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Buyers are Lured by the Advantages of a House in Buenos Aires, Argentina

Though higher prices and the lack of affordable credit make buying a house in Buenos Aires more difficult than purchasing a compact apartment, many buyers are willing to pay the difference in order to enjoy the advantages a house can offer.  A house can provide recreational spaces such as a garden and/or patio, swimming pool, and barbecue pit.  The owner is free to remodel the house without having to get prior approval from a homeowners association and avoids having to pay homeowners association fees for the maintenance of community property areas.

The current economic instability brought on by the global financial crisis is causing many people who have capital on hand to insure their money by investing in the purchase of a house.  They feel that in the short and medium run money will be worth less and tangible goods and property will increase in value.  Though house prices in Buenos Aires experienced an increase in values two to three years ago, prices have stabilized over the past year and a half.

When looking at housing prices, the value of each home is unique. The most important factors in determining the value of a house are the size and location of its lot and the quality of construction.  The same house on the opposite side of the street can be priced differently due to its immediate surroundings and the direction in which it faces the sun.  Housing prices also vary according to the neighborhood, its comfort features, the amount of free spaces it has and whether it has a pool, barbecue area, and a one or two car garage.

In the highly exclusive area of Barrio Parque (Palermo Chico), prices can vary in a wide range from USD 2,500 to USD 4,500 per square meter.  In Barrancas de Belgrano and the southern residential area of Caballito, prices range from USD 1,800 to USD 2,500 per square meter.  In most other areas, prices vary between USD 900 to USD 1,700 per square meter.

The houses in greatest demand are those found in the more residential sectors within each neighborhood, nestled between other good quality homes. Proximity to transportation and schools and being close, but not too close, to a freeway are the other factors people favor.

The most requested neighborhoods are Belgrano R, Nuñez, Palermo and Colegiales.  A modern house in the northern part of the city of Buenos Aires, which includes Belgrano, Nuñez, Palermo, Colegiales and Villa Urquiza, with a good-sized lot and a house measuring 200 m2 is averaging between USD 280,000 to USD 320,000.  In Nuñez a 190m2, two story, four bedroom house on a lot measuring 8,66 meters wide by 24 meters long with a garage, pool, club house and barbecue area is priced at USD 300,000.

The housing market in premium neighborhoods is quite special.  The pocket between Avenida Figueroa Alcorta, Juez Tedin and San Martín de Tours is the highest priced area of Buenos Aires.  There are no more than two hundred houses nestled in a park like setting.  The sale of these homes is more complex than an apartment; each house has its own style and there can be variations in how well the home has been maintained.

An essential requirement in homes of this level is a spacious garden.  A garage is ideal; however, in the more exclusive areas residents have ample street parking available.

In Barrio Parque and Gran Bourg the price of a lot is averaging USD 3,500 per square meter.  The costs of construction vary according to the quality of materials used, surface size and layout; however, costs range between USD 1,000 per square meter on the low end and USD 2,000 per square meter for higher quality.

Those who sell their house in Barrio Parque are likely to move to a quality apartment in Recoleta.  The difference in price allows them to purchase a second apartment as rental property.  Those who buy a house in Barrio Parque obtain a luxury home with a spacious garden and pool in the highest valued area of Buenos Aires which will never lose its value.

In the Buenos Aires’ real estate market, houses are sold for three different purposes.  The first is for residential use where the buyer intends to live in the home or rent it out.  The second is for the land.  In this case, the buyer is usually a developer who demolishes the original house and builds an office or apartment building.  The third situation is where the house is refurbished and/or remodeled for commercial use.  The latter two purposes have accounted for the greatest number of sales and have experienced the greatest increase in value.  They also account for a reduction of the availability of residential houses on the market.

Buyers will continue to be drawn to the benefits of a house in which they can find more light, sun, space, and air, while they have the freedom to modify their property as they wish and avoid costly homeowners association fees.  The one negative point is security, being more vulnerable to theft.  That is why most buyers prefer a house on a well-lit street close to transportation and schools.

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

Can Argentina bounce back from the global economic crisis?

A season of lectures on the Real Estate market that was organized by the newspaper La Nación was hosted in the La Rural conference centre in November 2011. This series of lectures from experts in the Buenos Aires real estate sector discussed issues and all the latest developments in this important Argentine industry.  It was also the opportune moment to consider the impacts of the current global crisis on the Buenos Aires real estate market.

