Does anyone know if Millei has any plans to remove the global tax system, - the right Argentina has to tax your property and bank accounts in other countries? I am thinking of getting my DNI and permanent residency here but I didn't know how this worked. It seems like a huge obstacle to getting your DNI here.
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Taxes Argentinas global wealth tax system?
- Thread starter torquey
- Start date
Howard Stern
Active member
I haven't heard any thing either way. Milei is very hands off with the government so I'm not sure how this will turn out. I also thought about getting my DNI and permanent residency but I didn't want to have to worry about getting taxed on all my assets inside the USA.
Betsy Ross
Well-known member
No changes thus far. https://www.lanacion.com.ar/economi...sto-de-este-ano-y-que-exenciones-nid29112023/
Finance Prof
Well-known member
No one knows what will happen. Things were going to be a mess no matter who won. Milei promised things he couldn't deliver. There was no realistic path to dollarization any time soon. I read many posts by earlyretirement where he said that Dollarization would NOT happen any time soon if at all. That is playing out now.
Milei doesn't start until December 10 and lots of things need to get figured out. Forget about any quick changes especially with tax laws.
Milei doesn't start until December 10 and lots of things need to get figured out. Forget about any quick changes especially with tax laws.
earlyretirement
Moderator
Finance Prof nailed it. I've been posting in detail on my Twitter and also my LinkedIn that many of these things will never happen. At least not in the short term. Everything happening now I said it would happen. I told Milei and his sister that it didn't make sense to antagonize China and Brazil (two of Argentina's biggest trading partners). I knew after the election win it would be going to make peace with them. Argentina needs them desperately.
People think that Milei would win and then all of a sudden things would get fixed. It does NOT work that way. As I always mentioned, he inherited a world of hurt and mess. I told Milei and his team that they may regret winning the Presidency and that he would have a LOT of sleepless nights.
Political Science was one of my majors in University. Basically everything I said would happen is happening now.
James Bond
Well-known member
Numerous news reports indicate the possibility of Milei either abolishing the asset tax or significantly decreasing its rates. Should he opt for a reduction, there is a likelihood of merging the global asset tax with the national asset tax, following the model observed during Macri's administration. Additionally, there may be an amnesty initiative for undisclosed assets, featuring either minimal penalties or none at all. However, it appears that Milei intends to first diminish the asset tax and build public confidence before introducing the amnesty program to ensure its success. Refer to one of the articles supporting these claims for more details.
www.iprofesional.com
¿Qué va a pasar con Bienes Personales y las retenciones con Milei?
Los tributaristas se entusiasman con la posibilidad de un blanqueo, y anticipan cambios positivos en Bienes Personales, retenciones e Ingresos Brutos
www.iprofesional.com
Appreciate all your input!
My citizenship lawyer mentioned they won't pursue this due to privacy boundaries between countries.
On the other hand, an accountant informed me that AFIP might request a bank receipt at the year's end.
Furthermore, when I mentioned a potential increase in my funds, the accountant advised getting six bank accounts to ensure added protection.
What are your experiences with this?
My citizenship lawyer mentioned they won't pursue this due to privacy boundaries between countries.
On the other hand, an accountant informed me that AFIP might request a bank receipt at the year's end.
Furthermore, when I mentioned a potential increase in my funds, the accountant advised getting six bank accounts to ensure added protection.
What are your experiences with this?
Betsy Ross
Well-known member
Your immigration attorney sounds like a clown. Where did you find them?
Huge Hurry
Member
When I brought up the topic with a lawyer, he suggested the easiest way to avoid the wealth tax was to avoid becoming a resident, which would imply not living permanently in Argentina.
Betsy Ross
Well-known member
I used a way that's very common here. I avoided becoming wealthy.
You're posing inquiries that miss the mark.
The appropriate query should be: Will Milei abolish the tax on individuals' assets?
Most countries, with limited exceptions, impose taxes on the income of their residents (and, if applicable, on their assets) regardless of where these assets are located or derived from.
The appropriate query should be: Will Milei abolish the tax on individuals' assets?
Most countries, with limited exceptions, impose taxes on the income of their residents (and, if applicable, on their assets) regardless of where these assets are located or derived from.
Canada Goose
Well-known member
What is Citizenship-Based Taxation?
Citizenship based taxation is unique to citizens of the United States and Eritrea, but most countries use residence based taxation.
brighttax.com
The United States and the East African nation of Eritrea are the only two countries that tax the worldwide income of all citizens and permanent residents regardless of where they live or where they earn money.
I didn't bring up citizenship. What I meant was residents—individuals residing in Argentina (or any other country with a residency-based taxation system) for more than 183 days a year and recognized as tax residents by the local tax authority.What is Citizenship-Based Taxation?
Citizenship based taxation is unique to citizens of the United States and Eritrea, but most countries use residence based taxation.
The United States and the East African nation of Eritrea are the only two countries that tax the worldwide income of all citizens and permanent residents regardless of where they live or where they earn money.
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