I am in the process of selling my property and moving back to the UK, I am not a legal resident, although my son and daughter are, I do not have a bank account in Argentina, could someone please advise on how I can get my funds back to the UK. Any advice would be extremely welcome.
Transferring money from sale of house back to the uk
- Thread starter Kaz
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Hi Perry, would you be able to give me their names or recommend me. Would it not be possible to put in my son or daughter’s bank account.
earlyretirement
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As Perry mentioned, the typical method is going to be a private exchange house. But just keep in mind many are typically referral only based on an existing client they already deal with. But others might. Try Banco Piano or Casa Bell (Bell Investments). Both are very reputable and been around for many decades. They would most likely arrange it for you as you'll have all your paperwork from your property. Just keep in mind they will charge you a few points to make the transfer. Danny Bell (owner of Bell Investments) is a true gentleman and his great grandfather is originally from the UK. Class act and his family has been operating in Argentina over 100 years.
Instead, you might want to insist on the buyer just wiring the funds directly to your account in the UK. It's perfectly legal for the buyer to wire you funds from their account to your account at closing. So I'd recommend that method. In fact, maybe you can offer a win/win situation for the buyer where you can offer to discount the price 1% if they paid the funds to your bank directly in the UK. It's perfectly legal and makes things much easier. It would also be cheaper than you paying a money exchange firm.
In theory, you should be able to deposit it into your son/daughter's account and then have them make the wire. There is a form they will need to fill out when they make the deposit into their account. It will specify if you sold a property the property address, amount, etc. I sold a property last year and wired back from my own account and I paid about 0.6%.
Many people are very leery about trusting local banks but that was the cheapest method last year at the time I sold my property. The buyer couldn't wire the funds as they already had the cash in Argentina and didn't want to pay any additional fees.
Good luck.
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garryl
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I am a non-resident. The buyer just wired his payment to me from Argentina to US, before the signing of the final contract, he felt that I was trustworthy, will not take off with his money, plus I gave all the documents to his lawyer, and everyone on our side was credible and reliable, I told him that when I sign the final paper, the money has to be in my account. He is young lawyer, he kinda trusted me and sent me most of the amount a week before. Perry knows about it. Perry was the listing agent. That was about a year ago. I think he only had pesos, he exchanged it with bank of Galleria, maybe he had partial dollars already. Thanks to Macri, my sale was so much easier. I guess I have to thank him. It would be hell like if the regulations had not been changed.
He chose that bank to send, because the wiring cost was very low.
He chose that bank to send, because the wiring cost was very low.
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perry
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As a non resident it is extremely important that if you recieve cash that you make sure that the transaction is done at the bank of your choice . Over the years I have used Banco Piano. Casa Bell, and Banco Topaz . They are all very good and efficient . It is important that a referral is done to one of these banks as to facilitate the transaction . You will need paperwork as to have the transaction approved .
Non residents must make sure that if they are selling that they insist that the transaction is done at their bank . Do not allow under any circumstance that the buyer chooses the bank as they will do as to minimise their risk . Normally the seller has this right but when its a foreigner many realtors railroad the transaction and insist that it is done at the buyers bank . This implicates a risk for the seller as you will have to deliver the money yourself or hire a transport de caudales and many do not deliver to casa de cambios .
If you are a resident it is very simple now to send money from a bank account in Argentina . You will have to open an account at a major bank in dollars and on the date of the deed you can send this money out legally in dollars ( The deed price only ) . You will recieve it in 2 to 3 days max . Its very efficient and low cost . This option is only available for residents of Argentina .
perry
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What is suprising is that many non residents do not know that to sell you must have a certificate of retencion issued from afip proving that back taxes are paid up to date on the property . These taxes include bienes personales and rental income tax. AFIP does not send you a informe each year to pay these taxes but of course you are liable for them and when you come to sell you will have to pay them as well as hefty interest fees and fines . This is very unfair and causes a lot of distress for sellers as they are not prepared to pay these high taxes . Rental income tax is based on the market value of the property and is 21% of this value ( with no deductions) . Only a son or daughter of the owner can get away with free rental but any friend that is looking after your property will not be a valid reason for not paying this exhorbiant tax.
mmoon
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Do you have a friend or a referral to someone who is a lawyer dealing with these issues? I agree with having the money wired directly to your account. but be sure that Argentina will try and take as much of it as possible and there may be new hurdles that others on this site didn't have to deal with when they were selling. When we were selling a few years back, it helped us a ton that my husband was a legal resident, otherwise we would have been taxed to high heaven as "foreign investors." But, we also got current legal advice from our escribano to make sure everything was above board and nothing would come back to haunt us either in Argentina or abroad.
Hi, I was told by the estate agent and Escribano that everything is okay, that I just need to pay a few thousand pesos for some tax, I have lived in the house for 12 years with my son and daughter who are legal, so I don’t understand now the certificado de retenciones, I bought the house with an Argentinian ex, apparently the funds can be transferred with the Escribano at Banco piano, if you could give me any further advice I would be grateful.
