New Laws? 60% state tax when foreigner sells property?

I have recently spoken to a lawyer here and he enlightened me that since around 5 months there have been some big changes in law.

Basically couple things:

1. If you are foreigner and you own property - while selling it you have to pay around 60% of tax on sell.

This second thing for me connected with the first one to totally fuck up:

2. There's no way to get Argentinian citizenship other than marriage right now, even if you are getting pension or confirmed income from other country, or you are investor - visa extends but status will never to citizen. Which is basically closing some ways, also screwing foreinger property owners.

Anyone heard of it, in hw many % is it true?

Regards!

[QUOTE=Kolos]I have recently spoken t a lawyer here and he enlightened me that since around 5 months there have been some big changes in law.

Basically couple things:

1. If you are foreigner and you own property - while selling it you have to pay around 60% of tax on sell.

This second thing for me connected with the first one to totally fuck up:

2. There's no way to get Argentinian citizenship other than marriage right now, even if you are getting pension or confirmed income from other country, or you are investor - visa extends but status will never to citizen. Which is basically closing some ways, also screwing foreinger property owners.

Anyone heard of it, in hw many % is it true?

Regards![/QUOTE]Kolos,

Are you referring to Argentine Residency, or Argentina Citizenship?

Also, when you are referring to a 60% tax, is that 60% of the sales price, or 60% of the profits (the difference between the original purchase price and the sales price)?

Thanks,

Jackson

Kolos, although we appreciate info, confirmed information is always preferred. Some links to the laws, newspaper articles, etc. I think something regarding taxes and real estate would have been in the papers. I think if someone fits criteria for residency they will get it. The resident criteria have been in place for many years.

Your tax on property may refer to the change a couple of years ago about selling property that was purchased without following the rules regarding money transfers, stated value, ABL, renting out short term, etc.

[QUOTE=Kolos]I have recently spoken to a lawyer here and he enlightened me that since around 5 months there have been some big changes in law.

Basically couple things:

1. If you are foreigner and you own property - while selling it you have to pay around 60% of tax on sell.

This second thing for me connected with the first one to totally fuck up:

2. There's no way to get Argentinian citizenship other than marriage right now, even if you are getting pension or confirmed income from other country, or you are investor - visa extends but status will never to citizen. Which is basically closing some ways, also screwing foreinger property owners.

Anyone heard of it, in hw many % is it true?

Regards![/QUOTE]Ask Spasmussien to clarify this issue.

The man is very familiar with buying and selling property as a foreigner in BA.

The 60% number seems way out of line. (either on the profit or whatever!)

Also, if anybody wants citizenship or residency you can pm me and I can get it done for a fee.

No waiting from what I have been told.

TL

-is the nic.

Dificult because German.

Never heard about that tax.

Maybe a selffullfilling profesy of the bancrupting Kirchner-System.

Let me check it, I am shure the info is trucho. There had been some inhibitions on resale that never hit me as I got residency before starting up.

Always was one of the big advantages here that you must NOT pay taxes if you are reselling your derpa with profit.

Was the link:

[url]http://www.jebsen.com.ar/mgi/espanol/160407_elcronista.html[/url]
Year 2007
Obiously "something" or "somebody" changed the link, so it is not visible.
"google" it: venta propiedades extranjeros argentina impuesto
They are talking about the idea of charging 35% "ganancias" on the difference between the prices of compra and venta.
They also want to charge ganancias on rental-incomes.
All that deals for strangers without residency.
After five years living here you can demand and get the ciudadania.
Without marrying.
But if somebody wants, he must continue paying the highest price possible.
"contador" is the usual frase for a tax-advisor here.

I am an authorized agent to hold the 60% tax. PM mde if you have sold and do not know where the money goes!

Clearly this relates to my prior post of new rules two years ago relating to rental, paying ABL, etc.

