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Argentina Wills, Inheritance Law, Probate, Equity, Estate and Succession Planning Buenos Aires Lawyer attorney law firm

Probing Probate: What You Should Know

Probate is a term that is used in several different ways. Probate can refer to the act of presenting a will to a court officer for filing — such as, to “probate” a will. But in a more general sense, probate refers to the method by which your estate is administered and processed through the legal system after you die.

The probate process helps you transfer your estate in an orderly and supervised manner. Your estate must be dispersed in a certain manner (your debts and taxes paid before your beneficiaries receive their inheritance, for example). Think of the probate process as the “script” that guides the orderly transfer of your estate according to the rules. (For more info, see What’s a Probate Estate All About?)

Many people think that probate applies to you only if you have a will. Wrong! Your estate will be probated whether or not you have a will.

– With a valid will: If you have a valid will, then your will determines how your estate is transferred during probate and to whom.
– Without a valid will: If you don’t have a will, or if you die partially intestate, where only part of your estate is covered by a valid will, the laws where you live specify who gets what parts of your estate.

So read on for a few important points about probate you need to know.

The probate process

Even though you won’t be around when your estate goes through probate (after all, you’ll be dead), you need to understand how the probate process works. At the most basic levels, the probate process involves two steps:

– Pays debts you owe
– Transfers assets to your beneficiaries

A state court called the probate court oversees the probate process.Because probate courts are state courts and not federal courts, the processes they follow may vary from one state to another. Yet despite their differences, these courts all pretty much follow the same basic processes and steps, which typically include:

– Swearing in your personal representative
– Notifying heirs, creditors, and the public that you are, indeed, dead
– Inventorying your property
– Distributing your estate (including paying bills and any taxes)

Swearing in your personal representative

In your will, you name who you want to be your personal representative — that is, the person in charge of your estate after you die. However, the court determines the personal representative for your estate under the following circumstances:

– You die without a will.
– You have a will but for some reason didn’t specify who you want to be your personal representative.
– The person you selected has died or for some reason can’t serve — and you didn’t “bring in someone from the bullpen” to replace your original choice.

A family member, such as your spouse or an adult child, can request that the court appoint him or her as the personal representative for your estate. Regardless of who is finally selected, the court gives your personal representative official rights to handle your estate’s affairs. As evidence that this person has the authority to act on behalf of your estate, the court gives your personal representative a certified document called the Letters of Administration or Letters Testamentary.

In either case, the personal representative named in your will or determined by the court has to first be formally appointed by the court before officially entering into office (the term that’s used). Usually this involves that the personal representative take an oath of office, after which he or she will then receive the official documentation showing his or her status (the Letters of Administration or Letters Testamentary we mention above).

Your personal representative files a document called a Petition for Probate of Will and Appointment of Personal Representative with the probate court. This petition begins the probate process. If you have a will, the probate court issues an order admitting your will to probate. Basically, the court acknowledges your will’s validity. (Check out Status of Your Will: Testate or Intestate? to get the lowdown on how the law sees your will.)

Notifying creditors and the public

Some state laws require your personal representative to publish a death notice in your local paper. The death notice serves as a public notice of your estate’s probate and enables people who think they have an interest in your estate (such as creditors) to file a claim against your estate within a specified time period.

The notice is part of the process to make the matters of your estate part of the public record. Some people view the general public’s ability to review your private estate matters as one of probate’s disadvantages.

Inventorying your property

The personal representative must inventory the different types of property — real and personal — that make up your estate so that your estate value can be determined. This inventory is important for a couple of reasons:

1. To make sure you left enough to cover your debts and distributions to beneficiaries: If your estate doesn’t meet the monetary obligations of both your estate creditors and your property transfers to your beneficiaries, it’s subject to abatement statutes, meaning that one or more beneficiaries may receive less than you had wanted or even nothing at all.
2. To ensure that all property is accounted for. Your personal representative is in charge of collecting and inventorying your estate’s assets to make sure that all property is available for distributing at the end of the probate process. (Your beneficiaries, of course, will want to know what assets are in your estate.) If property is missing or not in your ownership at the time of your death, ademption statutes become relevant. These statutes determine if a replacement asset or cash equivalent should replace the missing property intended for your beneficiary.

