Category Archives: English

Invest in Argentina – Buenos Aires, Mendoza, Patagonia

Making an Investment in Argentina

If you’re looking to invest in Argentina, then you might consider making a real estate investment in Argentina, such as buying a fixer-upper property. These aren’t as much of a bargain on a per-square-foot basis, but they are less expensive in gross dollar terms and often don’t take much work or capital to put into rentable condition. It is important to note that these days in Buenos Aires even the smaller apartments in good neighborhoods are doing well as short-term rentals.

Tourism has become a very big business in Buenos Aires…for all the reasons we’ve told you about…and smaller apartments (one and two bedrooms) are now great investments because they are ideal for short-term rentals. The demand is quite high, since most hotels are fully booked, and the cost of renting a short-term rental apartment is much lower than staying at a hotel. Either way, if you purchase an apartment in a desirable location–especially in the Recoleta and the Retiro areas–you probably won’t go wrong. Here, apartments in older buildings are reminiscent of apartments in Paris and Barcelona, and have tremendous style and character. They appeal not only to local residents, but also to tourists and longer-term visitors as well. And if you owned one of these, you would certainly want to have occasional use of it as well.

We also see lots of investment opportunity in areas in the south of the city of Buenos Aires, like San Telmo and Barracas. In these areas, the demand is strengthening, and due to its great proximity to all the better areas, they provide a great alternative. The other appeal these southern areas have is that there are plenty of character buildings, which are in the process of being renovated, and costs are very advantageous.

Ready to Invest in Argentina?

A first-time foreign investor in any country can’t be expected to simply drop in and get up to speed immediately. You need a local expert to help you understand the ins and outs of the market–especially in a place as diverse as Argentina.

Before you visit Argentina, we recommend you contact us. We are experts at helping to guide investors to the best local investment opportunities.

The proven Buenos Aires – Argentina lawyer professionals at the Kier Joffe law firm have experience working with foreign clients involved in all kind of cases in Argentina. Buenos Aires Argentina attorney professionals are knowledgeable in almost all the practice areas of law, to service its international cases in Buenos Aires Argentina. International clients will have the confidence of knowing that the case is being handled by an experienced and knowledgeable Buenos Aires  lawyer in Argentina.

www.kierjoffe.com

Argentina Real Estate

Excellent Argentina Real Estate Opportunities Are Available Throughout the Country

The architecture defining properties in Argentina is eclectic. Older buildings in Buenos Aires that would be well at home in any European city sit alongside unappealing highrises built in the ’60s, ’70s, and ’80s…and here and there, newer and less offensive modern structures share the landscape. The older apartments in Buenos Aires are much bigger than their European counterparts, making the real estate in Argentina much more comfortable than, say, the typical European apartment. For instance, the typical apartment in Buenos Aires is approximately 3,000 square feet, with three bedrooms, two bathrooms, a large kitchen, sitting room, dining room, and maids’ quarters.

Magnificent Apartment Properties

Most larger apartments in Argentina have one or two bedrooms and maids’ quarters, plus a back entrance with separate stairs and elevator for the maids’ use. The per-foot cost of these apartments is one-third to one-tenth that of a similar property in Europe. A 1,000-square-foot apartment, for example, in one of these Argentine properties of character will cost you about $175,000-200,000. All indications are that an investment in an apartment in Buenos Aires is a good one. If you are interested in making an investment in Argentina real estate here, you have two options: You can buy something small…something that would be considered a starter home for a single person or a couple, or you can buy a larger unit–a “classic” apartment in one of the better neighborhoods.

A smaller apartment would make a good long-term rental on the local market, returning about 4-5% (net of everything including the rental management fee) with minimal hassle. The only potential hassle would be an eviction. However, the property laws in Argentina related to eviction of a tenant are similar to those in the United States, and the eviction process isn’t overly difficult. There are steps to follow, but it’s nothing like Europe, for example, where even the most deadbeat of tenants can be all but impossible to evict.

Different Areas of Buenos Aires in Which to Buy Real Estate

In Palermo, a neighborhood in Buenos Aires that attracts lots of expats, real estate prices have fallen less than in other parts of the city, but they’re still very reasonable. End houses in the northern suburbs, which are where expats with families tend to navigate, are selling for up to 20% less than before the currency devaluation.

In addition to apartments in the capital, there is also an attractive real estate market right now for houses in the Buenos Aires suburbs to the north. Here, you will find quaint English-style houses built in the 1940s and modern, angular houses of more than 7,000 square feet with four-car garages. These are higher-value investments and, like apartment properties in Buenos Aires, offer long- but probably not short-term rental potential…plus the promise of impressive appreciation in the coming years.