One of the main themes of the season of real estate lectures was whether the Argentine real estate market and economy was strong enough to weather the storm of the current global economic turmoil and if it could overcome all the obstacles that affecting investors, developers and buyers across the real estate.

One important point to underline in this discussion is that this isn’t the first time that Argentina has had to face economic hardships. Past experience shows that various sectors of the country’s economy have been strong: investment in property does not usually evaporate or volatilise in times of economic troubles. The strength of the real estate market was truly tested during the 2001/2002 crisis and yet it survived, which shows that Argentina has survived worse than the current economic instability.

Another issue that was addressed in the different conferences and lectures in November was the concern about the lack of policies or funding that support mortgage loans. It was clear that there seems to be no easy way to facilitate providing mortgages and loans to homeowners. Argentina’s economy and nature does not lend itself to mortgages and credit schemes: inflation and instability mean that mortgages will continue to be a foreign luxury that few Argentines will ever enjoy. In order to provide mortgage loans the economy would have to be more stable control inflation.

As 2011 comes to an end, the patterns of Buenos Aires real estate investment reveal the typical seasonal behaviour of investors and buyers: a fall in the number of real estate deals closed.  Another issue is also impacting the Buenos Aires real estate scene: the restrictions on purchasing US dollars, which is affecting all those who have to complete real estate transactions. The restrictions imposed by the government (as part of a scheme to stabilise the Argentine peso) is making real estate transactions difficult and in some cases deals are falling through as there aren’t enough dollars to complete transactions.

There are plenty of questions and doubts hanging over the Buenos Aires real estate market, which will only become clear as time passes. The results of the government’s recent economic measures will in time reveal the state of affairs and whether Argentina will bounce back from the global economic crisis. However, based on Argentina’s survival in past crises it should come out ok.

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 utility bills – Real Estate

Buenos Aires is a high rise city. You can’t walk one block in the Argentine capital without encountering an apartment block and fewer and fewer people live in houses. Each apartment block has its own complex system of communal maintenance, bills and employers. The cost of maintaining an apartment block is increasing and residents are finding that their Buenos Aires utility bills are costing nearly as much as their rent.

Apartment blocks in Buenos Aires are divided into different categories depending on how many facilities they have. The first category has three or more services such as, central heating, swimming pool, gym etc. Second level buildings have 2 different types of services; third only one and residents in fourth have no services or amenities. However, all buildings in Buenos Aires have their costs that all residents have to pay for. Expenses include electricity bills for lifts and lights, fire extinguishers, water tank cleaning, fumigation. In the last two months, all of these costs have experienced a sharp 12% increase.

On top of these experiences there are also the building’s staff salaries. The wages of porters and doormen has increased by 21.5% and so has the salaries of cleaning staff, rubbish collectors and gardeners. So the more services a building has the higher the costs for residents. These extra hidden costs are crucial to consider when buying an apartment in Buenos Aires. You may think it’s just a case of signing and paying for the property. However, the costs do not end there. People buying a holiday home should be aware that their apartment will still be charged for maintenance expenses even when they’re not there.

For those who are renting not buying on the Buenos Aires real estate market the costs can sometimes rival the actual cost of renting. However, some properties are more affected by the rises in costs in the Buenos Aires utility bills so make sure you choose well and take this into consideration when renting.

Buyers looking to rent should be aware that the profitability of renting has dropped to 4.5% thanks to expenses, when it usually stands at around 6%. Big time Buenos Aires real estate tycoons will not be affected, but investors who rent out a handle of properties will feel the impact of having to reduce profits to cover expenses.

The hope is that these costs in the Buenos Aires utility bills will eventually lower and that inflation too will be controlled. Yet, realistically that is unlikely to happen and investors and tenants will have to take expenses and maintenance into account.

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: Renting in Argentina

The number of people renting properties in Argentina in increasing at such a rate that experts are predicting a deficit of housing in the future. A study carried out by the UCA (Universidad Católica Argentina, in English: Catholic University of Argentina) shows a worrying increase in the number of homes occupied by renting tenants. In 2004, 12.8% of households occupied were rented out whereas in 2009 the percentage was 15%: quite a significant increase.

