Argentine Taxes when a United States Citizen inherits property, real estate or agricultural farmland in Argentina and resides in USA
The great news is that Argentina doesn’t have an inheritance tax. Except for the Province of Buenos Aires and the Province of Entre Rios. If you inherited in the City of Buenos Aires, also known as CABA or Ciudad Autonoma de Buenos Aires, you don’t pay any inheritance taxes. All the other provinces in Argentina do not have any inheritance tax either.
Certificate of Non-Retention
The issue where every US and foreign citizen must be extremely careful is with the so called “Argentine Certificate of Retention” or “”Certificate of Non-Retention” which is issued by AFIP. It only applies to Aliens, Foreign Nationals and Argentines who have lost their permanent residence. They all have in common that they don’t file taxes habitually in any jurisdiction within Argentina. Therefore, those who fall within this category must file this AFIP certificate with an Argentine CPA that specializes in these certificates. However, there are very few CPA’s who know how to process these certificates properly.
The secret is that if the CPA knows how to file this certificate. It will take them no more than 4 to 6 weeks to complete it. Then, a sale or transfer of title can happen. We have seen that when the CPA isn’t knowledgeable in processing these certificates, Argentina’s tax agency ends up delaying it for long months and in some cases for years.
If you need our law firm to refer you with a knowledgeable CPA who knows how to process Argentine certificates of retention, please contact us via our website (limeres.com). Or send a text message or a WhatsApp to any of the following numbers: +54911-4162-0021 and/or +1(925) 791-8555.
Argentine Certificate of Retention
The “Argentine Certificate of Retention” is a tax charged to foreigners and non-residents for “presumably” profiting on the Argentine real property that they inherited or are intending to sell. It is “presumed” because if AFIP presumes that there was profit they will charge 35% on any rental profit that could have happened during the period investigated by the agency. The way to avoid this outrageous tax is by filing a “Request for a Certificate of Non-Retention”. In 99% of the cases, our team is able to reduce that certificate down to 1.5% of the fiscal value of the property. Basically, a CPA can reduce it significantly. This specialist can reduce this fee to just 1.5% of the fiscal value of the property.
Contact LIMERES for a consultation or to get a quote:
By email: YouTube@Limeres.com
USA: +1 (925) 791-8555
ARG: +54 911 4162-0021
For more information, please contact us via our website (limeres.com). Or send a text message or a WhatsApp to any of the following numbers: +54911-4162-0021 and/or +1(925) 791-8555.