Category Archives: Real Estate

OWNERSHIP OF REAL ESTATE in Buenos Aires – Argentina

The best Law firms, top Lawyers, Attorneys, Advocates, Solicitors and Barristers in Buenos Aires, Argentina

1. Is perpetual fee simple ownership of real property permitted? If not, what are the principal forms of ownership, or other principal form of ownership, of real property?

Yes, perpetual fee simple ownership of real property is permitted.

2. What instruments are used to convey fee simple ownership, or other principal form of ownership, of real estate?

Although a private contract of sale of a property (“Boleto de Compraventa”) will contain valid and binding obligations as between the parties under Argentine law, it will not be accepted for registration in the relevant Land Registry (“Registro de la Propiedad Inmueble”), unless the terms of transfer have been included in a deed of conveyance “escritura pública” executed before a notary public.

3. How in this jurisdiction is the ownership of real property recorded or searched? Who generally performs the search?

In the City of Buenos Aires the deed of conveyance must be presented for registration at the Land Registry within a period of 45 days (40 days in the case of the province of Buenos Aires) after its execution before a notary. If it is presented later, it may be subject to any charges or encumbrances that have been presented in the meantime. In addition the notary is responsible for checking the title deeds to the property and ensuring that there are no charges or encumbrances over the property of which the purchaser is unaware. The customary time period of ownership that is searched in Argentina is 20 years.

4. What assurances of ownership are available to purchasers of real property (e.g., title insurance or title opinions)? What is the cost of obtaining such assurances?

There is no title insurance system in Argentina. The Land Registry registers ownership of real property, and such registration is effective vis a vis third parties.

5. What are the most common forms of investment vehicles? What are the most common entities employed to own investment real estate in a tax efficient manner?

An Argentine corporation (sociedad anónima), an Argentine limited liability company (sociedad de responsabilidad limitada), or an Argentine trust are the most common forms of entities used.

6. Has this jurisdiction adopted, or is it considering, legislation permitting the creation of real estate investment trusts or similar entities?

Although there are specific REIT regulations for publicly offered REITS, they have not been used in practice. However, several other Argentine entities may be used to form an entity similar to a REIT, such as an Argentine corporation (sociedad anónima), an Argentine limited liability company (sociedad de responsabilidad limitada), or an Argentine trust.

7. What state or local transfer, stamp or similar taxes are levied generally on sellers or buyers upon the direct transfer of real estate?

The provincial stamp tax (“Impuesto de sellos”) is a local tax levied on monetary acts, contracts or transactions which are evidenced in writing. While each provincial jurisdiction and the City of Buenos Aires has its own particular legislation, their provisions are very similar.

In principle, the tax is imposed on contracts executed in the relevant provincial jurisdiction. In the case of real estate, if the contract is executed in a different jurisdiction from the location of the real estate, in principle tax will be due both in the jurisdiction where the real estate is located as well as the jurisdiction of execution of the contract, unless there is provision for the avoidance of double taxation in the relevant provincial jurisdiction. Care must therefore be taken when dealing with real property to ensure that any contractual documentation is executed generally only in the jurisdiction where the property is located. In practice, provincial stamp tax is normally borne in equal parts by the parties, however in as far as the tax authorities are concerned they may claim the full amount of the tax from any of the parties to the transaction. The transfer of real property is subject to stamp tax on the higher of the values resulting from the value of the property in the deed of acquisition and the fiscal value as established in the provincial (in the City of Buenos Aires the municipal) cadastral records. The applicable rate in most provincial jurisdictions is 4% and 2,5% in the City of Buenos Aires (usually 1% is paid at the time the preliminary sale contract (“Boleto de Compraventa”) is executed and the remaining balance is payable upon the execution of the notarial deed of conveyance).

8. What state or local transfer, stamp or similar taxes are levied generally on sellers or buyers upon the transfer of interests in entities which own real estate?

As stated above, the provincial stamp tax (“Impuesto de sellos”) is a local tax levied on monetary acts, contracts or transactions which are evidenced in writing. While each provincial jurisdiction and the City of Buenos Aires has its own particular legislation, their provisions are very similar in many respects. However, no stamp tax applies to transfers of interests in entities which own real estate in the City of Buenos Aires.

9. How significant is local regulation and taxation of real estate? How significant is the variation of real estate law among political subdivisions of this jurisdiction?

The provincial stamp tax may be applicable. See prior answers for additional information.

10. Must ultimate beneficial owners of entities which own real estate be disclosed as a matter of public record?

No.

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

Title Insurance Company – Buenos Aires – Argentina – Real Estate

Kier Joffe Title Insurance Company is a full service state-of-the-art title insurance underwriter providing title insurance and title related services for all types of residential and commercial transactions.  Kier Joffe Title Insurance Company issues its title policies through over its Issuing Agents as well as Title, Escrow and Abstracting offices dedicated to serving individuals, businesses, attorneys, developers, lenders and Realtors in all the Argentinean provinces: Autonomous City of Buenos Aires, Buenos Aires Province, Catamarca, Chaco, Chubut, Córdoba, Corrientes, Entre Ríos, Formosa, Jujuy, La Pampa, La Rioja, Mendoza, Misiones, Neuquén, Río Negro, Salta, San Juan, San Luis, Santa Cruz, Santa Fe, Santiago del Estero, Tierra del Fuego, Antártida e Islas del Atlántico Sur y Tucumán.

