Positive Changes for Real Estate investors in Argentina and also non-resident foreigner investors with Milei's Omnibus law

[earlyretirement]

We are already seeing immediate positive changes with President Milei's changes in his new Bill. Yesterday, they immediately eliminated the ITI Transfer tax for those selling real estate and that purchased prior to December 31, 2017. They had a 1.5% tax when they sold their properties. That has been immediately eliminated. There was also a pain in the ass permit that non-resident foreigners had to get when they sold their property. That process was time consuming, cumbersome and expensive as it required hiring a specialized accountant that was an expert in getting these. This process took a few months.

President Milei has immediately eliminated these two hurdles yesterday and they are no longer needed. He is making it much easier for non-resident foreigners to invest and also exit on their investments in Argentina. These are huge steps in the right direction.

Hopefully we also see an elimination or reduction on the capital gains taxes on the sale of real estate. Currently at 15% and hopefully we see a Golden Visa option on real estate purchases with a fast track for Argentine Citizenship as I recommended to him last year.

 

[Betsy Ross]

We are already seeing immediate positive changes with President Milei's changes in his new Bill. Yesterday, they immediately eliminated the ITI Transfer tax for those selling real estate and that purchased prior to December 31, 2017. They had a 1.5% tax when they sold their properties. That has been immediately eliminated. There was also a pain in the ass permit that non-resident foreigners had to get when they sold their property. That process was time consuming, cumbersome and expensive as it required hiring a specialized accountant that was an expert in getting these. This process took a few months.

President Milei has immediately eliminated these two hurdles yesterday and they are no longer needed. He is making it much easier for non-resident foreigners to invest and also exit on their investments in Argentina. These are huge steps in the right direction.

Hopefully we also see an elimination or reduction on the capital gains taxes on the sale of real estate. Currently at 15% and hopefully we see a Golden Visa option on real estate purchases with a fast track for Argentine Citizenship as I recommended to him last year.

It is interesting to see an example of how a new change in the Omnibus will have an immediate effect on things. I purchased my apartment in Buenos Aires prior to December 2017 so I assume when I sell I won't have to pay that 1.5% fee? I don't plan on selling but any reduction of taxes I have to pay is wonderful. I have my DNI so I wouldn't have had to get a permit to sell but I have plenty of friends that had to go through that process and it was a nightmare for them.

It's good to see this is immediately eliminated. I have a friend now that is going through the process selling their property. Does this mean she doesn't have to go through it even if she already applied with AFIP. She was waiting to hear if they granted it.

 

[Vince]

Awesome! I also purchased my condo before then. I am moving out of Buenos Aires later this year but will keep my apartment. Do you have any other information about the Golden Visa @earlyretirement? I read a few of your posts on this forum and on X last year about it. My sister is thinking of buying a property here. It would be worth it for her to wait if she can get a Golden Visa for buying real estate here. Please let me know if you have any other information on that option.

Banking - Details about bringing in ALL those US Dollars that are held outside Argentina

This is GREAT news!! Money that has been stashed away under mattresses or in offshore accounts is now permitted to re-enter the system without facing penalties, and seemingly, without the need to provide a justification for its origin. This applies to dollars in general, not exclusively those...

www.expatsba.com

 

[Wally]

Great news. I didn't even know there was a transfer tax when I sold my property. I knew about a stamp tax as I had to pay half of it when I bought my place and I was told I haver to pay 50% when I sell my place. I probably will never sell my apartment either. Plan to stay retired here. I can't imagine moving at this point.

I don't plan to buy anymore real estate here but this all sounds like great news for foreigners that are buying here now. I wonder if they will get rid of the capital gains tax?

 

[Spend Thrift]

Awesome! I also purchased my condo before then. I am moving out of Buenos Aires later this year but will keep my apartment. Do you have any other information about the Golden Visa @earlyretirement? I read a few of your posts on this forum and on X last year about it. My sister is thinking of buying a property here. It would be worth it for her to wait if she can get a Golden Visa for buying real estate here. Please let me know if you have any other information on that option.

Banking - Details about bringing in ALL those US Dollars that are held outside Argentina

This is GREAT news!! Money that has been stashed away under mattresses or in offshore accounts is now permitted to re-enter the system without facing penalties, and seemingly, without the need to provide a justification for its origin. This applies to dollars in general, not exclusively those...

www.expatsba.com

Elimination of ANY taxes is a step in the right direction. I thought I heard some taxes went up on something but I'm not sure what it was. Good to hear about this. I just read that post. Am I reading this right if they do a Golden Visa it would be like Portugal had? I buy an apartment at a certain $ amount and I'd get a passport here???? I would do that!