If you are particularly interested in getting into the rental business with your Argentina real estate purchase, you might want to consider one of the northern suburb’s gated communities, to either buy a lot and build a home or buy an existing home. Returns in the best gated communities for long-term rentals are currently about 7% per year.

Overall, houses in the northern suburbs rent well on the corporate expat market, especially to families with school-aged children. There is an English-language school nearby, and the feel is more like the North Shore of Chicago than the Third World. There are shops, restaurants, parks, and there’s even a commuter train to the city. The cost per square foot for the ready-to-move-into houses ranges from $65 to $93. This is where the wealthy Argentines live, so the houses are big. In other words, although the per-square-foot cost is low, the total cost is not entirely insignificant. Small houses here are around 3,000 square feet and are selling for $250,000 and up. Every house has maids’ quarters. Most have back staircases for maids, swimming pools, and parrillas y quinchos–outdoor covered eating areas and brick barbecues.

The real estate in these suburbs undoubtedly has great potential for long-term appreciation (longer-term than the two to three years you might expect for apartments in the city). These are grand houses, built with “real” materials–granite (for the countertops), hardwoods (for the floors and windows), and brick (for the exteriors). Houses of this standard in a major U.S. city would go for at least four times what they are currently listed for in Buenos Aires.

The Argentine Real Estate Market Beyond Buenos Aires

Patagonia is a brand in itself, including Mendoza and its wonderful wine region and Bariloche and the lake region including San Martin de los Andes. Mendoza concentrates the best regions for wineries and vineyard properties, with prices starting as low as $75,000 for a 30- to 40-acre piece of real estate. A garden city with stunning views of the Andes mountains, it has five trees for every resident and its shady avenues impart a relaxing and tranquil pace. The wonderful climate is due to its location at the foot of the Andes. Mendoza is the fifth-largest wine-producing region in the world–grapevines were first planted by Jesuit missionaries in 1556. Nearly 80% of Argentina’s wines are produced here, including Argentina’s signature wine, the rich, deep-garnet Malbec, often called Argentina’s zinfandel.

Mendoza’s San Rafael was settled by Italian and Swiss pioneers. It is the home of Valentin Bianchi, one of Argentina’s largest wine producers, which exports to the United States and Europe. Wine enthusiasts are drawn to its sparkling wines and pleasant strolls through the landscaped property.

Bariloche is known as the “St. Moritz of Argentina.” Located in the Andean foothills on the southern shore of Lake Nahuel Haupi, Bariloche is surrounded by dense forests, alpine lakes, and 12,000-foot-high mountains. It was founded by German and Austrain settlers and rivals the Swiss Alps for sheer beauty. The town of 120,000 permanent residents sits on the lakefront and resembles a Swiss village with its wooden façades, mountainous scenery, and cathedral and clock tower in the center of town. Bariloche is popular both winter and summer for outdoor sports, and has very lively nightlife with music, dining, and dancing.

If you are considering other Argentina real estate options, then you will be pleased to know that there is some excellent real estate for sale. In the heart of Bariloche, a beautiful 1,700-square-foot Alpine-style chalet with a view of the lake will cost approximately $110,000, and a 3,200-square-foot house near the town center will be about $225,000.

Picture yourself at the head of a fabulous downhill run at the Cerro Catedral ski resort. You’re in the clear mountain air, viewing breathtaking scenery and inhaling the intoxicating aromas from the town’s many chocolate confectioners. Below are chalet-style houses with brightly painted window boxes.

Skiing starts in May at Cerro Catedral, just 12 miles from Bariloche, but the best time to hit the slopes is July to October. Important international competitions take place at Cerro Catedral, which offers 4,500 acres of ski-able terrain and is South America’s first and largest ski resort.

The Arelauquen Golf & Country Club, located just 15 minutes from the center of Bariloche, is a gated lakeside community with an 18-hole golf course. A bungalow here can be purchased for about $130,000 or a quarter-acre lot facing the golf course for $200,000. A pine tree-shaded lot on the shore of Lake Gutierrez will cost $100,000 and up.

The Chapelco Golf & Resort, only 10 minutes from San Martín de los Andes, features an 18-hole golf course co-designed by Jack Nicklaus and Jack Nicklaus II, an international hotel complex, and 432 real estate development lots. On average, lot sizes range from one-third to three-quarter acres, with one as large as 2.75 acres. Prices range from $75,000-200,000 per lot, and monthly membership fees are around $100.