You should already have a pretty good idea of what your estate is worth so that you can make intelligent choices for your estate plan. Obviously, your personal representative needs to know this information, too. So make sure that your personal representative has easy access to the list that shows what your estate includes and what your assets are worth. Even a slightly out-of-date list can serve as a starting point so that your personal representative doesn’t have to create an inventory from scratch. (The Essentials of Marshalling Estate Assets shows you what your representative will have to do after you pass away.)

Distributing the estate

The final step in the probate process is the distribution of your estate property. In other words, everyone (ideally) — both your creditors and your heirs — gets what’s coming to them.

Creditors that have a valid claim are likely to be paid in the following order (though the order varies from state to state):

1. Estate administration costs (legal advertising, appraisal fees, and so on)
2. Family allowances
3. Funeral expenses
4. Taxes and debt
5. All remaining claims

Whatever’s left after your creditors get their money is distributed to your heirs or to the beneficiaries you named in your will. If you died without a will, the laws in your state determine how your property is distributed.

If probate proceeds according to plan and all notices and communications are properly handled, your personal representative is usually protected against any subsequent, late-arriving claims. Your personal representative will be protected after some specified time period expires.

Some complicating factors to the probate process

Some probate processes can be relatively straightforward, while others can be particularly complicated depending on how complicated an estate is. The following sections describe some of the more common complicating factors about probate that you will likely encounter.

What’s probated where: Differences between states

All states have probate, and all the types of property that make up your estate — real and personal — may be part of your estate’s probate. Tangible and intangible personal property, like your collectibles and your stock portfolio, are probated in the state where you live, but your real estate is probated where the property is actually located. So if you live on a farm in Pennsylvania and also have a vacation condo in Florida, you’ll have two probates.

Probate or not: Differences between types of property

Another common misconception is that probate applies to all of your estate. Actually, probate handles the processing of all assets in your probate estate. Your probate estate is made up of all the property that’s distributed through probate; the remaining property is called nonprobate property.

In a general sense, probate assets are those you own alone, while you own nonprobate assets jointly with others and to whom those assets will pass automatically upon your death. Nonprobate assets also include assets that pass to a named beneficiary: a life insurance policy, for example. Because these nonprobate assets pass to someone automatically, there is no need for probate.

The proven Buenos Aires – Argentina same probate lawyer professionals at the Kier Joffe  law firm have experience working with foreign clients involved in probate cases in Argentina. Buenos Aires Argentina attorney professionals are knowledgeable in all areas of probate law, including but not limited to probate process 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 probate lawyer in Argentina.

www.kierjoffe.com

UNITED STATES EXTRADITION TREATY WITH ARGENTINA – Lawyer – Attorney – Law Firm – Buenos Aires

UNITED STATES OF AMERICA BILATERAL EXTRADITION TREATIES:

EXTRADITION TREATY WITH ARGENTINA

TREATY DOC. 105-18

1997 U.S.T. LEXIS 94

June 10, 1997, Date-Signed

MESSAGE FROM THE PRESIDENT OF THE UNITED STATES TRANSMITTING EXTRADITION TREATY BETWEEN THE UNITED STATES OF AMERICA AND THE ARGENTINE REPUBLIC, SIGNED AT BUENOS AIRES ON JUNE 10, 1997

TEXT:

105TH CONGRESS

1st Session

SENATE

LETTER OF TRANSMITTAL

THE WHITE HOUSE, July 30, 1997.

To the Senate of the United States:

With a view to receiving the advice and consent of the Senate to ratification, I transmit herewith the Extradition Treaty between the United States of America and the Argentine Republic, signed at Buenos Aires on June 10, 1997. In addition, I transmit, for the information of the Senate, the report of the Department of State with respect to the Treaty. As the report states, the Treaty will not require implementing legislation.

The provisions in this Treaty follow generally the form and content of extradition treaties recently concluded by the United States. Upon entry into force, this Treaty would enhance cooperation between the law enforcement authorities of both countries, [*2] and thereby make a significant contribution to international law enforcement efforts. The Treaty would supersede the Extradition Treaty Between the United States of America and the Republic of Argentina signed at Washington on January 21, 1972.

I recommend that the Senate give early and favorable consideration to the Treaty and give its advice and consent to ratification.

WILLIAM J. CLINTON.

LETTER OF SUBMITTAL DEPARTMENT OF STATE, Washington, July 9, 1997.

The PRESIDENT,

The White House.