 

[earlyretirement]

It is interesting to see an example of how a new change in the Omnibus will have an immediate effect on things. I purchased my apartment in Buenos Aires prior to December 2017 so I assume when I sell I won't have to pay that 1.5% fee? I don't plan on selling but any reduction of taxes I have to pay is wonderful. I have my DNI so I wouldn't have had to get a permit to sell but I have plenty of friends that had to go through that process and it was a nightmare for them.

It's good to see this is immediately eliminated. I have a friend now that is going through the process selling their property. Does this mean she doesn't have to go through it even if she already applied with AFIP. She was waiting to hear if they granted it.

Hi @Betsy Ross. Correct. If your friend has a pending case/application with AFIP she can totally by-pass that and it's not required. I have several clients that were in the same stage as your friend and they are all moot at this point as the permit is not required. It was a common sense change that drastically makes it easier for non-resident foreigners when they are selling.

Awesome! I also purchased my condo before then. I am moving out of Buenos Aires later this year but will keep my apartment. Do you have any other information about the Golden Visa @earlyretirement? I read a few of your posts on this forum and on X last year about it. My sister is thinking of buying a property here. It would be worth it for her to wait if she can get a Golden Visa for buying real estate here. Please let me know if you have any other information on that option.

Banking - Details about bringing in ALL those US Dollars that are held outside Argentina

This is GREAT news!! Money that has been stashed away under mattresses or in offshore accounts is now permitted to re-enter the system without facing penalties, and seemingly, without the need to provide a justification for its origin. This applies to dollars in general, not exclusively those...

www.expatsba.com

Nothing has been announced on the Golden Visa but here are the terms/conditions that my office recommend to President Milei last year:

Golden Visa Program

Initiate a Golden Visa program for foreign investors. $250,000 ought to be good to start. Terms of the Golden Visa Program: - You must invest $250,000 USD into Argentina that will be used to purchase real estate or land or must be invested in a technology that will benefit the Argentine society.

You must pay a reasonable application fee of $1,000 US dollars to apply for the Golden Visa. - If it's for real estate, you must pre-pay 3 years of the property tax upfront, and the Minister of Finance can best determine how to use these pre-paid funds. - You get a DNI immediately upon making the investment and paying the 3 years of property taxes. After 3 years you automatically get an Argentine Passport with NO minimum entry requirements. The passport is permanent. Maybe you pay a reasonable fee to receive the passport. Maybe $500 US- You get NO social benefits as a Golden Visa passport holder. You can't sponge off the medical or retirement system. Only if you contributed and paid taxes in Argentina.

Any assets outside of Argentina will NOT be taxed by Argentina when considering their asset/wealth tax. ONLY assets INSIDE Argentina are taxed. Obviously, any assets held inside Argentina will be taxed at normal Argentina tax rates on income or asset taxes. If a corporation is set up to invest in Argentina, and at least $10 million is brought into Argentina, then 5 of the officers of that corporation are eligible for Golden Visa Passports.

Same conditions that they must pre-pay 3 years of property taxes on whatever property they build/buy. (For every additional $10 million that is invested by that company 3 more people within that organization can be eligible for a passport too). - The terms are permanent and even if another Administration comes along, these are permanent and can't be revoked. - The same stringent terms/conditions, FBI background checks, etc. must be performed by anyone applying for a Golden Visa Passport. The same financial controls and checks must be performed for any money coming into the program for this Golden Visa Passport program. - If someone already has a DNI for Argentina and Permanent residency and they invest the funds, they would immediately qualify for this improved DNI and Passport.

Elimination of ANY taxes is a step in the right direction. I thought I heard some taxes went up on something but I'm not sure what it was. Good to hear about this. I just read that post. Am I reading this right if they do a Golden Visa it would be like Portugal had? I buy an apartment at a certain $ amount and I'd get a passport here???? I would do that!

@Spend Thrift that would be the general recommendation. Portugal had a very successful Golden Visa program. I had many friends and clients that invested funds in Portugal and now have EU passports. I believe an Argentine passport in the future will be very valuable.

 

[Digital Nomad]

Hi @Betsy Ross. Correct. If your friend has a pending case/application with AFIP she can totally by-pass that and it's not required. I have several clients that were in the same stage as your friend and they are all moot at this point as the permit is not required. It was a common sense change that drastically makes it easier for non-resident foreigners when they are selling.