Charming Córdoba is the nation’s second largest city and is located near the center of the country. The cosmopolitan city of 1.3 million residents has a historic city center and trendy restaurants and shops all within walking distance. Regarded as a cultural center, Córdoba is home to music and artistic festivals, and numerous small theaters and performance cafés. Property prices in Córdoba are a bit less than properties you will find for sale in Buenos Aires, and the farther you get from the city into the suburbs, the further your dollar will go.

The northeastern part of Argentina is a rural region with small provincial towns and the area is characterized by nature’s wonders and God’s works: The northwest is a treasure trove of Argentina’s colonial Spanish past. The region borders Bolivia and resembles mountainous Andean countries far more than it does the flat and fertile Pampas. It is an area of cobblestone streets and Spanish-tiled plazas, misty river valleys, craggy red rocks, and a significant flute-playing, Quechua-speaking native population.

The proven Buenos Aires – Argentina lawyer professionals at the Kier Joffe law firm have experience working with foreign clients involved in all kind of cases in Argentina. Buenos Aires Argentina attorney professionals are knowledgeable in almost all the practice areas of law, to service its international cases in Buenos Aires Argentina. International clients will have the confidence of knowing that the case is being handled by an experienced and knowledgeable Buenos Aires  lawyer in Argentina.

www.kierjoffe.com

 

REAL ESTATE: Registering Property in Buenos Ares Argentina

Below is a detailed summary of the steps, time and cost involved in registering property in Argentina. It assumes a standardized case of an buyer who wants to purchase land and a building that is already registered and free of title dispute.

Procedure:

# 1 Seller must obtain a certificate of ownership (“dominio”) and a certificate of good standing (“inhibiciones”) from the Real Property Registry

The certificate of ownership (“Certificado de dominio”) proves that the property is free and clear of liens and or encumbrances. According to Executive Order No. 2080/80, article 8, it is mandatory to obtain the nonencumbrance certificate.The certificate of personal annotation (“Certificado de inhibiciones”) proves that there is no judicial order restraining the seller from encumbering or disposing of his assets.

The domain certificate and a personal annotation are valid for 15 days, and they are both requested with a unified form.

When a notary from the Capital Federal requests a domain certificate, the property is “reserved” for 60 days.

If a new Domain certificate is requested during this period, it will state that a transaction is in process.

Pursuant to Technical Resolution N°5/2008 of the Registry of Property dated September 5, 2008, the certificate of personal annotation can be obtained online at the Registry website. Only interested parties pursuant to sections 6,7 and 22, Law No. 17,801 can obtain the certificate online, and they also need to be registered users of the website (e.g. notaries, accountants, lawyers).

Agency: Real Property Registry (Registro de la propiedad inmueble de la Capital Federal)

# 2 Obtain a Real Estate Reference Value (Valor Inmobiliario de Referencia)

Property transfers in the City of Buenos Aires and some parts of the Province of Buenos Aires require a “Valor Inmobiliario de Referencia (VIR)” (Real Estate Reference Value”). The VIR was introduced by Resolution Nº 67-AGIP-10 of February 10, 2010 and later amended by Resolution Nº 435-AGIP-11 of August 3, 2011.

A VIR is assigned to every property by the revenue agency and it sets a minimum base to calculate the stamp tax. The VIR aims to prevent the undervaluation of properties done to pay less stamp duty on property transfers.

The notary has the responsibility to check the VIR, since the stamp duty will be calculated on the greater value between VIR, the fiscal valuation (‘valuación fiscal’) and the sale price agreed by parties. The Procedure is free and it can be obtained online by the notary through the revenue agency website www.agip.gob.ar.

However, not all the properties in the City of Buenos Aires have been assigned a VIR yet. In these cases the notary must obtain a certificate stating that there is no VIR for the property.

Agency: Real Property Registry (Registro de la propiedad inmueble de la Capital Federal)

# 3 Obtain a cadastral certificate (“certificado catastral”)

The notary requests the cadastral certificate (with measures, boundaries and fiscal valuation) at the Cadastral office (“Oficina catastral”). The certificate is valid for one year. In the Capital Federal, there is no need for a surveyor to measure the property.

Note: for some type of properties, it is possible to obtain the certificate on-line in the Province of Buenos Aires.

Agency: City of Buenos Aires government (“Oficina catastral”)

# 4 Obtain a certificate stating that no local taxes related to the property are due (ABL).

This certificate (“Certificado de libre deuda de impuestos municipales-ABL”) is obtained at the Notaries’ association (“Colegio de Escribanos”). Local taxes related to the property being sold are known as ABL (Alumbrado (street light), Barrido y Limpieza (cleaning)). The certificate is valid for 30 days (or the current month), according to the 2009 “Código Fiscal” of the city of Buenos Aires, which shortened the original 1year validity.

