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How do you pay for a property in Argentina?

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HHISCUS
  12/19/2018 09:03 EST

Hi everyone!
Has anyone gone through the real estate buying process? Actually, my main questions is, how is the payment done when only $10.000 are aloud per family coming from abroad? Yesterday I was told that if I want to buy a house, I have to get my money from the US come in, which will be received in Argentine pesos, which then I will have to use to buy US Dollars again to pay for the property, loosing 4 pesos per each dollar. That means that if I bring one hundred thousand US Dollars, I'll loose four hundred thousand pesos. That's crazy!!! Has anyone recently purchased real estate in this country who can explain how the process went? Thank you all!

TomP
  12/19/2018 11:14 EST

First, you don’t have to pay in US Dollars, Argentines don’t.

Second, unless you make a dozen trips, each time with US$9,999 you’ll need to open a legitimate Argentine Bank Account and then transfer the money. Each time you transfer money you want proof that the source of the money was in place for two weeks to avoid suspicion of “Money laundering”. Everything has to be traceable and transparent. The problem with bringing money over in large quantities is the Argentine Government wants to know where it came from and what you used it. I have witnessed someone bringing in serious money, US$150,000+ and then build a house for all cash and never pay IVA.

Often someone, typically an Argentine, blows the whistle and the people receive a Notice from AFIP (Argentine IRS) demanding they show receipts for all construction materials and that IVA was paid. If not, POW! Tax + Penalty time.

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expat0tree
  12/19/2018 15:56 EST

You are right, it's hard to bring money into the country without getting ripped off. Our case was unique because we had decent jobs in here for several years and didn't have to worry about living expenses so saving was still possible until the wave of devaluations.

In regards to your private message, this website is a bit funny with the inbox, I sent a reply earlier today but now I noticed the reply in my own inbox! as if I wrote it to myself.

Please send us an email and we'll be happy to reply.

[email protected]

pampas
  12/19/2018 16:30 EST

There are ways of doing this but it has to be arranged with the seller. Ideally, you should have a dollar account here and pay from that avoiding all exchange losses. If you don't have an account then you should deal with a trusted person to hold your money before you use it.

pampas
  12/19/2018 16:30 EST

There are ways of doing this but it has to be arranged with the seller. Ideally, you should have a dollar account here and pay from that avoiding all exchange losses. If you don't have an account then you should deal with a trusted person to hold your money before you use it.

HHISCUS
  12/20/2018 11:15 EST

Ok expat0tree,

I just resent my message to your personal email address. Let me know if you got it.

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Coop
  12/20/2018 21:48 EST

LOL this is Argentina! There are ways but be careful if the tax man comes and asks you how you paid. Also be aware that a non citizen who then sells a property is subject to another tax which i believe is 30% Probably do not have 100% facts here but TomP can fine tune.

We have enjoyed the wonderful people of Argentina for close to 15 years but have not enjoyed the red tape of gov regulations. When we purchased property we wired USD to the national bank. After they put their hands on it (took their fees) we left the bank with a crazy paper bag filled with $100 bills.

Do not buy for an investment, buy for a home.

expat0tree
  12/20/2018 22:07 EST

I'm really glad that someone made the distinction between buying a home and making a speculative investment.

A home is a place where one can settle and realize himself as an individual through their work and experiences, it is more than just a piece of real estate, a home is meant to be a point of reference for a long-term commitment, much like marriage for a solid relationship.

There are so many young couples with the sweet fantasy of living in South America while thinking they can just pick up and go as they wish if something doesn't work out but that's not the case, the loss would be absolute and unforgiving and rightfully so for those who refused to research and listen.

Coop
  12/20/2018 22:48 EST

I have traveled to many places and every place has their unique, beautiful culture. Whenever an expat moves to one of these places they seem to invasion utopia before them. They are soon filled with exclamations, such as this isn't the way we do things where I come from. Their dreams get shattered and they move back to their familiar culture. Argentina is not Great Britain, Australia, Canada, The United States, etc. It is Argentina. Its a beautiful culture with a (Government). The locals understand this and have mastered their way around most of it. Be prepared to embrace all of it or you will not find happiness here. I often laugh at the long lines in the grocery store where the cashier engages in a very lengthy conversation with the person at the checkout. Indifferent as the line grows longer and longer. When its your turn to check out, you are them greeted with the same intimacy. These people truly know how to connect with each other so please always drink the Mate!

HHISCUS
  12/21/2018 02:08 EST

Hello Coop! in your note, you close saying, "buy a home not an investment". I am thinking of buying a long term home, though. Will I be taxed differently than those who buy an investment home?

TomP
  12/21/2018 10:33 EST

A lot of good advice has been offered, but I do have a suggestion.

Unless and until you have lived in a country, and better yet, in a city that you are considering buy a home, rent first for 6 - 12 months.

Get to know the terrain, people, economics, politics, job or money making opportunities etc.

My wife and I lived in Mendoza City for five years and during that time we saw seasoned travelers pack up and go home, often leaving a car or home in the hands of ... yep, an Argentine to sell it for them. As you can imagine the results were disastrous.

After you have lived in an area for a year or so and rented, you know the real estate pretty well and you definitely have a better idea where you want to live in that city and what fair prices are.

There is nothing more stressful that souring on a city you are living in and then having to liquidate your home, condo etc.

Real estate is NOT like in the USA where a very effective MLS, sells a home in a few months. Selling a home in Argentina could require many years and necessitate you offering “Seller Financing”.

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MendozaHomes
  12/21/2018 14:57 EST

Hello, this is Leandro owner of Mendozahomes Real Estate Company. I have experience selling and bulling expat properties in Mendoza Arg.
Where are you thinking to buy?
1- The expat before to buy, live in the area for 6-12 month, in general they are renting and then buy a property
2- The money is not a problem, before tu buy this property ask the seller if has a bank account in US (lot of aregentinian has a US bank account, this was a solution for me) Other option the expat use exchange companies and you pay 3-6% you have your money cash here in argentina!! Other option depending the group of expat other expat has money here y you transfer in his US bank account. If you visit this country in different time, for example 6 time, you can say goberment you move with 10.000 us in this time, you have know 60.000 usd.
The expansive solutions is Banco Nación Argentina..
If you want to know more about the process of buying a property, please let me know and contact us.
[email protected]

Milva
  12/28/2018 11:59 EST

I have purchased 2 homes and it is not that hard... First you need to have 2 accounts at a bank... one in dollars and one in pesos... when you open they will tell you that you need the following requisites...( I have my accounts with Banco Provincia which I found to be the least complicated)... The same people on the US account must be the same people in the Argentina accounts...EXACTLY... the account must be atleast 6 months old and have a history of where the funds originated... Then go to the US and send a wire... you will receive a notice in 3 days or so from the bank that the money has arrived... they only charged me about 450 dollars for the wire and the money was received in DOLLARS...

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