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3. Requisites for Property Purchase
It is not very difficult for a foreigner to buy a property in Argentina, and all that is required is a tax ID, and to have the money in cash U$S at the time of purchase of the property.
CDI (Tax ID)
The main thing you need to be able to purchase property in Argentina is a Tax ID that enables you to pay taxes in Argentina. It is quite simple to get, but somewhat time consuming.
Certificado de Domicilio – Proof of Recidence
This proves where you are staying in Argentina, and is more of a formality to have an address to put on the Tax ID than an actual address certificate, since you can also use the address of a hotel that you are staying in.
In order to get the Certificado de Domicilio you need to go to the police station that corresponds to the address where you are staying with two copies of your passport and the actual passport and ask them for a Certificado de Domicilio, at which point you will be charged a small amount of around 10 pesos and give them the address that you want to use on your Tax ID. The following day a police officer will come to your residence and give you the Certificate, so make sure to stay home until you get it, otherwise you have to start the process again from the beginning. They will not give the certificate to anyone else, since you are the person that they have to prove live there.
AFIP to get CDI (in the day)
Now that you have your Certificado de Domicilio, you can go to the AFIP (Administración Federal de Ingresos Públicos – Federal Tax Administration) that corresponds to the address on your Certificado de Domicilio. Here you will probably have to do a lot of waiting, but that same day you will walk out with your CDI (Tax ID). You should bring two copies of your passport, the actual passport, and if your Spanish is not very good, a friend that could help you to translate some of the questions on the form that you will need to fill out. Go to the main desk and ask for the CDI form. They will then give you two copied that you need to fill out with identical information. When you have finished filling out the forms, take a number and wait for them to call it out. When they call your number, give them the two copies of your passport, the actual passport, and the two copies of the CDI form that you have filled out. If everything is in order, they should then and there write your CDI number on one of the copies, stamp it, and hand it back to you. They will keep the other copy, give you back your passport, and let you go home with your new CDI number, all ready for the purchase of your property.
Getting money into the country
Most properties in Argentina are purchased with U$S dollars in cash, which makes one of the main things to think about before purchasing the property the way to get the money into the country. There are a few ways to do this, some more recommendable than others.
How To
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Casa de Cambio – Exchange Bureau
The "Casa de Cambio" is like a small private bank that will transfer money into the country for your. This is less expensive than working with an official bank, but make sure to work with a bureau that is trustworthy and that has been recommended to you by someone that you know and rely on. You will have to prove the origin of the money in the more respectable Casas de Cambio, and they will then give you their account number in a foreign, usually North American, bank, to which you can then transfer the money. When the money has arrived in to the account, the Casa de Cambio will let you known that the money is ready for you to pick up in their office in Buenos Aires. The money does not actually get transferred into Argentina, since they will give you money out of an account that they have here in Buenos Aires, for the persons that want to transfer money out of the country. Since the money does not actually cross the border, the extra charges of double conversion is reduced. For this service the Casas de Cambio charge around 1.5 – 2.5 % of the transferred amount. Your money should be ready around 48 after you have put the money in their account, but there are cases where the Exchange Bureau will hold on to the money for extended periods, telling you that it is not ready yet, in order to charge interest on it while in their account.
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Official Bank
Transactions through official banks is complicated and expensive, especially if you don't have a bank account in an Argentinean Bank, which is difficult to open if you are not a resident. If you do have a bank account, if you know someone that you trust enough to put the money in their account that has one, or if you have an account in one of the larger international banks that also work in Argentina, the process is still expensive. When you transfer money into the country, from whichever currency, it will be converted automatically into Argentinean Pesos, the bank charging you for this service about 1,5 % of the amount. But since all Property purchases are done in U$S, the money will then have to be converted again into U$S, something that will cost you at least another 1,5 %, which is the standard exchange fee. In the end this turns out costing you between 3 – 4 % of the money that you have transferred, which is the same as the amount that the real estate agent and escibano are charging you for their services.
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Airplane
It is perfectly possible to bring the money yourself into the country on a flight from your country, although many see it as risky. Not only will you be traveling with a large amount of cash on you, but you also have to declare any amount over 10.000 U$S to customs, making it easy for any person working there to inform an accomplice that you are walking out on the street with x amount of U$S on you. But of course, many people bring money into the country this way without any problems what so ever.
Charges
- Casa de Cambio - Exchange Bureau: Between 1.5 and 2.5 % of transferred amount.
- Official Bank: 1.5 % to change money into Argentinean Pesos, and an additional 1.5 % to change it back to U$S, adding up to around 3 % of the transferred amount.
- Airplane: No charge.
