URGENT - Warning on capital gains taxes when foreigners sell their properties

[Moore]

Sounds like bullshit to me. To my knowledge, you receive the full sales proceeds in US$100 bills the second you hand over the title. If AFJP wants to claim something on you later on then best of luck to them. They're not like the IRS, an entity I deem worthy of respect regardless of how much you may hate them. AFJP is weak and corrupt just like almost every other administrative/judicial organization in Argentina.

If such a bulletin was sent out to all escribanos then most of them will be willing to look the other way for a few hundred pesos or less. They "certify" real estate transactions for fractions of their true value every day in order to lower assessed tax values. The titles I've seen have had ridiculously low stated transaction values, probably 10% of what was actually paid in front of the escribano 10 or 15 years ago when the property last sold. You can easily find escribanos that will certify anything, and brazenly evading taxes is their specialty.

BTW, I'm fairly certain that capital gains tax does not exist in Argentina.

[BigRay]

Hey, thanks for the info Ricardo. I've only been here for a few weeks, but was thinking of buying something later on. Cheers.

[Ricardo]

This notice was on Craigslist. Does anyone know anything more about this. Sounds like it could be a real problem for expats who buy local property.

__________________________________________________________________

NOTICE:

BE CAREFUL, Americans are being FINED huge amounts when selling!

Reply to: hous-226252253@craigslist. Org

Date: 2006-10-26, 10:39PM ART.

I just thought I'd WARN all you Americans who are buying properties in Argentina. The local tax authorities, (AFIP) are applying ALL KINDS of fines and "surcharges" to foreignors selling there properties. It is EASY TO BUY, all you need is a "CDI", which takes 2 hours to get. BUT, when you go to sell your property. The local AFIP inspector holds onto your title, AND the funds, and starts a LENGTHY legal process, taking up to 6 months, before they "free" the sale of your property and give you "what's left" of the sale.

I am NOT selling anything. Just giving ALL of you a warning. I wrote the procedure on my website, you should read it! www.hereicomeargentina.com

Just 2 weeks ago the "AFIP" sent out a bulletin to ALL "escribanos" and accountants giving them the detailed requirements for foreignors to sell. And it is LONG and requires LOTS of red tape. And added TAXES. JUST because you are foreign!