Under the Radar

[Gringo80]

We would like to acquire a property for what would generally be considered a lot of money. My wife has an Argentine passport and I have a DNI. The funds are in the US. Is there a way for us make the purchase without attracting the attention of AFIP et al?

 

[redlobster]

Is there a way for us make the purchase without attracting the attention of AFIP et al?

As soon as you register the property, AFIP will know about it.
And if you don’t register it, then you didn't really "acquire" it.

 

[Gringo80]

As soon as you register the property, AFIP will know about it.
And if you don’t register it, then you didn't really "acquire" it.

Forgive my ignorance but what happens when they know about it? And what if we register the property in our childrens name?

 

[LuckyLuke]

Howdy Gringo,

There's a lot of difference aspects to this. But your first step is AFIP and how they treat incoming cash.

My wife has an Argentine passport and lived in the US with me. Our savings were there. When we were ready to buy a property down here it was very simple. We transferred the USD to an Argentine dollar account and reported to it to AFIP as repatriation of savings. It is tax exempt when categorized as such.

The first step then is analyzing the situation for each of you and what transactions AFIP allows tax exempt given each of your residency status.

 

[Gringo80]

Howdy Gringo,

There's a lot of difference aspects to this. But your first step is AFIP and how they treat incoming cash.

My wife has an Argentine passport and lived in the US with me. Our savings were there. When we were ready to buy a property down here it was very simple. We transferred the USD to an Argentine dollar account and reported to it to AFIP as repatriation of savings. It is tax exempt when categorized as such.

The first step then is analyzing the situation for each of you and what transactions AFIP allows tax exempt given each of your residency status.

Hi LL, sounds like there isn't an easy answer except to retain a knowledgeable attorney.

 

[LuckyLuke]

Hi LL, sounds like there isn't an easy answer except to retain a knowledgeable attorney.

This is not related to immigration. This is related to taxes. What you need is an accountant, not an attorney.

They will be able to answer how AFIP taxes each of you depending on how you are receiving the funds from abroad.

 

[Silvie]

My 2 cents is that among other things, sooner or later AFIP will cross information with the IRS and I think that eventually if you need to sell, there might be a problem too

 

[Gringo80]

My 2 cents is that among other things, sooner or later AFIP will cross information with the IRS and I think that eventually if you need to sell, there might be a problem too

Murphys Law. Good Advice.

 

[FrankPintor]

If you can play a waiting game, possibly there might be another tax amnesty, as the government tries to coax the savings of Argentinians out from under the mattress, from their offshore stashes, or wherever. The recent reduction in agriculture export taxes would seem to hint that they're desperate for cash again.

Repatriation of savings sounds good too. In fact, you should be able to repatriate a container-load of things, I believe, depending on how long you (well, your wife) has been here.

 

[nikad]

What are your fears about Afip. Have you checked the latest updates on limits after you have to declare source of funds, etc? You need to talk to an accountant but if its your primary residency and don't own other properties in Arg you get certain benefits. Where you buy and how much it is worth are key factors. Usually 200k you will not have to explaon, but if more and you paid taxes back home there is nothing to worry about. Are you a perm resident?