Taxes Income tax here(living in Argentina) as US citizen working for US company paid in USD: How does it work?

[FuturoBA]

Anyone familiar with how income taxes work if you're earning in foreign currency but living here with the company is in no way associated with Argentina?? My understanding and I could be wrong, but if for example, I'm living in Argentina but working for and being paid by a US employer I pay my US taxes and then how much would I be responsible for ARG taxes?? There's no tax treaty so would I be responsible for taxes on full, gross salary or is it after Uncle Sam takes his cut?? Also when does ARG taxation kick in so to speak?? Again please correct me if I'm wrong but I believe income taxes don't apply yet to tourists or someone on a tourist visa. When one gains temporary or permanent residency or citizenship is that when income taxation applies?? And if so is that only on income when residing in ARG, for example if I live in ARG 9 months out of the year and back in the US 3 months does ARG the full 12 month income or only the 9??

Lots of questions and I know it's a complicated subject, but any further help/resources/referrals would be greatly appreciated.

 

[StatusNomadicus]

If it's a significant amount, I'd hire a lawyer...the guy I met this week was purposely not living as a permanent resident in Argentina so his online business wouldn't get taxed. That being said, USA allows for a Foreign-Earned Income Exclusion for staying out ~11 months away from the USA, so maybe Argentina does as well. Last I heard, you become a "tax resident" after 9 months in Argentina like you said, so research from there! Aim to be 8.5 months, maybe?

 

[FuturoBA]

If it's a significant amount, I'd hire a lawyer...the guy I met this week was purposely not living as a permanent resident in Argentina so his online business wouldn't get taxed. That being said, USA allows for a Foreign-Earned Income Exclusion for staying out ~11 months away from the USA, so maybe Argentina does as well. Last I heard, you become a "tax resident" after 9 months in Argentina like you said, so research from there! Aim to be 8.5 months, maybe?

The guy you met, do you know what his living situation was?? Was he living in ARG part time and the rest in the US or another country or was he a tourist doing visa/border runs every 90 days and/or overstaying tourist visa??

And I think I read that tax resident is 6 months or 183 days but you're right finding a lawyer would cut through the I read here and there

 

[FuturoBA]

After doing a bit more research I've come to the conclusion, there's how taxes are supposed to be and then there's how it's actually done. Nothing is black or white and everything works in the gray. This will be the hardest adjustment in moving here.

 

[earlyretirement]

Anyone familiar with how income taxes work if you're earning in foreign currency but living here with the company is in no way associated with Argentina?? My understanding and I could be wrong, but if for example, I'm living in Argentina but working for and being paid by a US employer I pay my US taxes and then how much would I be responsible for ARG taxes?? There's no tax treaty so would I be responsible for taxes on full, gross salary or is it after Uncle Sam takes his cut?? Also when does ARG taxation kick in so to speak?? Again please correct me if I'm wrong but I believe income taxes don't apply yet to tourists or someone on a tourist visa. When one gains temporary or permanent residency or citizenship is that when income taxation applies?? And if so is that only on income when residing in ARG, for example if I live in ARG 9 months out of the year and back in the US 3 months does ARG the full 12 month income or only the 9??

Lots of questions and I know it's a complicated subject, but any further help/resources/referrals would be greatly appreciated.

Honestly the VAST majority of expats here in Argentina are what I call "perma-tourists". They don't get their permanent residency (DNI). They just milk Argentina for all they can and never get residency here. They don't pay ANY taxes in Argentina. Honestly, even the locals try to evade taxes. Most locals don't even pay their required property tax on their real estate. They get NO property tax bill in the mail nor do they have any penalties if they don't pay. It's crazy.

For foreigners they used to have to apply for a permit to sell but they forgot to add that clause back into the law when they added the 15% capital gains tax a few years ago. Of course, NO accountant is going to tell you to evade Argentina taxes, but the reality is that most expats in Argentina do NOT declare any income in Argentina.

USA will tax you no matter where in the world you are at. Even if you got your DNI here, there is NO way Argentina will know you are making income remotely. That's the God's honest truth! Hell, Argentina doesn't even know what is going on in their own country. Half the economy is in "black" and under the table.