Nothing has been announced on the Golden Visa but here are the terms/conditions that my office recommend to President Milei last year:

Golden Visa Program

Initiate a Golden Visa program for foreign investors. $250,000 ought to be good to start. Terms of the Golden Visa Program: - You must invest $250,000 USD into Argentina that will be used to purchase real estate or land or must be invested in a technology that will benefit the Argentine society.

You must pay a reasonable application fee of $1,000 US dollars to apply for the Golden Visa. - If it's for real estate, you must pre-pay 3 years of the property tax upfront, and the Minister of Finance can best determine how to use these pre-paid funds. - You get a DNI immediately upon making the investment and paying the 3 years of property taxes. After 3 years you automatically get an Argentine Passport with NO minimum entry requirements. The passport is permanent. Maybe you pay a reasonable fee to receive the passport. Maybe $500 US- You get NO social benefits as a Golden Visa passport holder. You can't sponge off the medical or retirement system. Only if you contributed and paid taxes in Argentina.

Any assets outside of Argentina will NOT be taxed by Argentina when considering their asset/wealth tax. ONLY assets INSIDE Argentina are taxed. Obviously, any assets held inside Argentina will be taxed at normal Argentina tax rates on income or asset taxes. If a corporation is set up to invest in Argentina, and at least $10 million is brought into Argentina, then 5 of the officers of that corporation are eligible for Golden Visa Passports.

Same conditions that they must pre-pay 3 years of property taxes on whatever property they build/buy. (For every additional $10 million that is invested by that company 3 more people within that organization can be eligible for a passport too). - The terms are permanent and even if another Administration comes along, these are permanent and can't be revoked. - The same stringent terms/conditions, FBI background checks, etc. must be performed by anyone applying for a Golden Visa Passport. The same financial controls and checks must be performed for any money coming into the program for this Golden Visa Passport program. - If someone already has a DNI for Argentina and Permanent residency and they invest the funds, they would immediately qualify for this improved DNI and Passport.


@Spend Thrift that would be the general recommendation. Portugal had a very successful Golden Visa program. I had many friends and clients that invested funds in Portugal and now have EU passports. I believe an Argentine passport in the future will be very valuable.

I would LOVE to see a Golden Visa but $250,000 is steep. Any chance they would lower it? Most of the real estate in Buenos Aires are smaller apartments that are less than that amount. I could maybe come up with $150,000 but even that would be a stretch. Would new construction be included on this?

 

[James Bond]

We are already seeing immediate positive changes with President Milei's changes in his new Bill. Yesterday, they immediately eliminated the ITI Transfer tax for those selling real estate and that purchased prior to December 31, 2017. They had a 1.5% tax when they sold their properties. That has been immediately eliminated. There was also a pain in the ass permit that non-resident foreigners had to get when they sold their property. That process was time consuming, cumbersome and expensive as it required hiring a specialized accountant that was an expert in getting these. This process took a few months.

President Milei has immediately eliminated these two hurdles yesterday and they are no longer needed. He is making it much easier for non-resident foreigners to invest and also exit on their investments in Argentina. These are huge steps in the right direction.

Hopefully we also see an elimination or reduction on the capital gains taxes on the sale of real estate. Currently at 15% and hopefully we see a Golden Visa option on real estate purchases with a fast track for Argentine Citizenship as I recommended to him last year.

These permits to sell were a royal pain. I had to help a mate that was selling his place a few years ago. He did hire an accountant but the process took forever and the buyer almost backed out of the deal. He did get it but it was expensive and almost ruined the sale. Great to see it's not just Argentine residents that are benefitted by the new laws and foreigners also. It sounds like Milei is removing any potential hurdles to invest in Argentina.

 

[Vero]

Any elimination of taxes and red-tape is good news to me.

 

[import export]

Most excellent news. I would consider buying a property there in Argentina if I was assured of getting an Argentine passport.

 

[Avocado]

We are already seeing immediate positive changes with President Milei's changes in his new Bill. Yesterday, they immediately eliminated the ITI Transfer tax for those selling real estate and that purchased prior to December 31, 2017. They had a 1.5% tax when they sold their properties. That has been immediately eliminated. There was also a pain in the ass permit that non-resident foreigners had to get when they sold their property. That process was time consuming, cumbersome and expensive as it required hiring a specialized accountant that was an expert in getting these. This process took a few months.

