What happens after USD $12,000?

[julia_en_ruta]

I tried to do a search of existing threads, so hopefully I didn't just miss someone else's answer, but: I've heard that there's a $12,000 limit on bringing in USD as an individual. Since rentistas currently have to show $1,300 per month brought into a local bank account in USD, does anyone know if it's enough to just have a second bank account in which to deposit the amount over the first $12,000? Or is there something else that needs to happen?

 

[Ries]

No one knows. Certainly not agip or migraciones. But since migraciones will not renew your visa or process residency without you sending the money ( which is $1300 this month, but most likely will continue to change monthly) you really have no alternative to continuing to send the money to your argentine bank account, and see what happens later, later.
Consider it cultural training in how to adapt to the unknown, as Argentines have done for decades.

 

[elhombresinnombre]

Are you talking about the limit for bringing cash over the border into Argentina which as far as I am aware is still USD10,000? That's just undeclared cash: you may bring in as much cash as you wish provided you declare it and can demonstrate where it came from. But there are risks associated with declaring, in a public place like an airport or other border crossing, that you are carrying a lot of cash. That's why most people consider 10k as a practical limit.

 

[steveinbsas]

I tried to do a search of existing threads, so hopefully I didn't just miss someone else's answer, but: I've heard that there's a $12,000 limit on bringing in USD as an individual. Since rentistas currently have to show $1,300 per month brought into a local bank account in USD, does anyone know if it's enough to just have a second bank account in which to deposit the amount over the first $12,000? Or is there something else that needs to happen?

Just to be clear, you are asking about physically bringing USD into the country, not about the monthly amount that you must transfer or "send" to your Argentine bank account to compy with the conditions of your temporary residency?

 

[Paige55]

I'm in the same boat and was advised to obtain a second bank account so as not to go over the 4x monthly minimum and potentially flag my first account for closure, depositing the remainder (one monthly minimum) to a new bank and account via an app like Western Union (which wasn't allowed by migraciones but my lawyer said they had no other way to prove the amounts and I guess is 'hoping' immigration authorities are OK with that smaller remainder amount being sent via an App).

The problem is that the second bank account would also be tied to our DNI number and the government would certainly be able to see we're bringing more into the country than is allowed by law?

I don't know what to do at this juncture as I don't want to be doing something illegal or that would flag me for any sort of legal trouble with the government. My lawyer also seems to suggest I not really ask the bank much, which leaves me not certain of what the rules are according to the government. While there is a chance migrations deny my renewal for transferring under the $1300 (but close at 4x the minimum) there is also a chance that at some point the banks catch on, deem it odd that I am trying to game the system and close all of my accounts, making it impossible to transfer anything or open accounts at all.

 

[julia_en_ruta]

Are you talking about the limit for bringing cash over the border into Argentina which as far as I am aware is still USD10,000? That's just undeclared cash: you may bring in as much cash as you wish provided you declare it and can demonstrate where it came from. But there are risks associated with declaring, in a public place like an airport or other border crossing, that you are carrying a lot of cash. That's why most people consider 10k as a practical limit.

Just to be clear, you are asking about physically bringing USD into the country, not about the monthly amount that you must transfer or "send" to your Argentine bank account to compy with the conditions of your temporary residency?

No, I'm talking about sending it directly into a bank. There's a 12k annual limit per the central bank before you have to convert it to pesos, so I'm trying to figure out how to make a square peg fit into a round hole re: the differences in expectations between Migraciones and the central bank.

 

[Ries]

Like you, we are in the midst of the 3 year process of pensionista visa, which then allows a 15 year temporary residency. The rule requiring that you wire money directly to a bank has only been in effect less than a year. It has, in that time, been changed without notice pretty radically in various ways several times, and the amount is only announced after the start of each month. There is no way of knowing how or when it will change again. There is no way of knowing if Agip will allow banks to exceed the 12k in these cases, as, so far, no one has been doing it long enough to exceed that limit. There is no way to know if banks will or will not follow this rule, now, or if it is changed.
we are just getting each deposit in pesos- because we need pesos to pay our expenses. I think trying to keep it in dollars, and not pesos, will be the most difficult.
my suspicion is that the banks will be told to allow more than 12k worth of dollers in peso deposits for people who are in the process of pensionista or rentista visas, but really, who knows?

 

[FrankPintor]

No, I'm talking about sending it directly into a bank. There's a 12k annual limit per the central bank before you have to convert it to pesos, so I'm trying to figure out how to make a square peg fit into a round hole re: the differences in expectations between Migraciones and the central bank.

You are correct, there is a USD 12k limit on transferring USD into Argentina and not having to convert them to Pesos, you can keep them in a USD account at your bank, withdraw them as USD and exchange them at the blue rate wherever you like.

Once you hit the 12k limit, any further incoming transfers will be pesified at the official rate. It still counts towards your income, it's just that you can't choose the time or the manner of converting it to Pesos any more. And you get fewer Pesos, of course.

Both @carride and me have suggested ways of getting USD here and converting them to Pesos at the CCL rate (we discussed this via PM, if I remember correctly). It's still possible just slightly more work. I receive money like that and declare it to AFIP as a self-employed person providing services for companies outside Argentina.

 

[Quilombo]

I think there's some confusion going on here, so let me try and clear things up (not an accountant or lawyer, as always):

- Undeclared limit for bringing physical dollars in to the country is and remains $10K USD (you can exceed it, but must declare it at the port of entry)
- There exists no limit for the amount of dollars you can send from your USD account abroad to your USD account in Argentina without pesifying via SWIFT provided said funds aren't the result of employment, and were obtained legally
- If you're a freelancer, you can bring in 12K USD a year without pesifying, after which you must convert the remainder to pesos at the BCRA exchange rate, same as when Massa was in power

 

[julia_en_ruta]

Thanks for clearing this up, @Quilombo! Looks like I had some half-baked information.