The high number of properties rented could be an indication of problems within families’ budgets and society as a whole. It could show that there is a housing shortage and that is why people are forced to rent, particularly in precarious settlements. Also, it reflects the limited disposable income of families as they have to put a large proportion of their monthly income towards their rent. This in turn also limits families’ ability to save money and contribute to the economy.
According to the report, between 2007 and 2009, the average number of rents paid by tenants rose 62.1% and during the same period, the INDEC recorded a huge increase in the price of renting on the Buenos Aires real estate market.

Prices for rent in Argentina increased the most in homes in towns and settlements with an increase of 97.4%. By contrast, less variation occurred in the urban middle class segment, where the increase was around 51.5%.  The report concludes that a process of regression is unfortunately occurring in Argentina and the Buenos Aires real estate market. Rent prices are increasing because the lowest income families do not meet requirements for rental housing in urban areas, as opposed to the middle classes who have other options and may even have access to mortgage credit.

The Catholic University of Argentina (UCA) believes that this process is closely linked to the increase in slums and illegal settlements in the last decade. Argentina has a huge deficit of housing, which has been exacerbated by the dramatic increase in population and migration in the last few years. There is now high demand for housing units in the poorer areas that led the rent in slums and settlements to go up significantly higher than in urban areas.

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

Succession & Probate in Buenos Aires, Argentina: Inheritance law, heirs

How does the inheritance / probate process / succession work and operate in Buenos Aires and/or any Argentine province?

Once a person dies leaving universal heirs, these must gather certain documents in order to initiate the probate process or succession.

These documents are briefly described below:

1. DEATH CERTIFICATE: A death certificate must be obtained for each deceased person who is involved in any given succession. In Argentina the death certificate is in some way the “new ID” of the person who has passed away. Also, be advised that it is a frequent practice that when a person passes away the mortuary will request and retain the deceased’s ID (Documento Nacional de Identidad) in exchange for granting a death certificate; therefore, it is extremely important to make certified copies of the deceased’s Documento Nacional de Identidad by a duly licensed Escribano before giving them to any agency/mortuary in exchange for the deceased’s death certificate.

2. TITLE DEEDS: The probate court will need the title deeds of all the properties that the deceased owned. If the deed is not available, the Judge will have to request to the local property registry what is called a “second testimony” in order to verify that the deceased had real ownership of the property in discussion. A dominion certificate should also be requested to understand whether the title is free and clear.

3. BIRTH CERTIFICATE: This certificate will be required for all those heirs who claim kinship as this document expressly mentions who the heirs’ ascendants are.

4. MARRIAGE CERTIFICATE: This document must be obtained for the deceased if he/she/they were married at the time of their death. Also, all heirs must provide these certificates.

5. ID’s: Documento Nacional de Identidad’s or Passports must be provided to prove personal identity. A photocopy of these documents will suffice but a certified copy is even better proof for an argentine court.

6. POWERS OF ATTORNEY: If a heir cannot be present at the time a document needs to be signed previously to it being filed, the best option is to grant the representing attorney an ample power of attorney / POA with specific succession faculties. This power allows the attorney to do almost everything its client can do, and therefore, doesn’t require the client to be present at all.

7. VEHICLE’S CARD: If a vehicle is part of a succession, a certified copy of its identifying card will be required. In Argentina it’s also called “Green-Card” because of its light-green color.

Even though these are most of the documents that are usually required for an average probate case, this does not mean that other specific documents may not be required.

Be advised that if any of these documents were issued in a foreign country they must all be apostilled and translated into Spanish if they were not partially or totally in that language.

Translations must be done by a Certified National Public Translator, and the translations must all be legalized by the translator’s bar. “Apostilling” a document means adding the Hague Convention Seal to the document, which gives the latter full international validity to what needs to be presented in Argentina in this specific case. Please check to see if your foreign country has signed the International Document’s validity Convention or Legalization of Foreign Public Documents Treaty celebrated in Hague. At the time of presenting the whole initial probate filing, the attorney representing the heirs should request the court’s clerk to certify all the originals so that these are immediately returned back to the lawyer; the clerk instead will keep copies for every original document that needs to be presented. Providing three copies of every original document a client immediately wants back is the common practice in Buenos Aires and all its other twenty three Argentine provinces.