THE PRESIDENT: I have the honor to submit to you the Extradition Treaty between the United States of America and the Argentine Republic (the “Treaty”), signed at Buenos Aires on June 10, 1997. I recommend that the Treaty be transmitted to the Senate for its advice and consent to ratification. The Treaty follows closely the form and content of extradition treaties recently concluded by the United States. The Treaty represents part of a concerted effort by the Department of State and the Department of Justice to develop modern extradition relationships to enhance the ability of the United States to prosecute serious offenders, including, especially, narcotics traffickers and terrorists. [*3] The Treaty marks a significant step in bilateral cooperation between the United States anD Argentina. Upon entry into force, it would supersede the extradition treaty currently in force between the two countries, which was signed at Washington on January 21, 1972. That treaty has become outmoded and the new treaty will provide significant improvements. The Treaty can be implemented without new legislation.

Article 1 obligates each Party to extradite to the other, pursuant to the provisions of the Treaty, any person charged with or found guilty of an extraditable offense in the Requesting State.

Article 2(1) defines an extraditable offense as one punishable under the laws in both Parties by deprivation of liberty for a maximum period of more than one year, or by a more severe penalty. Use of such a “dual criminality” clause rather than a list of offenses covered by the Treaty obviates the need to renegotiate or supplement the Treaty as additional offenses become punishable under the laws of both Parties.

Article 2(2) defines an extraditable offense to include also an attempt or a conspiracy to commit, or the participation in the commission of, an extraditable offense. Additional flexibility [*4] is provided by Article 2(3), which provides that an offense shall be considered an extraditable offense: whether or not the laws in the Contracting States place the offense within the same category of offenses or describe the offense by the same terminology; or whether or not the offense is one for which United States federal law requires the showing of such matters as interstate transportation or use of the mails or of other facilities affecting interstate or foreign commerce, such matters being merely for the purpose of establishing jurisdiction in a United States federal court. With regard to offenses committed outside the territory of the Requesting State, Article 2(4) provides that an offense described in Article 2 shall be an extraditable offense if the offense has effects in the territory of the Requesting State, or if the laws in the Requested State provide for punishment of an offense committed outside its territory in similar circumstances. Article 3 provides that extradition and surrender shall not be refused on the ground that the person sought is a national of the Requested Party. Neither Party, in other words, may invoke nationality as a basis for denying an extradition. [*5] As is customary in extradition treaties, Article 4 incorporates a political offense exception to the obligation to extradite. Article 4(1) states generally that extradition shall not be granted for a political offense. Article 4(2) expressly excludes from the reach of the political offense exception several categories of offenses:

(a) an attack or willful crime against the physical integrity of the Head of State of one of the Parties, or of a member of the Head of State’s family; (b) an offense for which both Parties are obliged pursuant to a multilateral international agreement on genocide, acts of terrorism, illicit trafficking in narcotic drugs and psychotropic substances, or other crimes, to extradite the person sought or submit the case to their competent authorities for decision as to prosecution; and (c) a conspiracy or attempt to commit the offenses described above, or participation in the commission of such offenses.

Article 4(3) provides that extradition shall not be granted if the competent authority of the Requested State determines that the request was politically motivated.

Article 4(4) provides that the Requested State may refuse extradition for offenses under military [*6] law that are not offenses under ordinary criminal law (for example, desertion).

Article 5 bars extradition when the person sought has been convicted or acquitted in the Requested State for the same offense, but does not bar extradition if the competent authorities in the Requested State have declined to prosecute for the acts for which extradition has been requested. In addition, extradition cannot be refused on the ground that the authorities in the Requested State, after initiating criminal proceedings, have decided to discontinue them, so long as the Requested State’s laws regarding double jeopardy would permit the future reinstitution of such criminal proceedings.

Under Article 6, when an offense for which extradition is requested is punishable by death under the laws in the Requesting State and is not so punishable under laws in the Requested State, the Requested State may refuse extradition unless the Requesting State provides assurances that the death penalty will not be imposed or, if imposed, will not be carried out.

Article 7 provides that extradition shall not be denied on the ground that the prosecution or penalty would be barred under the statute of limitations in the [*7] Requested State.

Articles 8-10 address procedures governing the presentation and processing of extradition requests. Article 8 describes the documents that are required to support a request for extradition. Article 9 provides that all documents submitted by the Requesting State shall be translated into the language of the Requested State. Article 10 establishes the procedures under which documents submitted pursuant to Article 8 shall be received and admitted into evidence in the Requested State.