President Milei has immediately eliminated these two hurdles yesterday and they are no longer needed. He is making it much easier for non-resident foreigners to invest and also exit on their investments in Argentina. These are huge steps in the right direction.

Hopefully we also see an elimination or reduction on the capital gains taxes on the sale of real estate. Currently at 15% and hopefully we see a Golden Visa option on real estate purchases with a fast track for Argentine Citizenship as I recommended to him last year.

There are probably better taxes to get rid of. Most people that sell properties already have $$$. They can afford the 1.5% tax. They should cut other taxes first for people that can't afford to pay.

 

[Finance Prof]

Excellent news about foreigners not having to apply for a permit to sell! I had a few friends that had to go through that ugly process. All of them got the permits but they spun their wheels and had to pay over $1,500 to $2,000 in fees getting it. Smart removing this obstacle for foreigners. Even better if they give passports to people buying real estate in Argentina. I read that Portugal took in over €10 billion euros with that program.

 

[Piranha]

There seems to be more and more people that are looking for 2nd passports. I see on Twitter in my feed about 10 companies a day trying to sell 2nd passports.

 

[Anchor Baby]

I would LOVE to see a Golden Visa but $250,000 is steep. Any chance they would lower it? Most of the real estate in Buenos Aires are smaller apartments that are less than that amount. I could maybe come up with $150,000 but even that would be a stretch. Would new construction be included on this?

You could always just get your girlfriend pregnant. I read you are dating a local here. We are having an anchor baby here and will get our passports that way. We don't have enough to buy real estate here but this seems like the easiest way.

I saw this on X today. Many others are doing the same thing. Very easy.

https://twitter.com/x/status/1811090277999816828

 

[Mother Russia Argentina]

You could always just get your girlfriend pregnant. I read you are dating a local here. We are having an anchor baby here and will get our passports that way. We don't have enough to buy real estate here but this seems like the easiest way.

I saw this on X today. Many others are doing the same thing. Very easy.

https://twitter.com/x/status/1811090277999816828

Argentina wonderful country to give immigrants a chance to start over in good life here. Our daughter born here this year and Argentine. Does anyone know the YouTube of this American police officer? I would like to follow his page but I don't see link to it.

 

[Digital Nomad]

You could always just get your girlfriend pregnant. I read you are dating a local here. We are having an anchor baby here and will get our passports that way. We don't have enough to buy real estate here but this seems like the easiest way.

I saw this on X today. Many others are doing the same thing. Very easy.

https://twitter.com/x/status/1811090277999816828

Ha! Yes, I call that my nuclear option. It actually doesn't sound like it is too difficult to get permanent residency here but from what I'm reading you have to live here 2 years. I heard another way is you can get a work visa and just get a local company to sponsor you and say you are working for them. My girlfriend's dad owns a company so I might ask for that option but we've only been dating a few months so not too serious.

 

[MikeYoung]

We are already seeing immediate positive changes with President Milei's changes in his new Bill. Yesterday, they immediately eliminated the ITI Transfer tax for those selling real estate and that purchased prior to December 31, 2017. They had a 1.5% tax when they sold their properties. That has been immediately eliminated. There was also a pain in the ass permit that non-resident foreigners had to get when they sold their property. That process was time consuming, cumbersome and expensive as it required hiring a specialized accountant that was an expert in getting these. This process took a few months.

President Milei has immediately eliminated these two hurdles yesterday and they are no longer needed. He is making it much easier for non-resident foreigners to invest and also exit on their investments in Argentina. These are huge steps in the right direction.

Hopefully we also see an elimination or reduction on the capital gains taxes on the sale of real estate. Currently at 15% and hopefully we see a Golden Visa option on real estate purchases with a fast track for Argentine Citizenship as I recommended to him last year.

Any time the government gets rid of a tax it's always a step in the right direction. I talked to an American that was selling their property last year and they talked about what a hassle it was getting the permit from AFIP. Ultimately they were able to sell their property but they did have to hire some accountant to help them with it and also pay a lot of back taxes they never paid.

I saw there is a 15% capital gains tax when you sell but it sounds like sellers all declare lower prices to get around that so not sure how much they are making with that tax.

 

[BuySellBA]

We are already seeing immediate positive changes with President Milei's changes in his new Bill. Yesterday, they immediately eliminated the ITI Transfer tax for those selling real estate and that purchased prior to December 31, 2017. They had a 1.5% tax when they sold their properties. That has been immediately eliminated. There was also a pain in the ass permit that non-resident foreigners had to get when they sold their property. That process was time consuming, cumbersome and expensive as it required hiring a specialized accountant that was an expert in getting these. This process took a few months.

