3994  Obtaining residency, buying property, bank accounts in Argentina

Date: Wed, 30 Nov 2005 13:00:09 -0300
From: Janis Kenyon <jantango@FEEDBACK.NET.AR>
Subject: Obtaining residency, buying property, bank accounts in Argentina

Argentina is ranked third in the world as the least expensive city in which
to live. This appeals to tangueros who are buying property and choosing
Buenos Aires for retirement.

Residency
It is advisable to begin the process with the Argentine consulate in your
country. The immigration office in Buenos Aires will allow someone to apply
for residency if (1) they have family or children born in Argentina, (2) are
married to an Argentine, or (3) make an investment of $100,000 pesos to
start a business.

Buying Property
Housing is very affordable. Real estate taxes and utilities are low. There
are several options in buying property: (1) by auction; (2) purchase
directly from the owner; or (3) purchase through a real estate agent. You
hire an escribano to do the title search and prepare the paperwork, as well
as a lawyer to draw up the purchase agreement. All the documents are
written in Castellano.

Bank Accounts
No one can open a bank account unless they have a DNI. To obtain a DNI you
need to have residency. Although I have lived in Buenos Aires for almost
seven years, I have never been able to open a bank account and really don't
need one. Fortunately, the owner of my apartment lives in the United
States, so I was able to buy the property with a wire transfer from my
account to hers. New banking laws require 30% of a deposit to be held for a
year.

Apartment Rental
Apartments are at a premium. A rental contract is for two years. Owners
require a tenant to have a property owner living in the capital federal as a
guarantor on the lease. A tenant is responsible for paying the real estate
taxes, maintenance fees, and all utilities in addition to the monthly
rental. An alternative is to rent a furnished apartment on a monthly basis
like those offered on Tango-A.

Working
Everyone entering Argentina signs an immigration form which states:
Travelers entering as "transitory" residents are not allowed to work in the
country. Infringers may be declared "illegal residents" and forced to leave
the national territory by a certain date. A presidential decree in
November 2005 permitted hundreds of thousands of illegals (primarily Asians)
to obtain residency during a six-month period.

Getting a job in Buenos Aires isn't possible unless you are between the ages
of 20-35 and have a DNI. And then your salary is about 400 pesos per month.
A work contract will help you obtain residency and a DNI, whereas working
for yourself doesn't.

Working in Argentina as a citizen of another country may result in having to
pay taxes in two countries. US citizens working and residing overseas are
required to file and report their worldwide income to the IRS. We are
reminded of this in our passports.

These are important issues to understand before moving to Argentina.

Janis Kenyon
Buenos Aires