When I owned a big company I always did everything in "white" (legal). Why? Because my goal was to sell my company within 7 or 8 years. I wanted to build up a big valuable company and no way I could do that and exit without having everything legal. Of course, I made a LOT less money because of that and paying all my employees legally and ALL taxes. However I was able to sell my company and exit and sell to a multi-national company. Then Airbnb bought that company in 2017 for $300 million.

NO, as a tourist you have NO taxes due in Argentina. I wouldn't recommend you declare ANY income in Argentina if you don't have to. The USA will tax you and just pay in the USA. Ping me if you need an accountant recommendation. I work with the best accountants in Argentina that deal with expat matters here but honestly, most good ones will probably tell you not to declare any income that you don't generate inside Argentina.

Almost NO expats declare income they make with remote work.

 

[earlyretirement]

If it's a significant amount, I'd hire a lawyer...the guy I met this week was purposely not living as a permanent resident in Argentina so his online business wouldn't get taxed. That being said, USA allows for a Foreign-Earned Income Exclusion for staying out ~11 months away from the USA, so maybe Argentina does as well. Last I heard, you become a "tax resident" after 9 months in Argentina like you said, so research from there! Aim to be 8.5 months, maybe?

DM me if you need a recommendation. When I owned ApartmentsBA, I had many in-house accountants as we were doing taxes for hundreds and hundreds of foreign investor clients. Yes, you can take the foreign-earned income tax exclusion (https://www.irs.gov/individuals/international-taxpayers/foreign-earned-income-exclusion) but you have to be outside of the USA for 330 days a year. Talk to an accountant in the USA to help you structure the best deal for yourself. You can also take housing credits. And best thing if you're married you can BOTH take the credit! You can take $240,000 if you're married and structure it correctly. That's what I did when I lived in Buenos Aires. Of course I still had to pay Argentina taxes.
What is your rationale for wanting to get your DNI @FuturoBA ? You have to ask yourself what your goal is? You have to look at the pros/cons of doing that. I love Argentina and I knew that I wanted to stay in Argentina long term. I knew that I wanted to build up a successful company and actually many companies. So I knew I had to do everything legally. I also wanted my kids to be born in Argentina and 2 out of my 3 kids were born in Buenos Aires and have Argentina passports and are Porteños. I also got married in Buenos Aires.

I also brought my wife's entire family from Colombia to live in Argentina once we had kids. I wanted the grandparents to be near their grandkids. My wife's entire family (mom and dad and 2 sisters and brothers) moved to Argentina and became citizens here too.

After doing a bit more research I've come to the conclusion, there's how taxes are supposed to be and then there's how it's actually done. Nothing is black or white and everything works in the gray. This will be the hardest adjustment in moving here.

You learn quick @FuturoBA ! Ha, ha. YES, this is exactly correct. VERY few people (especially expats) are in the white. There is some statistic if companies in Argentina paid 100% of the taxes they would not only make no money but make negative money! The most essential and important person in Argentina is a good accountant! To give you perspective, I had 7 in-house accountants working for me at my company.

You will find that most people living in Argentina. Even prominent Twitter people that are popular, won't even use their real names? Why? Because most likely they are paying NO taxes inside Argentina. They can't take the chance of Argentina knowing they exist. I never had this issue as I did everything legit.

This all becomes much easier under Javier Milei as he is pretty much hands off and just letting businesses run but still this is Argentian where NOTHING is easy.

One time an AFIP official came to my office I think to try to bribe me. It's hilarious what I did to him. I had all my accountants show him ALL the books. I had hundreds of properties and we had a 3 ring binder of ALL our properties in a big room. And I catered lunch for him and he randomly sampled about 20 properties and the guy at the end of it said, "I've been doing this almost 20 years and this is the first time that I did an audit where all the taxes/fees are paid!". Ha, It was hilarious and I'm writing an autobiography of my life - sign up at www.3yearstolive.com

 

[StatusNomadicus]

I think I read that tax resident is 6 months or 183 days

SovereignMan says "New residents can avoid taxation of non-Argentinean income for 5 years by signing a work contract with a local company (among some other requirements)." https://www.sovereignman.com/country-profile/argentina/

