USA Govt to disclose Argentinian US bank account holders

[lunar]

I think this only applies to Argentine citizens who have bank accounts in the US.
If you're an American with a bank account in the US, Argentina can't touch it.
Even if you have dual citizenship.

If AFIP decides that you owe them money (wealth tax on money in your USA account, for example), they will probably find a way to collect it here.

 

[Quilombo]

Why would Argentina focus on citizens when it has many citizens domiciled abroad?
Argentina’s taxation is based on residency, not citizenship (unlike the US…) and most US IRS forms I have encountered (as a non-US person) for non-resident tax payers ask what country you are a tax resident (in addition to what passports, plural, you hold) so reporting based on residency would be just as easy in terms of access to that information….

My guess is they'll focus on citizens who are tax residents, not foreigners who are tax residents simply because they have more info on their own citizens, and foreigners don't make up a large percentage of the population (and those who do are usually coming from neighboring countries and aren't looking to hide money in the US)

I think this only applies to Argentine citizens who have bank accounts in the US.
If you're an American with a bank account in the US, Argentina can't touch it.
Even if you have dual citizenship.

The issue is citizenship doesn't matter and they don't even need to go through the trouble of looking to seize your assets in a US court; if you're a tax resident of Argentina and your total net assets domestic and/or abroad exceed the prescribed limits you are required to pay the tax, si o si, and failure to do so is a crime.

That being said, it's like speeding, someone has to catch you doing it, and if you're going 10 over and someone is going 60 over in a Porsche I think we know which is getting the priority for enforcement in this hypothetical even though both people are committing crimes.

That seems to be the nub of the issue: does this agreement only reveal information about Argentine citizens, or about Argentine tax residents? If the latter, then if you're an American who is tax resident in Argentina, surely they can use (if they choose to) any information they receive as a result of this agreement to demand any tax that information shows you owe.

I'm guessing it's a bit of a moot point as most Americans likely don't self identify/lie about being a tax resident of Argentina (or any other country) and just put a family member's address as their own, so financial institutions have no reason to suspect otherwise.

Again, what I'd say that people should remember that if you exceed the limits set forth each year and you don't pay the tax it's a crime, regardless of whether AFIP has information from the IRS or any other tax authority. What one decides to do knowing this is a question of risk tolerance.

I don't have 5K to my name let alone 55K, but if I were an American living here, collecting social security with savings or a house under a couple hundred thousand dollars in the US, never having told my bank/brokerage/etc. that I live in Argentina I personally probably wouldn't sweat it because "AFIP pursues American pensioner over one bedroom house in Ohio" doesn't make for good news, but each of us must decide what we deem is an acceptable chance of being caught, and the paying the penalties associated with doing so.

 

[antipodean]

Massa anunció un acuerdo con los EEUU para compartir información fiscal: “No vamos a perseguir a nadie, es un acto de justicia tributaria”

El ministro de Economía Sergio Massa presentó los alcances del convenio en un acto con el embajador estadounidense Marc Stanley

www.infobae.com

Meanwhile, Ambassador Stanley said in his speech that “this agreement is reciprocal and the US will also provide information on Argentine residents in US financial institutions. The United States has signed more than 100 such agreements. I know his team and our team worked closely to get this deal done, thank you for that,” Stanley said.

“It is a significant step to combat tax evasion abroad that affects both countries. We look forward to working on the implementation of the agreement to further our bilateral agenda in broader terms,” she concluded.

 

[MilHojas]

Argentina eyes $100 billion as US will share banking data

The U.S. and Argentina have agreed to have their tax agencies automatically share data about their citizens' finances in each other's countries

abcnews.go.com

 

[Agribotics]

There's not enough other people's money to fill the fiscal black hole Bolshevists have created but at least they'll have the consolation of knowing they took down the capitalist system with them.

 

[gracielle]

5 December 2022 by Florencia Barragan

FATCA: tras la firma, Gobierno ultima la letra chica y podría acceder a nuevos datos

Massa suscribió el acuerdo de intercambio automático de información tributaria con EE.UU., de donde se espera recibir registros de cuentas de argentinos por más de u$s100.000 millones. Falta modificar una resolución para que llegue a entrar en vigencia el 1° de enero.

www.ambito.com

....In order for it to enter into force, the AFIP is working against the clock on a resolution that regulates the agreement, where the fine print will be settled, so that it enters into force on January 1, 2023. The Gov't expects to receive information from 2018 onwards.
6 December 2022 by Raul Dellatorre

Fuga de dólares: piedra libre a las cuentas de argentinos en EE.UU. | Acuerdo de intercambio de información financiera de largo alcance

El ministro destacó el acuerdo como "un gran salto en la relación bilateral". Argentina podrá acceder "en forma masiva" a la información sobre cuentas de argentinos en ese país. Se viene el nuevo blanqueo.

www.pagina12.com.ar

Long-range financial information exchange agreement.....the new "massive" agreement, which will cover those who have signed their declaration as foreigners at the time of depositing their money in an account in the USA and who have done so as individuals, being part of companies or trusts (trust funds in favor of certain beneficiaries),"....According to the agreement, the USA will inform once a year (every September 30) on a massive basis about the account balances of Argentines in its country as of December 31. But as of January 1, AFIP will have access to this information for any auditing procedures it may deem necessary to carry out....

 

[Traveler]

And Massa claims to only have $20,000 in dollars. Anyone believe that?

 

[gracielle]

UPDATE: Automatic Google Translation of entire article.
13 December 2022 by Francisco Jueguen

EE.UU. publicó el acuerdo final sobre las cuentas de argentinos en ese país y surgen nuevos detalles

Los especialistas remarcaron que el primer intercambio automático de información se realizaría recién desde septiembre de 2024; estimaron además que solo incluye personas físicas y describieron la retroactividad

www-lanacion-com-ar.translate.goog

Tonight at the last hour the US gov't finally published on the website of the Department of the Treasury the final agreement for the automatic exchange of financial information signed with Argentina last Monday which began to reveal some details that tax specialists and tax lawyers were hoping for....

 

[sts7049]

nice. so it might be 2 years before any real data is received...maybe longer. plenty of time for everyone to create LLCs and business fronts to hide everything

 

[gracielle]

4 January 2023 by Ana Clara Pedotti

Intercambio de información: EE.UU. confirmó que no será retroactivo y que los datos se recibirán recién en 2024

El Tesoro americano actualizó en su página web la vigencia del acuerdo: rige desde el pasado 1 de enero y el país recibirá la primera información de corte en septiembre del próximo año.

www.clarin.com

Exchange of information: U.S. confirmed that it will not be retroactive and that data will not be received until 2024. The U.S. Treasury updated on its website the validity of the agreement: it has been in force since January 1 and the country will receive the first information in September of next year....Tax expert Sebastián Dominguez explained: "This implies that the United States has not wanted to send retroactive information to these two countries (Argentina and Vietnam) at the time of the signature". However, Dominguez clarified: "If the exchange of information upon request is in force, Argentina may request specific data and in that case, the United States will analyze it and may answer or not"....