Social Security deposit to foreign bank

bobsnowpuppy

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Hi, I am looking for info on getting social security payments to Argentina in the easiest least costly way. Someone told me that the US Embassy will facilitate your SS in that there are certain Argentine banks who will accept direct deposits from the SSA. Is this true? Also, is US social security subject to income taxation in Argentina?
Thanks for any input!
 

Stantucker

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Hi, I am looking for info on getting social security payments to Argentina in the easiest least costly way. Someone told me that the US Embassy will facilitate your SS in that there are certain Argentine banks who will accept direct deposits from the SSA. Is this true? Also, is US social security subject to income taxation in Argentina?
Thanks for any input!
As of a couple of years ago, you could have you SS check direct deposited here only through Banco Macro. As I understand it, once you have permanent resident status, your SS check would be considered income and therefore taxable.
 

Rich One

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As Stantucker mentioned, Banco Macro has a special program to receive SSA direct payments and credit pesos to your personal account. with the bank. . This data must be checked today.
 

bobsnowpuppy

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Thanks for all the replies! This is very helpful and I think the best route is direct deposit to a US Schwab account, then using the Schwab debit card for purchases and ATM withdrawals.
 

jantango

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As I understand it, once you have permanent resident status, your SS check would be considered income and therefore taxable.

This is incorrect.

I am a naturalized citizen receiving social security benefits from the USA. I don't pay any taxes in the US or Argentina on my retirement benefits.

Read this article by a financial planner who addresses the subject.
"Argentina does not tax pension income. That’s good news if you’re just planning to live off your retirement savings. However, you will need to pay income taxes if you get a job or earn other income from another source within Argentina."

Very bad idea to call attention to your social sec
Why? It's not a big deal. I produced three bank statements showing social security deposits when I opened a free local account offered to seniors by Banco Ciudad for the specific purpose of doing transfers so I don't have to deal with cash anymore. Simple. No taxes owed on my pension income.
 
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sergio

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Isn't there a tax on world wide assets? Was that abolished?
 

Stantucker

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Last year when I told our accountant here that my wife was now receiving SS benefits, he didn't say that we didn't have to pay tax on it here, he said she didn't earn enough in 2017 (since she been receiving it only since August) to pay taxes on it.

Can anyone confirm that you don't have to pay taxes on retirement income here?
 
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