InternationalMan says "Many countries tax you on your worldwide income—and sometimes assets—when you become a legal resident. As we discussed, this is precisely why you would want to avoid this outcome, which is generally triggered if you spend more than six months per year in a country." https://internationalman.com/articles/the-best-countries-for-lifestyle-and-legal-residency/

KPMG this year claimed "Expatriates working in Argentina on a regular basis for less than 6 months (Foreign Beneficiaries) are taxed at a rate of 35 percent of their imputed Argentine source income, which is calculated at 70 percent of the gross amount received, making an effective tax rate of 24.5 percent for payroll compensationrelated income. This tax is implemented by means of withholding, as a sole and final tax.
Individuals residing in the country/jurisdiction for more than 6 months will use the scaled rate table system mentioned above." https://assets.kpmg.com/content/dam/kpmg/xx/pdf/2023/01/TIES-Argentina.pdf

OECD has some information different than others in this short overview https://www.oecd.org/tax/automatic-...nce/tax-residency/Argentina_Tax_Residency.pdf

PWC says "Foreign beneficiaries working temporarily in Argentina for no more than six months during the year, who earn income through either the visual or performing arts or other profession, are subject to income tax on these earnings at the rate of 24.5% (35% on assumed profit of 70% of gross income) to be withheld by the local payer. Other tax rates could apply depending on the type of income to be paid." https://taxsummaries.pwc.com/argentina/individual/taxes-on-personal-income

another firm echoes KPMG: "Non-residents residing temporarily in Argentina (for 6 months or less) are allowed a standard deduction of 30% of compensation for expenses incurred in earning income. The remaining 70% is taxed at a flat rate of 35% with no other allowable deductions. This results in an effective final withholding rate of 24.5%. No, the 183 day rule does not apply in Argentina. You become a tax resident in Argentine if you fall under one of the following categories: Native and naturalized Argentine citizens. Foreign individuals who are granted permanent residence in Argentina. Foreign individuals who remain in the country under temporary authorisation for a period of 12 months or more." https://contractortaxation.com/argentina/tax-in-argentina/

Reddit had a similar question for a USA/Arizona person who was digital-nomad-ing in Argentina, but i don't think it got everything answered

https://www.reddit.com/r/digitalnomad/comments/nascph

WhereCanILive doesn't quite answer how many months it takes https://wherecani.live/blog/view/living-in-argentina/#tax-laws-in-argentina

I can't see much on Argentina's gov't website https://www.argentina.gob.ar/servicio/certificar-residencia-fiscal-en-la-argentina

NomadCapitalist doesn't cover the months/taxation either https://nomadcapitalist.com/nomad-passport-index/passport/argentina/

Another site doesn't explain the months required https://www.fourflagsjournal.com/citizenship-in-argentina/

this site goes over FEIE avoidance of US taxes https://discoverbuenosaires.com/expat-tax-benefits

the Celano law firm recommended on expat forums also doesn't have the Tax Resident month info https://www.celano.com.ar/overview-of-income-based-residencies-rentista-non-mercosur/

FreedomSurfer says "If there is a major drawback to Argentina, it is its taxation system. Rates tend to be very high, most types of income are liable, everything is very bureaucratic and few deductions exist. Tax residency is easy to acquire but quite a bit harder to lose (you need to acquire another and prove it). You can also expect to be taxed on your worldwide income with no easy way out as Argentina has implemented all CRS protocols. A workaround is to register as a resident of Tierra del Fuego (a de facto tax haven within Argentina) but obviously not everyone will enjoy living in place this remote, not to mention the weather. You can qualify as a tax resident either via the domicile rules (your primary home is Argentina) or via physical presence (183+ days). As a tax resident, you must file an annual tax return by mid-June of the year following the fiscal year you are filing for (the fiscal year is the calendar year)." https://freedomsurfer.com/argentina/

Passports.io says "A foreigner living in Argentina, who is not an employee, will become a tax resident after the 12th month residing there, even if he or she has been absent for a temporary period. Tax residents in Argentina are subject to personal income tax on their worldwide income, whereas non-residents are taxed on their Argentine-source income." https://passports.io/citizenship/argentina/active-business-investment/ar3