Thanks in advance,

Bob

Thank you for all the answers, seems to me this "lawyer" is also trucho. I am talking in my case residency, no citizenship. Basically what I he had explained is that theres no way to change it to citizenship even if I proof profits / money coming from my country (pension etc)

And Thomas, pm me account number I am ready to transfer you 60%:)

Mongers,

First of all, I am pretty confident that this 60% tax on the sale of real estate is complete bullshit and is about as ridiculous as the ATM pin number that calls the police or the SIM card that can make unlimited calls for $100 AR, or the travel to Brasil with only a DNI as an American, that were also mentioned here on the forum.

The truth is, if a foreigner brings in the money to purchase real estate in Argentina through any means other than the official means, which is through the BCRA (Argentine Central Bank) they will have issues when they sell the property concerning the origins of the money. This has as much to do with fighting money laundering as anything else. The reason people typically do not want to bring in the money through the BCRA is because the money is converted into pesos (losing on the buy / sell spread) and again must be converted into dollars to make the real estate purchase (losing again on the buy / sell spread)

On the topic of temporary / permanent residency / Argentine citizenship, this also appears way off base. In most cases, temporary residency becomes permanent after four years. In my case, I have to renew every year, so when it comes time for the fourth renewal I will be granted permanent residency. I am pretty sure after 4/5 years of permanent residency, I can begin the process of applying for Argentine citizenship / passport if I so choose.

Suerte,

Rock Harders

I have been using the same accountant for 7 years. He is a friendly reliable chap who is a third generation accountant and sits behind his grandfather's desk. I bring him some New Yorker magazines and he practices his english. I have been through enough with him that I trust him.

[QUOTE=Rock Harders]Mongers,

First of all, I am pretty confident that this 60% tax on the sale of real estate is complete bullshit and is about as ridiculous as the ATM pin number that calls the police or the SIM card that can make unlimited calls for $100 AR, or the travel to Brasil with only a DNI as an American, that were also mentioned here on the forum.

The truth is, if a foreigner brings in the money to purchase real estate in Argentina through any means other than the official means, which is through the BCRA (Argentine Central Bank) they will have issues when they sell the property concerning the origins of the money. This has as much to do with fighting money laundering as anything else. The reason people typically do not want to bring in the money through the BCRA is because the money is converted into pesos (losing on the buy / sell spread) and again must be converted into dollars to make the real estate purchase (losing again on the buy / sell spread)

On the topic of temporary / permanent residency / Argentine citizenship, this also appears way off base. In most cases, temporary residency becomes permanent after four years. In my case, I have to renew every year, so when it comes time for the fourth renewal I will be granted permanent residency. I am pretty sure after 4/5 years of permanent residency, I can begin the process of applying for Argentine citizenship / passport if I so choose.

Suerte,

Rock Harders[/QUOTE]Just for the record I am a USA Citizen with Permanent argentine residency and I have traveled in the past to Brazil, Argentina, and Urugauy with just my DNI (I have always had on me both [passport and dni] but except recently in Bazil where they insisted on the passport I have alway been able to travel with just DNI to any country thats border physically touch Argentina. As a matter of fact the last time I went to Chile last year I was advised by the Chilean immigration agent that if I presented with my DNI I entered free but with the passport I would have to pay 100 USA for the visa. So I entered free with DNI.

As far as citizenship goes, having had permanent residency now more the 15 years here I have never considered or needed going any further and I have had my own companies and partnerships no problem.

After 3 (THREE) years of residency you can change to permanent residency.

After 5 (FIVE) years (incl. the 3 years residency) you can get the Argentina-citizenship.

With DNI as a citizen of the EU I can travel to any Mercosur country.

As a visa is necessary for Brasil for US-citizens, that causes probs just with Argentine-DNI.

The usual and legal way to bring in usd not using CentralBank (with two arbitrajes changing usd-Ps-usd) is via the recommended casas de cambio. They charge between 3% and 7% for their service.

You wire to their NY bank account and in the moment, your transfer gets in there in NY), you will receive the money in their office Argentina.

Inform everybody you meet, when exactly you are getting the money, as so they can rob you, leaving the c.d.c.

No PLEASE use a Prosecur or any other value-transport-truck!