

I have doubts that all of that is accurate. I thought there was a five year statute of limitations in general. Perhaps it doesn't apply to money laundering (something one can be accused of because a rule was not properly followed, even if there was no criminal intent).

 

[hazlo]

Thanks,

I do have a good relationship with my x-cousin and she took care of it for 9 years. I am here now and have estimated that the condo has almost tripled in value... so am considering selling... or at least transferring the title to my name. So, I am looking for someone to give me knowledgeable advice and to help facilitate the transaction. Can anybody recommend someone?

Thanks

 

[solerboy]

Thanks,

I do have a good relationship with my x-cousin and she took care of it for 9 years. I am here now and have estimated that the condo has almost tripled in value... so am considering selling... or at least transferring the title to my name. So, I am looking for someone to give me knowledgeable advice and to help facilitate the transaction. Can anybody recommend someone?

Thanks

If you transfer the property to your name it may have considerable tax implications, firstly there will be the transfer costs including transfer taxes and escribano fees. After you have sold there will be a much higher rate of Bienes Personales (asset tax). You may not be paying any at the moment if the property is below 600,000 pesos but you probably will afterwards.

Also bear in mind if you buy from you cousin at less than the market value you may still be taxed on the market value if AFIP think you are pulling a fast one.

I discussed a simple way of transferring half of the title of my apartment to my spouse and he brought these issues to my attention.

 

[solerboy]

After you have sold there will be a much higher rate of Bienes Personales (asset tax). You may not be paying any at the moment if the property is below 600,000 pesos but you probajbly will afterwards.

.

That should be 300,000 not 600,000.

Its been a long day !