Denationalize.me says "You may not know that in Argentina, foreigners do not become tax residents until after the first 12 months. Furthermore, if your company has sent you abroad to work in Argentina for less than 5 years, you will not be considered a tax resident." https://denationalize.me/emigrate/residency-in-uruguay-and-argentina/

...so the overall trend seems to be 6 months, 183 days, but there are many who claim it is 12 months or even 5 years with a company arrangement! I swear the lawyer i Zoomed with said it was 9 months but now I need to find that in writing. Anyone here in Argentina have any input on how to find the actual law? https://www.argentina.gob.ar/normativa

 

[Betsy Ross]

SovereignMan says "New residents can avoid taxation of non-Argentinean income for 5 years by signing a work contract with a local company (among some other requirements)." https://www.sovereignman.com/country-profile/argentina/

InternationalMan says "Many countries tax you on your worldwide income—and sometimes assets—when you become a legal resident. As we discussed, this is precisely why you would want to avoid this outcome, which is generally triggered if you spend more than six months per year in a country." https://internationalman.com/articles/the-best-countries-for-lifestyle-and-legal-residency/

KPMG this year claimed "Expatriates working in Argentina on a regular basis for less than 6 months (Foreign Beneficiaries) are taxed at a rate of 35 percent of their imputed Argentine source income, which is calculated at 70 percent of the gross amount received, making an effective tax rate of 24.5 percent for payroll compensationrelated income. This tax is implemented by means of withholding, as a sole and final tax.
Individuals residing in the country/jurisdiction for more than 6 months will use the scaled rate table system mentioned above." https://assets.kpmg.com/content/dam/kpmg/xx/pdf/2023/01/TIES-Argentina.pdf

OECD has some information different than others in this short overview https://www.oecd.org/tax/automatic-...nce/tax-residency/Argentina_Tax_Residency.pdf

PWC says "Foreign beneficiaries working temporarily in Argentina for no more than six months during the year, who earn income through either the visual or performing arts or other profession, are subject to income tax on these earnings at the rate of 24.5% (35% on assumed profit of 70% of gross income) to be withheld by the local payer. Other tax rates could apply depending on the type of income to be paid." https://taxsummaries.pwc.com/argentina/individual/taxes-on-personal-income

another firm echoes KPMG: "Non-residents residing temporarily in Argentina (for 6 months or less) are allowed a standard deduction of 30% of compensation for expenses incurred in earning income. The remaining 70% is taxed at a flat rate of 35% with no other allowable deductions. This results in an effective final withholding rate of 24.5%. No, the 183 day rule does not apply in Argentina. You become a tax resident in Argentine if you fall under one of the following categories: Native and naturalized Argentine citizens. Foreign individuals who are granted permanent residence in Argentina. Foreign individuals who remain in the country under temporary authorisation for a period of 12 months or more." https://contractortaxation.com/argentina/tax-in-argentina/

Reddit had a similar question for a USA/Arizona person who was digital-nomad-ing in Argentina, but i don't think it got everything answered

https://www.reddit.com/r/digitalnomad/comments/nascph

WhereCanILive doesn't quite answer how many months it takes https://wherecani.live/blog/view/living-in-argentina/#tax-laws-in-argentina

I can't see much on Argentina's gov't website https://www.argentina.gob.ar/servicio/certificar-residencia-fiscal-en-la-argentina

NomadCapitalist doesn't cover the months/taxation either https://nomadcapitalist.com/nomad-passport-index/passport/argentina/

Another site doesn't explain the months required https://www.fourflagsjournal.com/citizenship-in-argentina/

this site goes over FEIE avoidance of US taxes https://discoverbuenosaires.com/expat-tax-benefits

the Celano law firm recommended on expat forums also doesn't have the Tax Resident month info https://www.celano.com.ar/overview-of-income-based-residencies-rentista-non-mercosur/

