Tres Picos
Registered
- Joined
- Mar 18, 2017
- Messages
- 105
- Likes
- 18
The joint account holders will not be relatives. This should be a personal account, not business. Either ahorros or corriente is fine.
Thank you friends,
Thank you friends,
Which Banks Offer Joint Accounts?
- Thread starter Tres Picos
- Start date
mjohnstone
Registered
- Joined
- Apr 13, 2012
- Messages
- 294
- Likes
- 172
As far as I know, any bank will open a joint account. All joint account holders must be present at the time the account is opened and must fill in all required forms, and signature registration forms.
steveinbsas
Registered
- Joined
- Jul 27, 2006
- Messages
- 10,324
- Likes
- 6,398
I believe that both of the account holders must have an Argentine ID (DNI or CDI) and a CUIL/CUIT.
If the foreigner is from the USA he must sign an IRS form W-9 or 30% will be withheld, I am not sure if these funds go to the IRS or AFIP.
Long before it was necessary to sign the W-9,30% of funds transferred to Argentina by a foreigner without temporary residency were subject to 30% withholding for one year by the central bank. The one exception I know of was funds used to buy property. I don't know if this is still the case.
One thing I know for sure is that AFIP will want to know the provenance of the funds and the bank will require sufficient information be provided before accepting any transfers.
Perhaps what I am planning too do regarding the sale of my house will provide useful information:
I have recently decided to sell my house and will "discount" the price by the cost of completing 75 meters of unfinished construction at the back of the house. This will (legitimately) reduce the sales price on the escritura. As I am willing too supervise and pay for the work I have opened an account at Banco Patagonia to be used exclusively for the buyer to transfer the appropriate funds.
My accountant informed me that the funds (less than $10,000 USD per month) can be transfered by the buyer (without a DNI or CDI and without a CUIL/CUIT) who's name appears on the escritura but not the bank account) to pay for the work...as long as all of the materials are purchased with facturas (official receipts) and workers paid en blanco. otherwise the funds could be regarded as personal income and I would have to pay up to 30% in taxes.
Of course the buyer will also have to provide provenance of the funds that are transferred to complete the work or the bank will not accept the transfers. I've already signed the IRS form W-9.
PS: I am not leaving. I will be converting the outbuilding at the back of the property to a personal residence and will live there full time. That conversion can be completed (at least enough to make the move) during the time between the boleto and the final escritura for the main house.
If the foreigner is from the USA he must sign an IRS form W-9 or 30% will be withheld, I am not sure if these funds go to the IRS or AFIP.
Long before it was necessary to sign the W-9,30% of funds transferred to Argentina by a foreigner without temporary residency were subject to 30% withholding for one year by the central bank. The one exception I know of was funds used to buy property. I don't know if this is still the case.
One thing I know for sure is that AFIP will want to know the provenance of the funds and the bank will require sufficient information be provided before accepting any transfers.
Perhaps what I am planning too do regarding the sale of my house will provide useful information:
I have recently decided to sell my house and will "discount" the price by the cost of completing 75 meters of unfinished construction at the back of the house. This will (legitimately) reduce the sales price on the escritura. As I am willing too supervise and pay for the work I have opened an account at Banco Patagonia to be used exclusively for the buyer to transfer the appropriate funds.
My accountant informed me that the funds (less than $10,000 USD per month) can be transfered by the buyer (without a DNI or CDI and without a CUIL/CUIT) who's name appears on the escritura but not the bank account) to pay for the work...as long as all of the materials are purchased with facturas (official receipts) and workers paid en blanco. otherwise the funds could be regarded as personal income and I would have to pay up to 30% in taxes.
Of course the buyer will also have to provide provenance of the funds that are transferred to complete the work or the bank will not accept the transfers. I've already signed the IRS form W-9.
PS: I am not leaving. I will be converting the outbuilding at the back of the property to a personal residence and will live there full time. That conversion can be completed (at least enough to make the move) during the time between the boleto and the final escritura for the main house.
