AFIP and IRS to share financial information with one another starting September 30, 2024

[Finance Prof]

FYI AFIP (Argentina IRS) and the IRS (USA) will begin to share financial information with one another. Never thought this day would come but looks like it is going to happen.

GMS Flash Alert

Policies and rules impacting international assignees and their employers are constantly changing – GMS Flash Alert helps you make sense of it all.

kpmg.com

 

[Betsy Ross]

FYI AFIP (Argentina IRS) and the IRS (USA) will begin to share financial information with one another. Never thought this day would come but looks like it is going to happen.

GMS Flash Alert

Policies and rules impacting international assignees and their employers are constantly changing – GMS Flash Alert helps you make sense of it all.

kpmg.com

I know many locals Argentines that have bank accounts in the USA. I wonder if they will start to finally declare those accounts? I assume that they will finally take advantage of the tax amnesty program this time. Some have before with Macri but probably even more incentive now that the IRS will send all the info to AFIP.

 

[Vince]

They have been saying for a while this was coming. I didn't think it would happen as the relationship between the USA and Argentina has been frosty for a while but with Milei, the relationship is very close so looks like this will finally happen. I wonder what the implementation will be like.

 

[Wally]

I'm curious how many billions this new tax amnesty will bring in. The last amnesty was tremendously successful even without IRS cooperation. But this time with the IRS sending information, I'm sure many Argentines are very scared.

 

[Larry]

I wonder how expats that have DNI's will react to this as most of them do banking in the USA and probably don't have accounts declared.

 

[Piranha]

I wonder how expats that have DNI's will react to this as most of them do banking in the USA and probably don't have accounts declared.

I guess no one will be affected unless they are citizens or residents there?

 

[FuturoBA]

I don't pretend to understand the significance enough. Argentina has a wealth tax, will they now be able to collect on such more easily and other taxes as well??

 

[Betsy Ross]

I guess no one will be affected unless they are citizens or residents there?

Yes correct. Tourists or expats that don't have residency there aren't affected at all.

I don't pretend to understand the significance enough. Argentina has a wealth tax, will they now be able to collect on such more easily and other taxes as well??

Big significance because of the wealth/asset tax. Most Argentines with assets/cash abroad do not declare them on their tax return and they are supposed to. Many have bank accounts or properties in the USA and other places. It is easy for an Argentine to open a bank account in the USA. But now once the IRS shares the info with AFIP all of these people will have to pay penalties and interest and possible risk jail if they were not declaring assets.

Argentina has had several tax amnesties to bring their cash back to Argentina and they are trying to do another. Most people still never did it so this is significant.

 

[Vero]

The AFIP started getting more involved the past year. Western Union payments get scrutinized now. Bank deposits also now always ask where funds came from. I think many things will change now compared to before. Some people think this is good but some don't like it.

 

[Flamingo]

I don't pretend to understand the significance enough. Argentina has a wealth tax, will they now be able to collect on such more easily and other taxes as well??

In Argentina it very common not to declare all your assets. The problem not only the money you have abroad but usually if AFIP find out you have $$ outside of Argentina then they take a closer look at everything you do in Argentina. They look at your business, your income, your banking things. It nightmare.

 

[Avocado]

I very happy to see this. Many wealthy Argentines pay no tax and hide all their money outside Argentina. This good news.

 

[BikeEnthusiast]

Will they start taxing Cristina on her stolen Manhatten real estate empire

 

[Spend Thrift]

Will they start taxing Cristina on her stolen Manhatten real estate empire

Something tells me if she hasn't gone to jail by now or paying on all the $$$$ ill gotten gains she never will. She probably isn't stupid enough to keep cash in the US banks but then again nothing would surprise me. I guess we'll know soon.

 

[earlyretirement]

Do some due diligence and look how many billions came into Argentina with the last tax amnesty and that was without cooperation from the IRS. Most of the money coming in from the amnesty will find its way into the real estate market. Mostly in Buenos Aires.

Argentina rakes in cash from new tax law

Argentina's outgoing finance minister declared the country's new tax amnesty law an "extraordinary success" after $90 billion of assets were declared.

money.cnn.com

Now connect the dots and do some due diligence. See the news from today. What do you think is going to happen with real estate prices? I publicly called a bottom in August 2023 in real estate prices in Argentina and forecasted prices would start to go up. I discussed an amnesty program and the need for IRS cooperation with AFIP. Everything coming together as predicted.

Real Estate Sales - Caputo announced that properties under construction can be purchased with money from money laundering - La Nacion Propiedades

Caputo announced that properties under construction can be purchased with money from money laundering: “credits are going to explode” - La Nacion Propiedades Source...

www.expatsba.com

 

[Blockchain]

Do some due diligence and look how many billions came into Argentina with the last tax amnesty and that was without cooperation from the IRS. Most of the money coming in from the amnesty will find its way into the real estate market. Mostly in Buenos Aires.