FreedomSurfer says "If there is a major drawback to Argentina, it is its taxation system. Rates tend to be very high, most types of income are liable, everything is very bureaucratic and few deductions exist. Tax residency is easy to acquire but quite a bit harder to lose (you need to acquire another and prove it). You can also expect to be taxed on your worldwide income with no easy way out as Argentina has implemented all CRS protocols. A workaround is to register as a resident of Tierra del Fuego (a de facto tax haven within Argentina) but obviously not everyone will enjoy living in place this remote, not to mention the weather. You can qualify as a tax resident either via the domicile rules (your primary home is Argentina) or via physical presence (183+ days). As a tax resident, you must file an annual tax return by mid-June of the year following the fiscal year you are filing for (the fiscal year is the calendar year)." https://freedomsurfer.com/argentina/

Passports.io says "A foreigner living in Argentina, who is not an employee, will become a tax resident after the 12th month residing there, even if he or she has been absent for a temporary period. Tax residents in Argentina are subject to personal income tax on their worldwide income, whereas non-residents are taxed on their Argentine-source income." https://passports.io/citizenship/argentina/active-business-investment/ar3

Denationalize.me says "You may not know that in Argentina, foreigners do not become tax residents until after the first 12 months. Furthermore, if your company has sent you abroad to work in Argentina for less than 5 years, you will not be considered a tax resident." https://denationalize.me/emigrate/residency-in-uruguay-and-argentina/

...so the overall trend seems to be 6 months, 183 days, but there are many who claim it is 12 months or even 5 years with a company arrangement! I swear the lawyer i Zoomed with said it was 9 months but now I need to find that in writing. Anyone here in Argentina have any input on how to find the actual law? https://www.argentina.gob.ar/normativa

Great research. But you will find what is written down on websites and what is done in practice in Argentina are 2 different things. But I totally agree it's good to know what the actual law is.

 

[FuturoBA]

What is your rationale for wanting to get your DNI @FuturoBA ? You have to ask yourself what your goal is? You have to look at the pros/cons of doing that. I love Argentina and I knew that I wanted to stay in Argentina long term. I knew that I wanted to build up a successful company and actually many companies. So I knew I had to do everything legally. I also wanted my kids to be born in Argentina and 2 out of my 3 kids were born in Buenos Aires and have Argentina passports and are Porteños. I also got married in Buenos Aires.

With everything there's risks and likewise I know I want to stay in ARG long term, and becoming a permanent resident or citizen I would have the freedom to enter and leave. I know many expats are either overstaying their tourist visas or doing border runs before their 90 day visas run out, but I also hear stories about how migraciones/border officials are cracking down on that and would hate to be denied re-entry. I have no idea how common this is in reality, but if I'm staying 5, 10, or 20 years and doing multiple border runs a year the chances of re-entry denial increases. Overstaying might be a better option, as in theory if one stays multiple years and leaves less often, one would lower the number of interactions with migration/border officials to deny re-entry.

Is that a common thing?? Multiple border runs appear to be common, Are multiple overstays common?? Or asked differently is one more strictly watched by migrations/border officials than another??

 

[FuturoBA]

Another point to think about regarding taxes, I've asked and seen multiple people on other forums and faceback ask about accountants, and only one(@earlyretirement) has offered to recommend one. Is there a secret society where nobody is willing to discuss or is there something else going on...

 

[BuySellBA]

With everything there's risks and likewise I know I want to stay in ARG long term, and becoming a permanent resident or citizen I would have the freedom to enter and leave. I know many expats are either overstaying their tourist visas or doing border runs before their 90 day visas run out, but I also hear stories about how migraciones/border officials are cracking down on that and would hate to be denied re-entry. I have no idea how common this is in reality, but if I'm staying 5, 10, or 20 years and doing multiple border runs a year the chances of re-entry denial increases. Overstaying might be a better option, as in theory if one stays multiple years and leaves less often, one would lower the number of interactions with migration/border officials to deny re-entry.

Is that a common thing?? Multiple border runs appear to be common, Are multiple overstays common?? Or asked differently is one more strictly watched by migrations/border officials than another??

Yes, if you know you will stay in Argentina for the foreseeable future, definitely get your DNI! It's a great country and I'm very proud to be a 21+ year permanent resident. Our CEO used Lorena at - https://argentinaresidency.com/who-we-are-&-testimonials

We have referred her to many American and British expats over the past 20 years and all have raved about her. They aren't the cheapest but tell her @BuySellBA said hello!