Agency: Notaries’ association (“Colegio de Escribanos de la Ciudad de Buenos Aires”)

# 5 Obtain “Code of Offer of Transfer of a Property” (COTI) at tax agency AFIP

Sellers have to declare property transfers of over ARS 600,000.00, to the tax authorities in the City (AFIP).

The declaration shall include the names of the buyer and seller, the property being transferred and the value of the transaction. Once the transaction is declared, the seller will obtain a “Code of Offer of Transfer of a Property” (COTI) from AFIP. The COTI has a validity of 24 months (extendable 12 months if a construction is to be made).

The “Code of Offer of Transfer of a Property” (COTI) may be obtained:

• Online: www.afip.gov.ar. Access to the system is via a tax code

• By phone, 0800-999-2347: in which case it will be necessary to print a certificate afterwards from www.afip.gov.ar. Access to the system is via a tax code 

The COTI was implemented to fight tax evasion on March 1, 2008, through the Resolución General N° 2371Año 2007 from December 14, 2007.

Agency: Tax Agency (AFIP)

# 6 The public deed is executed by the parties with the intervention of a notary public

The public deed is the only document which is mandatory by law to transfer a property’s ownership.

Transactions subject to Capital Gains Tax (CGT) are not subject to Transfer Tax (this is the case when companies are parties to the transaction). CGT is paid by the seller. However, this tax is not applicable if the money collected by seller for the transfer of property is used to buy another property within a year of the sale or for the construction of a new property. In this last case, for the tax waiver to apply, the construction has to start a year after or a year before the transaction and it has to be completed 4 years after the date of the transaction.

The notary will retain the 1.5% for the transfer tax, but if the transaction is subject to CGT, he will use this amount to pay the CGT. If the transaction has been arranged through a broker, his fees will be about 3% of the purchase price.

# 7 The notary public files the property transfer for registration with the Real Property Register

Upon registration, the buyer will have perfect and complete title to the property, opposable to third parties.

The registration fees are usually paid by the buyer. The notary has 45 days to register the property transfer.

At this stage, the property title can be used as collateral for a loan, or the property can be resold.

The majority of registrations are made following the regular Procedure.

Agency: Real Property Registry (Registro de la propiedad inmueble de la Capital Federal).

The proven Buenos Aires – Argentina lawyer professionals at the Kier Joffe law firm have experience working with foreign clients involved in all kind of cases in Argentina. Buenos Aires Argentina attorney professionals are knowledgeable in almost all the practice areas of law, to service its international cases in Buenos Aires Argentina. International clients will have the confidence of knowing that the case is being handled by an experienced and knowledgeable Buenos Aires  lawyer in Argentina.

www.kierjoffe.com

TRAVELLING TO ARGENTINA – Visas & Residencies

Attorney Argentina Visa Citizenship Argentina Residency FAQ Citizen – Attorney Argentina Visa Citizenship Argentina Residency FAQ Citizen Lawyer Law Firm

General information for travellers passing through or crossing our border.

Do I need a visa?

This section explains who needs to apply for permission before travelling to Argentina.

Travelling with children / Entry requirements for minors (under 18 years old)

Single parents or other adults travelling alone with children should be aware that the Argentine Law requires documentary evidence that both parents have given permission for the journey before allowing lone parents to enter and/or leave the country.

Return ticket

A return ticket is a standard requirement for tourists.

Transit passengers

Passengers waiting for international connection flights and not staying for more than six hours within the airport are not required to go through immigration control or apply for visas.

Passport validity

The minimum validity required for passports to enter Argentina is equivalent to the time granted by immigration authorities on arrival (according to visa, purpose of the trip, etc.). E.g. if you are staying for only two weeks, the passport should be valid for at least two weeks.

Provided your passport has enough validity, if you are travelling as a tourist and and are exempt from a visa, you will be normally granted a 90-day stay, which is also the maximum length of stay that can be given. An extension can be applied for at Dirección Nacional de Migraciones, only once and for the same time. Therefore, if you are not sure how for long you are going to stay, we recommend that your passport be valid for six months when you enter the country.

Length of stay allowed

The number of days that travellers, who obtained a multiple entry visa, are allowed to stay in Argentina start counting from the date of arrival and continue to do so even if the person leaves the country, regardless the type of visa or trip, including tourism, business or work visas. For example, if a visitor is permitted to remain 90 days on a multiple entry visa and leaves Argentina after 10 days, he will be left 80 days. If he comes back 10 days later, he will be able to stay only for further 70 days.