President Milei has immediately eliminated these two hurdles yesterday and they are no longer needed. He is making it much easier for non-resident foreigners to invest and also exit on their investments in Argentina. These are huge steps in the right direction.

Hopefully we also see an elimination or reduction on the capital gains taxes on the sale of real estate. Currently at 15% and hopefully we see a Golden Visa option on real estate purchases with a fast track for Argentine Citizenship as I recommended to him last year.

All great news and a good example of how quickly a change of law can go into effect. We have several clients that are closing on sales this week and both the ITI and also the requirement for the permit have both been waived.

Our company has dealt with AFIP permits for many years and always were successful in getting the permits but it was an unnecessary and red-tape plagued process for non-resident sellers of real estate. This just goes to show you that President Milei's administration is cutting out as many obstacles as he can for foreign investors. You should see more and more foreigners investing in Argentina and also foreigners looking to make Argentina their home in the future.

 

[Digital Nomad]

Argentina wonderful country to give immigrants a chance to start over in good life here. Our daughter born here this year and Argentine. Does anyone know the YouTube of this American police officer? I would like to follow his page but I don't see link to it.

He has a YouTube channel at:

Economic Front

Argentina ð¦ð· | Bitcoin | Freedom | Family

www.youtube.com

 

[FuturoBA]

Hi @Betsy Ross. Correct. If your friend has a pending case/application with AFIP she can totally by-pass that and it's not required. I have several clients that were in the same stage as your friend and they are all moot at this point as the permit is not required. It was a common sense change that drastically makes it easier for non-resident foreigners when they are selling.


Nothing has been announced on the Golden Visa but here are the terms/conditions that my office recommend to President Milei last year:

Golden Visa Program

Initiate a Golden Visa program for foreign investors. $250,000 ought to be good to start. Terms of the Golden Visa Program: - You must invest $250,000 USD into Argentina that will be used to purchase real estate or land or must be invested in a technology that will benefit the Argentine society.

You must pay a reasonable application fee of $1,000 US dollars to apply for the Golden Visa. - If it's for real estate, you must pre-pay 3 years of the property tax upfront, and the Minister of Finance can best determine how to use these pre-paid funds. - You get a DNI immediately upon making the investment and paying the 3 years of property taxes. After 3 years you automatically get an Argentine Passport with NO minimum entry requirements. The passport is permanent. Maybe you pay a reasonable fee to receive the passport. Maybe $500 US- You get NO social benefits as a Golden Visa passport holder. You can't sponge off the medical or retirement system. Only if you contributed and paid taxes in Argentina.

Any assets outside of Argentina will NOT be taxed by Argentina when considering their asset/wealth tax. ONLY assets INSIDE Argentina are taxed. Obviously, any assets held inside Argentina will be taxed at normal Argentina tax rates on income or asset taxes. If a corporation is set up to invest in Argentina, and at least $10 million is brought into Argentina, then 5 of the officers of that corporation are eligible for Golden Visa Passports.

Same conditions that they must pre-pay 3 years of property taxes on whatever property they build/buy. (For every additional $10 million that is invested by that company 3 more people within that organization can be eligible for a passport too). - The terms are permanent and even if another Administration comes along, these are permanent and can't be revoked. - The same stringent terms/conditions, FBI background checks, etc. must be performed by anyone applying for a Golden Visa Passport. The same financial controls and checks must be performed for any money coming into the program for this Golden Visa Passport program. - If someone already has a DNI for Argentina and Permanent residency and they invest the funds, they would immediately qualify for this improved DNI and Passport.


@Spend Thrift that would be the general recommendation. Portugal had a very successful Golden Visa program. I had many friends and clients that invested funds in Portugal and now have EU passports. I believe an Argentine passport in the future will be very valuable.

A couple of questions about the proposal. 1) Anybody who invested prior to the proposal, would that carry over to if and when a GV program realizes. And maybe details to be worked out, but is there a time limit if so? IE somebody who invested 10-20 years prior vs 1-2 years, would the amount of previous investments be counted towards the proposed amount required. and 2) With regards to the bolded, is that something that can truly be enforced or written in a way to truly be permanent? I would think that if the the terms changes in the future with another administration, those that applied and met the qualifications but not fully completed would still be accepted, but even still I think I'd probably have concerns much more so if planning further than the immediate future.