Many expats lived in Argentina for decades. But we don't recommend it. Argentina is very easy and they will let you stay for years. We know people that didn't even cross into Uruguay and just pay a small fine. One person we know stayed 2 years and didn't cross and she just paid a fine and was ok. We can't say if this is right or wrong. We always recommend if you will stay long term to get it.

But a happy compromise might be just wait a year and see how you like it. There is NO rush to get it so you can see. There previously was a huge rush to get it as you didn't need an AFIP permit to sell but they have done away with that and with Milei it should even get easier. He is talking about getting rid of some property taxes, etc. Plus NO locals pay property taxes anyway.

You don't have to worry about the migrations. If you overstay without crossing to Uruguay you can pay a fine/penalty. Sin problemas!

Another point to think about regarding taxes, I've asked and seen multiple people on other forums and faceback ask about accountants, and only one(@earlyretirement) has offered to recommend one. Is there a secret society where nobody is willing to discuss or is there something else going on...

Well, most expats do NOT want to do the right thing like you! That's why no one really talks about it. But expats are "ugly expats" and don't really care about Argentina. They care about themselves. They just want cheap steaks and could care less about the country of Argentina.

As an American, you're going to have to pay USA taxes anyway so most local accountants as well will tell you NOT to pay Argentina taxes or even enter the system. That's the God's honest truth. Probably the ones that we recommend might give you the same advice. Argentina doesn't even know what it's own citizens are doing. Do you really think they are going to care what you are making in the USA?

I admire you for researching about it but the more you dig the more you will see that almost NO expats (especially Americans) are paying ANYTHING to Argentina.

 

[StatusNomadicus]

what the actual law is

which is the main problem...i've been unable to find it! i never thought searching the IRS website would be considered easy...but it is! (compared to Argentine law stuff)

 

[Che Vos]

which is the main problem...i've been unable to find it! i never thought searching the IRS website would be considered easy...but it is! (compared to Argentine law stuff)

My father is an accountant in Buenos Aires. I just asked him and he told me that you can ask 10 different accountants In Argentina and you will get 10 different answers! Ha! He said that almost NO accountants in Argentina know ANYTHING about foreigner expat tax issues. He said there is a totally different set of laws for foreigners. He said that locals will pretend to know and charge you but most likely it will be wrong.

He said the same thing as above that almost no one willingly enters the Argentina tax system. He said if anything most will file "monotributo" (https://www.afip.gob.ar/monotributo/) and just declare a partial fake part of their real income. He said that's what all the locals do. He said to google Monotributo but he is saying the same advice that no accountant is going to recommend you declare all your income. That's just dumb he said!

He said that if you get your DNI and have foreign income he would recommend you declare part of your real income so you're paying something and can open a bank account here locally. This way you are limiting your taxes yet still contributing to Argentina. He said 0% of locals pay their real taxes.

 

[earlyretirement]

My father is an accountant in Buenos Aires. I just asked him and he told me that you can ask 10 different accountants In Argentina and you will get 10 different answers! Ha! He said that almost NO accountants in Argentina know ANYTHING about foreigner expat tax issues. He said there is a totally different set of laws for foreigners. He said that locals will pretend to know and charge you but most likely it will be wrong.

He said the same thing as above that almost no one willingly enters the Argentina tax system. He said if anything most will file "monotributo" (https://www.afip.gob.ar/monotributo/) and just declare a partial fake part of their real income. He said that's what all the locals do. He said to google Monotributo but he is saying the same advice that no accountant is going to recommend you declare all your income. That's just dumb he said!

He said that if you get your DNI and have foreign income he would recommend you declare part of your real income so you're paying something and can open a bank account here locally. This way you are limiting your taxes yet still contributing to Argentina. He said 0% of locals pay their real taxes.

Yes, your father is a wise guy and exactly correct! 99.99% of local accountants have NO clue about expat/non-resident tax issues. It's two totally separate things.

We have seen so many mistakes by local accountants that give wrong advice. Even on the property tax side. When I was starting my business, we had to focus on non-resident tax issues so I hired my best friend's sister when she graduated from University. She was wicked smart and had dual degrees in Accounting and Economics. She studied abroad in London too. I hired her right out of University and I taught her to specialize and focus in non-resident tax matters. She knew more than AFIP about it. Then I hired another accountant and she also focused on non-resident tax matters. They are the top 2 best accountants in Argentina that deal with non-resident foreigners.

