Lawyer Tips when buying Real Estate or Farmland in Argentina
If you’re a foreigner planning on buying real estate in Argentina, follow these tips to score a successful purchase of real estate in 2023:
1. You will need to have a valid and unexpired passport to purchase real estate abroad even if you are never present at the transaction abroad. Passports are the absolute only forms of ID that a person from another country can use to buy real estate. They are called “passports” because they are used to identify someone once they’ve “passed the port” and no other National document can do this. A driver’s license or an ID card are invalid outside the country they were issued -for pure identification purposes- unless supported by an international treaty.
2. Do not wire funds internationally if you buy real estate in Argentina from overseas, abroad, or in a foreign country. Few things are more complex than sending money from one Central Bank to another. For your information, every time you wire funds internationally there are two Central Banks involved, one authorizing your funds being sent and another one authorizing your funds to reach the account you instructed it to impact. Governments are the Lords of the most complex Bureaucracies on this planet.
This said, do not risk losing your funds or finding yourself trapped with paying penalties, exchange rate fees, or who knows what other surprises Senders of international funds could face when wiring money internationally. It would be easier to suggest contacting a local CPA. Now, what if even that CPA didn’t know every single rule or law, and your funds got seized or frozen for a period of time? The simple rule is that you can start by offering that you will only buy the property or land in Argentina as long as the seller agrees to receive payment in the best banking country convenient to your best interest.
Example: The buyer’s funds are in the USA -in California, Texas, or Florida-. All you have to do is request the seller to get on a flight and open a bank account in the USA. It’s that simple! And there are chances that the seller could already have a bank account in the USA. Rule: Keep your money local.
3. You need to get a tax ID before buying any property or land in Argentina. Mainly because all transactions have three partners: Buyer, Seller, and the Argentine Tax Agency! If you’re a foreigner your local tax agency. Indeed, the IRS becomes the fourth partner in this deal. They also want to know what you are going to do with your money).
4. All the documents you will need to submit in Argentina must come in original format. Also, they must be certified, legalized, apostilled, and translated. In addition, use a private courier to mail them. Never through your country’s public mailing system (ie, USPS for USA).
5. Make sure that your Realtor / Real Estate Broker in Argentina has no language barriers whatsoever. You should receive a clear explanation of the entire real estate process either in English or in your native language.
6. Hiring a bilingual lawyer. A professional with experience in Real Estate transactions in both the USA and Argentina could save you time and money.
7. Don’t buy without appraising. We can refer you to the best appraisers in the country.
8. If you require Accountants, CPA’s, land surveyors, bookkeepers, Notaries, Escribanos, who are bilingual and experienced, contact us.
Call LIMERES for a consultation to go over your situation at +1 (925) 791-8555 and/or +(54911) 4162-0021
You can also visit Limeres.com.