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

Invest in Buenos Aires – Argentina

Invest in Buenos Aires

Introduction

Since a few years ago, the economic activities in Buenos Aires have been in constant development, turning it into a booming and cosmopolitan city like any of the large capital cities in the rest of the world.

This growth is boosted by new business opportunities in different areas, which are attractive to both local and foreign investors.

For the period 2008-2011, the Government of the City of Buenos Aires has elaborated a USD 8,000-million public investment plan, to be financed in the following way: 40% with public funds, 10% with funds from multilateral agencies, and the outstanding 40%, with private funds.

Being aware of the strong investment needed to support this vertiginous development, the Government of the City of Buenos Aires is deeply committed to provide the necessary tools and decisions for facilitating and promoting the growth of this city.

In the following section you will find the necessary information to take advantage of new business and investment opportunities, which are being offered by our City nowadays:

– Why invest: discover the main reasons why this City represents an excellent opportunity of investment.
– Where to invest: learn about business opportunities related to public works financing, the strategic sectors which boost growth in this City and the Government projects to promote investment.
– How to invest: obtain all the necessary, specific and detailed information about the requirements and special procedures to invest in this City.

Strategic industries

The city has defined 4 strategic industries for which it has elaborated policies, plans, projects and some programs oriented to sustainable growth and investment promotion.

 ICTs – Information and Communication Technologies

The City of Buenos Aires concentrates most of the companies related to Information and Communication Technologies, which are growing at a constant faster pace than the rest of the industries. Get to know the characteristics, capacities and resources that promote their development.

Audiovisual Industry

The last technological advances and the changes of habits related to the consumption of information and content-related recreation have provoked a new revolution in the development of this sector. Buenos Aires relies not only on its excellent infrastructure but also on its creative and highly qualified human capital, high level of technology (comparable to the main cities in the world) and the high purchasing power of its population. All these variables turned this industry into one of the most dynamic and influential ones in the city economy.

 Real Estate Developments

It is in this sector where the City of Buenos Aires has received the largest amount of investments in the last few years, with an unprecedented development rate. The construction of business offices, residential developments, hotel projects and mixed projects are among the most important ones. Even though the city has already experienced a great development, it still has excellent business opportunities and it can continue growing.

 Tourism

Once again, the City of Buenos Aires has been selected as the best tourist destination in Latin America and the second best destination in the world. During 2007 the City reported almost 2 million visitors (+9%) and the inflow of more that U$S 2 thousand million in foreign currencies (+15%) and this implies its consolidation as an investment focus at a regional level.

 Foreign Investments

It is not always easy to settle down in a new country, region or city.

The new sources of information, the quite uncommon routines and the need to build ties with a very different culture may turn the process of settling down in a foreign country quite difficult and long.

In order to help those people that choose Buenos Aires to stay, either for professional or personal reasons, we have developed some useful material for making your disembarking in this city simple and successful.

We will provide you the necessary information about the legal forms to operate in this country, the tax regime of the Argentine Republic, and the labor regime in force, with the different kinds of employment contracts so that you can choose the most convenient one for your project. Besides, we include some data about the different ways of entering and staying in Argentina. Regarding these two items, you will find information about the necessary procedures and requirements.

We expect this material to be useful, and we invite you to contact us and so that we can help you throughout your investment project.

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

 

Buenos Aires, Argentina – Title Search – liens, mortgages, judgments, tax status on the property from last property purchase to current date

CURRENT OWNER SEARCH DESCRIPTION

If you need to check all liens, mortgages, judgments, tax status on the property from last property purchase to current date, as well as, copy of the vesting deed – Current Owner search is what you need. Current Owner Title Search is ideal for foreclosure auctions, pre-tax auctions, short sales, tax sales, tax certificate purchases, non performing note transactions, by-owner transactions, refinance, checking for clear title. You will receive a Title Report on all outstanding mortgages, liens and judgments recorded against the property and current owner(s).Kier Joffe performs vesting information search, mortgage and assignment search, federal, state and municipal lien search, lien search, Civil judgment search including Foreclosure Proceedings, as well as, bankruptcy and tax delinquency status. All of the Property related information is captured on the summary page. Copy of the current owner deed is included in the current owner title search report

To place an order for a Current Owner Title search, 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

Buenos Aires, Argentina – Residential Title Search Record – Real Estate

Attorneys, lenders and developers rely on the Kier Joffe team of title insurance attorneys and experts to handle their residential real estate closings every step of the way in Argentina. From full title searches services including owners and mortgage policies, to leasehold policies, condominiums and co-ops, and a wide array of non-insured title searches, Kier Joffe’s hard working lawyers have the skill and expertise to deliver critical information – quickly on any parcel any place Argentinean provinces: Autonomous City of Buenos Aires, Buenos Aires Province, Catamarca, Chaco, Chubut, Córdoba, Corrientes, Entre Ríos, Formosa, Jujuy, La Pampa, La Rioja, Mendoza, Misiones, Neuquén, Río Negro, Salta, San Juan, San Luis, Santa Cruz, Santa Fe, Santiago del Estero, Tierra del Fuego, Antártida e Islas del Atlántico Sur y Tucumán.

Of course, our comprehensive title  reports are meticulously prepared. Kier Joffe has been dedicated to ensuring that every transaction closes smoothly for more than 70 years. When it comes to residential title insurance, it’s not surprising that so many top law firms, builders and developers in Buenos Aires and nationally, count on us to give them every advantage.

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