Before the expiry date he may apply for an extension at Dirección Nacional de Migraciones, only once and for no longer than the same length of stay granted in the visa, also on a multiple entry basis. Thus, the new expiry date will be usually 90 days after the expiry date of the visa. Even if the person travels outside of Argentina, the expiry date of the extension remains the same, just as it happens with the original visa.

Length of stay allowed for travellers exempt from visas

On arrival, nationals exempt from visas are normally allowed to stay 90 days on a multiple entry basis. Before the expiry date they may apply for an extension at Dirección Nacional de Migraciones, only once and for no longer than the same length of stay granted in the visa. Thus, the new expiry date will be normally 90 days after the expiry date of the visa. If the person travels outside of Argentina at any time (under the orignal period granted on arrival or under the extension), when re-entering the country he/she will be usually given another 90 days, which can be subsequently extended. The number of times the traveller can re-enter the country in this way can not be determined beforehand and it is subject to Dirección Nacional de Migraciones being satisfied that the person is not covering an immigration purpose.

Permanent residents who have been living outside of Argentina

If you stay outside of Argentina for longer than 2 years, your permanent residence may be subject to cancellation. In order to avoid this, before reaching 2 years abroad, you should contact the Consulate General and express your wish to stay longer outside of the country. We will issue a certificate that you should take with you the next time you travel to Argentina. You may request this certificate only twice (two periods of two years).

Customs

This section explains the restrictions on what you can bring into Argentina, and how to go throughcustoms controls, how to recover your taxes, Postal and Courier Service System, etc.

Vaccinations

No vaccinations or health certificates are required to enter Argentina.

Our Law firm is a superior choice in the field of immigration and nationality law for individuals and companies. We handle residencies and citizenship applications, filings of ID cards (DNI), renewals, extensions, changes of status, deportation procedures and all type of visas/residencies (employment, income based, family based, etc.).

To contact us, please fill out the Contact Form on the right today or give us a call at:

USA: +(1) 212.300.6377

ARG: +(54) 115.218.3100

The proven Buenos Aires – Argentina lawyer professionals at the Kier Joffe law firm have experience working with foreign clients involved in all kind of cases in Argentina. Buenos Aires Argentina attorney professionals are knowledgeable in almost all the practice areas of law, to service its international cases in Buenos Aires Argentina. International clients will have the confidence of knowing that the case is being handled by an experienced and knowledgeable Buenos Aires  lawyer in Argentina.

www.kierjoffe.com

Certificate of Criminal Records Argentina

STEPS TO APPLY FOR THE ‘ARGENTINE POLICE RECORD CERTIFICATE’ FROM ABROAD

Step 1:

The person who is in the abroad must contact the Argentine Consulate and request an appointment to apply for the Application of the Argentine Police Record Certificate.

Please note that the certificate is not issued by the Consulate. We can issue the Application for the Certificate only. You will have to authorize someone in Argentina, to submit the application at the “Registro Nacional de Reincidencia” on your behalf.

Step 2:

On the day of your appointment you must attend our office in person, with your valid and original passport. For Argentine citizens DNI is also required. 

Firstly, the Consular Clerk will complete your Application for the Criminal Record Certificate, with your details and print your fingerprints of both hands on it. This application must be signed by yourself.

Secondly, we will issue an Authorisation. You will have to provide the following details of the person that you are authorising to act on your behalf in Argentina:

-Full Name

-Full Address

-Telephone number

-DNI, CUIT or CUIL number

Step 3:

You will have to send by post, to your legal representative or agent in Argentina, the Application and Authorization issued by this Consulate, along with the supporting documents that we will indicate. 

Step 4:

The legal representative or agent must go to “Registro Nacional de Reincidencia” Headquarters Office for Certificates required from abroad, or any of the offices within the provinces, and submit the Application and Authorisation issued by the Consulate. 

Step 5:

Once the Criminal Record Certificate is collected from the “Registro Nacional de Reincidencia”, it must be legalised by either, the Argentine Foreign Office, if your legal representative or agent is within “Ciudad Autónoma de Buenos Aires,” or otherwise by the nearest Notary Public Association (Colegio de Escribanos) with the Apostille of the Hague Convention.

For further information, please fill out the Contact Form on the right today or give us a call at:

USA: +(1) 212.300.6377
ARG: +(54) 115.218.3100

The proven Buenos Aires – Argentina lawyer professionals at the Kier Joffe law firm have experience working with foreign clients involved in all kind of cases in Argentina. Buenos Aires Argentina attorney professionals are knowledgeable in almost all the practice areas of law, to service its international cases in Buenos Aires Argentina. International clients will have the confidence of knowing that the case is being handled by an experienced and knowledgeable Buenos Aires  lawyer in Argentina.

www.kierjoffe.com