Argentina rakes in cash from new tax law

Argentina's outgoing finance minister declared the country's new tax amnesty law an "extraordinary success" after $90 billion of assets were declared.

money.cnn.com

Now connect the dots and do some due diligence. See the news from today. What do you think is going to happen with real estate prices? I publicly called a bottom in August 2023 in real estate prices in Argentina and forecasted prices would start to go up. I discussed an amnesty program and the need for IRS cooperation with AFIP. Everything coming together as predicted.

Real Estate Sales - Caputo announced that properties under construction can be purchased with money from money laundering - La Nacion Propiedades

Caputo announced that properties under construction can be purchased with money from money laundering: “credits are going to explode” - La Nacion Propiedades Source...

www.expatsba.com

Damn! I had no idea nearly $100 billion had been declared in those amnesty programs! I thought people would just ignore it but that is shocking how much money was declared! I wonder how many people already declared before? If $100 billion already declared could there really be that much more out there?

 

[earlyretirement]

Damn! I had no idea nearly $100 billion had been declared in those amnesty programs! I thought people would just ignore it but that is shocking how much money was declared! I wonder how many people already declared before? If $100 billion already declared could there really be that much more out there?

There are some estimates that as much as $400 Billion is still out there undeclared by Argentines. So needless to say a LOT of undeclared assets out there. Before, IRS didn't cooperate or share information but President Milei has a much closer relationship with the USA and he will be taking advantage of his new found friendship. Most likely Donald Trump will win the US Presidential election in November 2024 and expect more cooperation with Argentina than you have ever seen before.

 

[Blockchain]

There are some estimates that as much as $400 Billion is still out there undeclared by Argentines. So needless to say a LOT of undeclared assets out there. Before, IRS didn't cooperate or share information but President Milei has a much closer relationship with the USA and he will be taking advantage of his new found friendship. Most likely Donald Trump will win the US Presidential election in November 2024 and expect more cooperation with Argentina than you have ever seen before.

Holy sh*t! No wonder all these restaurants in Soho are always packed with locals even if the economy is in the shitter. But is it that easy to open up a bank account in the USA by foreigners? I thought after 9/11 it was very difficult to open up bank accounts in the US by foreigners.

 

[earlyretirement]

Holy sh*t! No wonder all these restaurants in Soho are always packed with locals even if the economy is in the shitter. But is it that easy to open up a bank account in the USA by foreigners? I thought after 9/11 it was very difficult to open up bank accounts in the US by foreigners.

Yes, there is a lot of concentrated wealth by locals in Buenos Aires. Don't forget at the turn of the Century, Argentina was one of the wealthiest countries in the world. A lot of wealth was built up and passed down to generations. There is a lot of money offshore by Argentines.

There was a slowdown after September 11 with the Patriot Act but then banks started getting greedy. You have banks like Wells Fargo and Bank of America and many others that are very easy for an Argentine to open up a bank account. Very easy. Some of the more savvy Argentines set up and structured LLC's to open up bank accounts and also buy real estate in the USA. There isn't much that can be done on real estate that is owned under anonymous LLC's but I wouldn't count out LLC's if Argentine members are listed on the bank documents.

Now with technology and big data, it's much easier to cooperate amongst nations.

 

[Finance Prof]

Yes, there is a lot of concentrated wealth by locals in Buenos Aires. Don't forget at the turn of the Century, Argentina was one of the wealthiest countries in the world. A lot of wealth was built up and passed down to generations. There is a lot of money offshore by Argentines.

There was a slowdown after September 11 with the Patriot Act but then banks started getting greedy. You have banks like Wells Fargo and Bank of America and many others that are very easy for an Argentine to open up a bank account. Very easy. Some of the more savvy Argentines set up and structured LLC's to open up bank accounts and also buy real estate in the USA. There isn't much that can be done on real estate that is owned under anonymous LLC's but I wouldn't count out LLC's if Argentine members are listed on the bank documents.

Now with technology and big data, it's much easier to cooperate amongst nations.

True. Many of my Argentinean friends all have US bank accounts. They just go to Miami on vacation and open up accounts while on vacation. Not sure if they will close these accounts. You have to have a place to park all this cash. Probably a lot of it will go into crypto but bitcoin shows you that it doesn't just go up. Volatile for many people.

 

[Digital Nomad]

True. Many of my Argentinean friends all have US bank accounts. They just go to Miami on vacation and open up accounts while on vacation. Not sure if they will close these accounts. You have to have a place to park all this cash. Probably a lot of it will go into crypto but bitcoin shows you that it doesn't just go up. Volatile for many people.

This is true. My girlfriend and all her family all have bank accounts in the USA. Remember that these locals get charged a surcharge using their local credit cards when they are traveling outside of Argentina so not many of them use their local cards too much. Several contractors that we hire in Argentina all have accounts or Wise accounts in the USA. I'm not sure if companies like Wise cooperate with the IRS but probably so.