Tax Warning: UK persons domiciled in Argentina
 

The attention of all persons of any age or nationality domiciled or resident in Argentina on 31 December 2015 is drawn to the new AFIP regulation:

La Reglamentación del Blanqueo
Boletín Oficial de las Resoluciones Generales
3919 & 3921 Ley 27260 etc


This regulation states that on the effective date as above, if you had a bank account etc or any property whatsoever including real estate in your name in any country outside Argentina, you must declare it and the values thereof to AFIP before 31 March 2017.

If the total value is below Arg pesos 305,000 you are exempt from the annual tax of 5% (or 10% if the value is over 800,000 pesos).

AFIP is in the process of scouring 48 countries to obtain such information. Dire penalties are promised for those persons who falsify the declaration.

This is not a hoax. Check!

Re: Tax Warning: UK persons domiciled in Argentina
 

So every one has to do it before a date 9 years ago?

Re: Tax Warning: UK persons domiciled in Argentina
 

Is this likely to catch on with other governments in Latin America, do you think? Disconcerting, if so!

Re: Tax Warning: UK persons domiciled in Argentina
 

Mikelincs

Sorry, I didn't notice the typo. You have until 31 March 2017 to declare.

Gordon Barlow

Argentina has (and always has) a chronic shortage of foreign currency. This is a new bright idea to get anybody domiciled or resident in Argentina to sell up anything they own abroad and import the proceeds here. Also to empty any foreign bank account and do likewise.

I think there might be some doubt about the legality of this operation.

Re: Tax Warning: UK persons domiciled in Argentina
 

Chile did it in 2015 , but in a slightly different way.

Re: Tax Warning: UK persons domiciled in Argentina
 

I think it is unconstitutional, or at least as it applies to "foreigners" which includes myself. Article 20 of the Argentine Constitution states that "A foreigner is not obliged to pay extraordinary compulsory taxes."

Re: Tax Warning: UK persons domiciled in Argentina
 

Maybe you are confused, as you started the thread by saying the law applie to all nationalities.

Re: Tax Warning: UK persons domiciled in Argentina
 

The Bulletin states that "All persons domiciled or resident in Argentina on 31 December 2015" are included. I think this embraces everybody.

The situation might be different for UK pensioners who obtained their Argentine DNI on the basis of their pensions and then decided to receive their pensions abroad. AFIP could then either cancel the DNI or offer to allow them to pay the annual fine.

My experience of AFIP and the Argentine banking system, which convinced me to transfer my pension to another country in 2013, was the result of realizing that my payments were going backwards and forwards by a mysterious roundabout route between Europe and Argentina resulting in financial loss each month to myself.

I do not think that replacing Cristina with Mauricio will have made much difference to the way they do business.

Re: Tax Warning: UK persons domiciled in Argentina
 

AFIP must think I'm an idiot if they expect me to do that. :D