I literally had them read EVERY single page of the AFIP manual on foreign tax matters. It took a long time but it got to the point that when AFIP had questions, they called my office. And remember that my company got acquired by a multi-national foreign Canadian corporation. We had to survive tax audits from Canada as well as Argentina. Closing took 6 months but my accountant got me through that closing and it was only by having clean books and understanding ALL the tax laws that I succeeded in Argentina.

My company purchased and sold and managed hundreds and hundreds of properties and our claim to fame was never once did we have an issue. We also got hired to help people that had problems or had lawyers/accountants screw things up and we solved EVERY single case. It wasn't always easy and some took over a year. But we ALWAYS solved the issue and got our investors out of Argentina. (The vast majority of them we got out at the all time peak of the market in 2018/2019).

@FuturoBA I agree with @Che Vos's father's advice that NO local or even foreigner probably wants to enter the Argentine system if they don't need to. And also the advice for monotributo is a good one but keep in mind you MUST have a DNI to be able to qualify to declare income and pay it. And there are severe limits to how much you can earn. It's not that much money so consult their website or talk to an accountant.

The laws are also changing all the time. Milei will probably change things and make it easier too but who knows when. There is a LOT of red tape in Argentina.

Most banks in Argentina require you to have a DNI to open a bank account. Banco Galicia is probably the best once you get a DNI. You can do it all online and totally free of fees! (https://www.galicia.ar/personas/cuenta-gratuita-universal) You don't even have to go into a branch if you have a DNI. I banked with HSBC Premier for many years and then during COVID they shut down my account and trapped about $20,000 US in my USD account and they wouldn't release it unless I went in person and no way in hell I was going during COVID with the brutal lockdowns.

I finally went early in 2023 and spent 2 hours at the bank. They wouldn't release my cash. They asked for "proof" that my funds were there!. I showed them all my bank statements which were a few years old. They kept asking me to "prove the funds were still there". I told them I was coming back with my lawyers, and a news crew from all the TV stations and a reporter from the La Nacion and Clarin newspapers. I told them that was my "proof". Long story short, within 25 minutes they gave me my $20,000 USD back. Ha!

You will definitely want an Argentine bank as it's easy to pay people and bills. But also having a Mercado Libre account is essential to me as I get stuff all the time. I didn't want to depend on asking friends to order even though they would have. It would be a similar to not having an Amazon.com account in the USA. I couldn't imagine it as I literally get 2-3 packages a DAY here. It's ridiculous but in the USA if I want a box of paperclips, or paper white out or paper or whatever, I just order on Amazon.com. Same thing there with Mercado Libre.

You have to research good about the monotributo limits. I think there is a proposed law to increase the income to something like $30,000 US dollars but don't quote me on it. I think you can retain about $12,000 US dollars without having to pesify it. But you can do an initial consultation with an accountant. They don't charge much for a consult. Probably around $100 US dollars for a consultation.

 

[Che Vos]

Yes, your father is a wise guy and exactly correct! 99.99% of local accountants have NO clue about expat/non-resident tax issues. It's two totally separate things.

We have seen so many mistakes by local accountants that give wrong advice. Even on the property tax side. When I was starting my business, we had to focus on non-resident tax issues so I hired my best friend's sister when she graduated from University. She was wicked smart and had dual degrees in Accounting and Economics. She studied abroad in London too. I hired her right out of University and I taught her to specialize and focus in non-resident tax matters. She knew more than AFIP about it. Then I hired another accountant and she also focused on non-resident tax matters. They are the top 2 best accountants in Argentina that deal with non-resident foreigners.

I literally had them read EVERY single page of the AFIP manual on foreign tax matters. It took a long time but it got to the point that when AFIP had questions, they called my office. And remember that my company got acquired by a multi-national foreign Canadian corporation. We had to survive tax audits from Canada as well as Argentina. Closing took 6 months but my accountant got me through that closing and it was only by having clean books and understanding ALL the tax laws that I succeeded in Argentina.