A probate case / succession can take anywhere from six months to several years in case it suddenly becomes litigious.

The costs involved are:

1. ATTORNEY FEES: Depending on the nature of the case as well as the work involved attorneys in Argentina charge from ten to twenty percent of the total property and assets which are being inherited. The law doesn’t allow lawyers to represent clients for free in order to protect the integrity of the profession, but it also doesn’t allow lawyers to charge excessive fees in order to protect the society in full.

2. ATTORNEY TICKET: A small dollar value ticket must be paid for each and every licensed attorney that intervenes in a succession. This can be bought at the Buenos Aires Province Bar.

3. TRANSLATIONS: Translators charge on average USD50.00- per translating one full page. Their bar charges on average USD15.00- to legalize each document.

4. OFFICIAL BULLETIN / MAJOR NEWSPAPERS: So that all heirs take notice of a succession’s happening, Judges will request that the succession be published in a local official bulletin as well as in a major local newspaper.

5. JUSTICE RATE TICKET: This ticket involves a percentage of what is being inherited and it ranges from 1.5 to 2.2 percent of the fiscal value of real property. This rate depends on the jurisdiction where the real property is located. If the location is C.A.B.A the rate is 1.5%; otherwise for Greater Buenos Aires and other provinces the rate is 2.2% plus 5% of the total value of the furniture and other movable property laying in that property. Other rates apply according to how the cases may vary. If what is being transferred is a business / commercial property, other rates must be added like the commercial furniture rate.

6. GENERAL EXPENSES: KierJoffe.com only charges expenses that can be documented. Our experience has been that an average succession generates at least USD1000.00- of general expenses.

What inheritance laws apply in Argentina?

Argentine law governs inheritance of property in Argentina in most cases.

Pursuant to the Argentine National Constitution, international treaties preempt domestic law. Hence, the starting point of analysis for cross border inheritance law is international treaty application. However, only two treaties are relevant for such analysis (i.e., the Treaties on International Civil Law (Montevideo) of 1889 and 1940), and given their limited territorial application, their provisions are not discussed here. Although Argentina signed the 1989 Hague Convention on the Law Applicable to Succession of the Estates of Deceased Persons, this convention is not yet effective, and has had a low rate of acceptance. Argentina has not signed the 1961 Hague Convention on the Conflicts of Laws relating to the Form of Testamentary Dispositions.

If we then look into domestic law, the Argentine Civil Code provides that succession to the estate of a deceased person is governed by the law of the state of the decedent’s domicile at the time of death, regardless of the inheritors’ nationality. The Civil Code further provides that the same law governs the content and validity of wills.

Nonetheless, the Civil Code implies an important exception to the general rule that the law of the decedent’s domicile governs inheritance. Title to real property located in Argentina may only be passed according to Argentine law. Courts and commentators have disputed whether this provision applies only to conveyance of title between living persons or also to succession to a deceased person’s estate. A majority of court decisions have generally held that any transfer of title to real property located in Argentina, either between living persons or by inheritance (testate or intestate) is governed by Argentine law. For reasons explained below, this exception is especially relevant because of the statutory reserved portions provided by Argentine law.

Inheritance issues involving non-resident foreigners’ property are normally decided by the same court hearing inheritance issues concerning Argentine nationals and resident foreigners. Inheritance issues are dealt with by the provincial courts (i.e., not by the Federal judiciary). Under Argentina’s Federal constitutional scheme, each province has organized its own judiciary. For example, in the city of Buenos Aires inheritance issues are dealt with by civil courts hearing matters of civil law with economic content (as opposed to civil courts hearing family issues).

The length of inheritance proceedings varies according to the complexity of the case. A straightforward case (e.g., with few assets located in urban areas and no minors involved) can take approximately five to six months, from its commencement to the recording of the heirs’ title at the relevant registries.

Argentine law applies the principle of “forced heirs”.
Although valid wills are enforceable in Argentina, the Civil Code applies the principle of “forced heirs” (herederos forzosos) to assure spouses, children and certain other persons a minimum share in the estate of which they cannot be deprived without cause. “Cause” for disinheritance is limited to those stated by the Civil Code (e.g., attempted murder of the testator) and must be specifically invoked in the will). Hence, a testator’s disposition of assets is subject to the statutory minimum afforded to forced heirs. With one exception, the persons entitled to a reserved portion are the same persons as the statutory heirs designated by the Argentine Civil Code to receive an inheritance when the decedent dies intestate.

