Post Number: 2
|Posted on Sunday, February 13, 2011 - 9:49 am: |
I have just moved to Posadas, Misiones in northern Argentina. I am married to an Argentine and we spent the last 11 years living in the UK.
We are just in the process of selling our UK property and would like to buy a property here in Argentina.
How do we bring the money into the country to effect the sale without incurring a whole load of charges.
At the moment, if I transfer money from my UK bank account to my wifes Argentine bank account we both get charged and there is a limit to the size of the transfer.
Someone has told her that I can make a 'donation' that is exempt from charges but I don't know if this is true or indeed how it works.
I do have an off-shore dollar account so I could transfer the money there without incurring UK charges, but then am not clear how to get that money to the escribano or the seller without incurring a whole load of additional charges.
I understand the normal charges and taxes for buying a property after reading a load of articles and blogs etc. I just don't want even more charges related to the money itself.
Hope this makes sense, and that you can offer some pointers.
Post Number: 484
|Posted on Monday, February 14, 2011 - 8:00 am: |
Whatever you do, follow these 2 rules of thumb:
1) Make sure the money comes in through an avenue endorsed by the Central Bank and that the money entry is indeed reported to the Central Bank.
2) Make sure the seller doesn't try to register the sale price of the property with the local authorities, at a much lower price than what you are actually paying the seller. often seller will attempt this to avoid taxes on gains.
These 2 things will save you loads of headaches in the future. Just ask anyone that has gone through the process.
Good luck and Cheers!
Post Number: 360
|Posted on Friday, February 25, 2011 - 3:10 pm: |
Hi Kris, Mendoza's info may be more up-to-date than mine since it's been a while since I did this (WTM please feel free to correct me).
You will need to document for the Argentina bank where the money came from originally. The sales agreement from the sale of your current house is acceptable documentation though there are others. You might want to check with the bank to be sure you have up-to-date information as to requirements. I live here and am not allowed to transfer in more than $5,000 at a time without proving origin. Different banks may vary in requirements.
I think that both buyers and sellers often like to fudge on the amount of purchase. The seller does not want to pay on the rise in value, and the buyer does not want taxes on the real estate to go up.
Also, it is aggravating but when you transfer money in to the Argentina bank in order to buy real estate, if the purchase price is in dollars, which is common, they change the money into Argentina pesos, THEN into dollars. Double charges apply. So far they can't tell me the reason for that.
Nevertheless, welcome to Argentina. In my opinion, it is a wonderful country with great people. I love it. But there are a few nuances involved in living and banking here.