My company purchased and sold and managed hundreds and hundreds of properties and our claim to fame was never once did we have an issue. We also got hired to help people that had problems or had lawyers/accountants screw things up and we solved EVERY single case. It wasn't always easy and some took over a year. But we ALWAYS solved the issue and got our investors out of Argentina. (The vast majority of them we got out at the all time peak of the market in 2018/2019).

@FuturoBA I agree with @Che Vos's father's advice that NO local or even foreigner probably wants to enter the Argentine system if they don't need to. And also the advice for monotributo is a good one but keep in mind you MUST have a DNI to be able to qualify to declare income and pay it. And there are severe limits to how much you can earn. It's not that much money so consult their website or talk to an accountant.

The laws are also changing all the time. Milei will probably change things and make it easier too but who knows when. There is a LOT of red tape in Argentina.

Most banks in Argentina require you to have a DNI to open a bank account. Banco Galicia is probably the best once you get a DNI. You can do it all online and totally free of fees! (https://www.galicia.ar/personas/cuenta-gratuita-universal) You don't even have to go into a branch if you have a DNI. I banked with HSBC Premier for many years and then during COVID they shut down my account and trapped about $20,000 US in my USD account and they wouldn't release it unless I went in person and no way in hell I was going during COVID with the brutal lockdowns.

I finally went early in 2023 and spent 2 hours at the bank. They wouldn't release my cash. They asked for "proof" that my funds were there!. I showed them all my bank statements which were a few years old. They kept asking me to "prove the funds were still there". I told them I was coming back with my lawyers, and a news crew from all the TV stations and a reporter from the La Nacion and Clarin newspapers. I told them that was my "proof". Long story short, within 25 minutes they gave me my $20,000 USD back. Ha!

You will definitely want an Argentine bank as it's easy to pay people and bills. But also having a Mercado Libre account is essential to me as I get stuff all the time. I didn't want to depend on asking friends to order even though they would have. It would be a similar to not having an Amazon.com account in the USA. I couldn't imagine it as I literally get 2-3 packages a DAY here. It's ridiculous but in the USA if I want a box of paperclips, or paper white out or paper or whatever, I just order on Amazon.com. Same thing there with Mercado Libre.

You have to research good about the monotributo limits. I think there is a proposed law to increase the income to something like $30,000 US dollars but don't quote me on it. I think you can retain about $12,000 US dollars without having to pesify it. But you can do an initial consultation with an accountant. They don't charge much for a consult. Probably around $100 US dollars for a consultation.

Thanks to you @earlyretirement! I told my father your story about HSBC and your money they refused to give you. He laughed very much. He said you are a brave and smart man. He said the only way to succeed in Argentina is to use brute force and show no fear like you did.

I told my father you are the one that sent me $200 USD for Osaka. My father told me he already like you more than my boyfriend! He said I need to find a smart man like you. Ha. Ha. My father will sign up for your forum. He never sign up for a forum before but he is intrigued now. He said if you want to go to eat he talk to you about accounting.

 

[earlyretirement]

Thanks to you @earlyretirement! I told my father your story about HSBC and your money they refused to give you. He laughed very much. He said you are a brave and smart man. He said the only way to succeed in Argentina is to use brute force and show no fear like you did.

I told my father you are the one that sent me $200 USD for Osaka. My father told me he already like you more than my boyfriend! He said I need to find a smart man like you. Ha. Ha. My father will sign up for your forum. He never sign up for a forum before but he is intrigued now. He said if you want to go to eat he talk to you about accounting.

Tell your father thanks for the kind comments. Tell him some of my favorite people are accountants! I always tell people one of your best friends in Argentina MUST be an accountant! A good accountant is more important than a good lawyer in Argentina. Legal system mostly doesn't work but you always have to know a good accountant if you own a business.

I always had NO fear in Argentina because we did thinks the right way. Almost no one does that in Argentina. We had so many people trying to get bribes or kickbacks and we always refused to pay them. Things took longer doing things the right way but I could go to sleep at night.

I'm writing an autobiography and going to post about some of the stuff. Much of it was crazy interesting!

When is your big dinner out at Osaka @Che Vos ? It's this weekend yes? Tell your novio I said happy birthday! Tell your father I am coming to Buenos Aires next month and always happy to meet up with good accountants!