The statutory heirs of an intestate are:

1) Decedent survived only by children: The children take the entire estate. If any of the children has pre-deceased the decedent, the share of that child passes to his issue, who take per stirpes (i.e., they take by representation the share that their parent would have inherited if living).

2) Decedent survived by ascendants (i.e., lineal relatives in the ascending line): The ascendants take only if the decedent is not survived by issue. In this case, each generation excludes the further one (e.g., if the decedent is survived by one or both of his parents, no share in the estate passes to the decedent’s grandparents).

3) Decedent survived by a spouse and children: The spouse and children all take the estate per capita, except for the marital property corresponding to the decedent, which passes only to the children (please see below for the definition of marital and non-marital property under Argentine law).

4) Decedent survived by a spouse and ascendants: The surviving spouse takes one half of the decedent’s non-marital property and one half of the decedent’s marital property. The remainder of the estate passes to the ascendants.

5) Decedent survived by a spouse and no issue or ascendants: The spouse takes the entire estate.

6) Decedent not survived by issue, ascendants or a spouse: The estate passes to relatives within the fourth degree of collaterality (i.e., (i) siblings of the decedent and their issue until grand-nephews/nieces, and (ii) cousins of the decedent). Between siblings of whole and half blood, the latter receive half of the share of the whole-blooded siblings.

If the decedent made a will, the Argentine Civil Code grants to the foregoing heirs, except for the collateral relatives, a statutory right to “reserved portions” of the estate. Thus, dispositions by a will to: (a) heirs in excess of their reserved portions (when they are entitled to such portions), or (b) other parties, cannot exceed the residue of the estate (i.e., the part of the estate in excess of the reserved portion). Furthermore, a testator cannot impose encumbrances or conditions on the reserved portions; any such encumbrance or condition will simply be ignored.

The reserved portions are as follows:

1) Children: 4/5 of all assets existing at the time of the testator’s death and of those donated by the testator during his life. Grandchildren and other lineal descendants take the same proportion (within the limits of the share of their immediate ascendant). The individual reserved portion of each child is obtained by dividing the total reserved portion by the number of children.

2) Ascendants: 2/3 of the assets of the estate and of those donated by the testator during his life.

3) Spouse, when there are neither descendants nor ascendants of the testator: 1/2 of the assets of the estate and of those donated by the testator during his life.

If the decedent is survived by heirs entitled to take in the distribution but with different reserved portions, the highest reserved portion applies globally. For example, if the decedent is survived by his or her spouse and children, the global reserved portion shall be of 4/5. Within such global reserved portion, the spouse and the children shall take as in an intestate succession.

If the net assets of the estate are sufficient to cover the reserved portion, the gifts made by the decedent during his lifetime shall be deemed made on account of the residue of the property (i.e., the assets of the estate outside the reserved portion), except when made to an heir entitled to a reserved portion, in which case said gifts shall be deemed to be an advancement of the heir’s share in the estate.

The testator is free to bequeath or devise to third persons or enhance the share of any statutory heirs, subject to the limits of the residue of the property.

Wills made in Argentina must be pursuant to the formalities of Argentine law.
Wills are unusual in Argentina, and are generally only made by wealthy individuals. Most people die intestate, in which case the rules on intestacy described above apply.

If made in Argentina, a will is only valid when made pursuant to the formalities provided by Argentine law. Thus, a will made by a foreigner in his country’s consulate in Argentina may not be considered valid by an Argentine court.

Under general principles contained in the Argentine Civil Code, a will made abroad is enforceable if it complies with the law of the place of its making. In addition, the Civil Code specifically provides that wills made by foreigners outside Argentina and of the country of their nationality are valid if the will complies with the formalities of the testator’s place of residence, the country of the testator’s nationality, or Argentina. Foreigners residing in Argentina may also make a valid will outside Argentina by signing it and having it attested at the relevant Argentine consulate. If valid according to the rules described in this paragraph and depending on its content and formalities of its making, some Argentine courts may require that the will made abroad be transcribed in a public deed (escritura pública) in Argentina at the start of the relevant probate proceedings.

As a result of the foregoing rules, there is no advantage for a foreigner who owns real property in Argentina to make a local will, other than to facilitate the court’s probate of the will. Testators should seek specific advice from Argentine legal counsel, as some forms of will (e.g., a nuncupative or mutual will), although valid pursuant to the rules mentioned in the prior paragraph, might prove difficult to enforce in Argentina.

The testator may appoint an executor of the will, but if there are heirs, the role of the executor will be limited to simply assuring that dispositions of the will are made as directed. The duties of an executor do not include defending the interests of the heirs.

An owner can transfer property as a gift at any time before death.
As an exception to this rule, a person cannot transfer as a gift property to his or her spouse during their marriage, or to his or her spouse’s children from a prior marriage, or to the persons from whom said children are legal heirs.

Even in cases outside this exception, if at the donor’s death a gift exceeds the residue of the estate (i.e., the part of the estate outside the reserved portion), the gift may be reduced. A legal action seeking reduction may be brought by the legal heirs of the donor existing at the time when the gift was made. If said heirs include descendants, descendants born after the gift was made are also entitled to obtain a reduction of the gift.

In case of gifts made by the donor during his lifetime to his legal heirs, they will be presumed an advance of the heirs’ share in the estate, unless the donor specifically states that the gift shall be deemed to have been made from the estate in excess of the reserved portion.

If a donor wants to avoid the risk of having the gift reduced after his death, he or she should, at a minimum, include in the instrument a statement to the effect that the gift is made from the estate in excess of the reserved portion. Even so, this will not prevent the reduction of the gift if it exceeds the residue of the estate exceeding the reserved portion.

A person planning to transfer real property located in Argentina as a gift should seek legal advice. Depending on the identity of the recipient, a gift may affect the marketability of the title conveyed.

Ownership of property is determined by Title Deeds.
In matters of real property ownership, Argentine law looks primarily to the title deeds and their recording with the relevant land registry.

Law governing marital rights.
The conflict of laws rules stated in the Argentine Civil Code provide that the marital property regime—in all that is not forbidden on matters of property by the law of the place where the assets are located—is governed by the law of the place of the first domicile of the couple after marriage. A subsequent change of domicile does not change the law applicable to the relationship between the spouses as to their assets, regardless of whether the assets were acquired before or after the change.

In the case of Argentine marital property rules, in general terms all assets acquired by the spouses after marriage are considered “marital property” (bienes gananciales), unless they were acquired as gifts. Each spouse is free to manage and dispose of the marital property acquired by him or her (in the case of the disposal of certain assets, such as real property, assent of the other spouse is required). Upon dissolution of the marriage, the marital property is divided and distributed by halves between the spouses. Other assets (i.e., those acquired before the marriage, or during the marriage as gifts) are considered “non-marital property” (bienes propios); they may be freely managed and disposed of by the individual spouse (except for real property where the spouses live, if they have minor or legally minor children), and remain with him or her after dissolution of the marriage.

Minors and others require a guardian.
Under Argentine law, unborn persons and minors cannot assume obligations and must be represented in court through their parents or through specially-appointed guardians. Persons declared mentally incompetent by an Argentine court or deaf-mute persons who cannot write will receive a court-appointed guardian. In some special cases (e.g., drug or alcohol addicts, people with minor mental deficiencies, spendrifts), a guardian may be appointed to represent a person only for disposition of assets, but not for their normal management.

In case of succession proceedings with heirs under legal age or incompetent, these heirs must be represented. In addition, a special public attorney for minors must be a party to the proceedings.

Argentine law compensates those who are deprived from a right to inherit by virtue of a foreign law.
The Argentine Civil Code provides that Argentine or foreign heirs residing in Argentina are entitled to take from assets of the estate located in Argentina a portion equal in value to the assets located abroad of which they were deprived by virtue of a foreign law or usage.

Thus, if a foreign citizen dies leaving assets in Argentina and in his home country, and a will disposes that person’s property in a manner depriving an heir who resides in Argentina of his statutory reserved portion by a cause not recognized by Argentine law, that heir may take property located in Argentina in an amount equal to his or her statutory reserved portion under Argentine law.

 

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