Article 11 sets forth procedures for the provisional arrest and detention of a person sought pending presentation of the formal request for extradition. Article 11(4) provides that if the Requested State’s executive authority has not received the request for extradition and supporting documentation within sixty days after the provisional arrest, the person may be discharged from custody. Article 11(5) provides explicitly that discharge from custody pursuant to Article 11(4) does not prejudice subsequent rearrest and extradition upon later delivery of the extradition request and supporting documents. Article 12 specifies the procedures governing the surrender and return of persons sought. [*8] The Requested State is required to notify promptly the Requesting State of its decision on extradition and, if the request is denied in whole or in part, to provide an explanation of the reasons for the denial of the request. If the request is granted, the Parties shall agree on the time and place for the surrender of the person sought. Such person must be removed from the territory of the Requested State within the time prescribed by the law of the Requested State, or within thirty days from the time of notification by the Requested State of its decision on the request for extradition, whichever is longer. Otherwise, that person may be discharged from custody, and the Requested State may refuse a subsequent extradition request from the Requesting State for that person for the same offense. This Article also provides that if assurances in connection with application of the death penalty are required pursuant to

Article 6, they shall be provided prior to the surrender of the person sought.

Article 13 concerns temporary and deferred surrender. If a person whose extradition is sought

is being prosecuted or is serving a sentence in the Requested State, that State may

temporarily surrender [*9] the person to the Requesting State solely for the purpose of

prosecution. Alternatively, the Requested State may postpone the extradition proceedings

until the domestic prosecution has been concluded and any sentence imposed has been

served.

Article 14 sets forth a non-exclusive list of factors to be considered by the Requested State in

determining to which State to surrender a person sought by more than one State.

Article 15 provides for the seizure and surrender to the Requesting State of property

connected with the offense for which extradition is granted, to the extent permitted under the

law of the Requested State. Such property may be surrendered even when extradition cannot

be effected due to the death, disappearance, or escape of the person sought. Surrender of

property may be deferred if it is needed as evidence in the Requested State and may be

conditioned upon satisfactory assurances that it will be returned. Article 15(3) imposes an

obligation to respect the rights of third Parties in affected property.

Article 16 sets forth the rule of speciality. It provides that a person extradited under the

Treaty may not be detained, tried, or punished in the Requesting State for [*10] an offense

other than that for which extradition has been granted. However, the Article sets forth a

number of exceptions, including the grant of a waiver by the competent authority of the

Requested State. Similarly, the Requesting State may not extradite the person to a third state

for an offense committed prior to the original surrender unless the surrendering State

consents. These restrictions do not apply if the extradited person leaves the Requesting State

after extradition and voluntarily returns to it or fails to leave the Requesting State within

twenty days of being free to do so.

Article 17 permits surrender to the Requesting State without further proceedings if the person

sought directly and expressly consents.

Article 18 governs the transit through the territory of one Party of a person being surrendered

to the other Party by a third State.

Article 19 contains provisions on representation and expenses that are similar to those found

in other modern extradition treaties. Specifically, the Requested State bears the expenses for

the legal representation of the Requesting State in any proceedings arising out of a request for

extradition. The Requesting State shall bear the expenses [*11] related to the translation of

documents and the transportation of the person surrendered. Article 19(3) clarifies that

neither Party shall make any pecuniary claim against the other Party related to the arrest,

detention, examination, custody, or surrender of persons sought under the Treaty.

Article 20 provides that, for the United States of America, the term “competent authority” as

used in the Treaty means the appropriate authorities of its executive branch.

Article 21 states that the Parties may consult with each other directly in connection with the

processing of individual cases and in furtherance of maintaining and improving the

procedures for the implementation of the Treaty.

Article 22, like the parallel provision in almost all recent United States extradition treaties,

states that the Treaty shall apply to offenses committed before as well as after the date the

Treaty enters into force.

Article 23 contains final clauses dealing with the Treaty’s ratification, entry into force and

termination. Paragraph 1 states that the Treaty shall be subject to ratification, and the

instruments of ratification shall be exchanged as soon as possible. Paragraph 2 states that the

Treaty shall [*12] enter into force the day after the date of the exchange of instruments of

ratification. Paragraph 3 provides that, upon entry into force of this Treaty, the Treaty on

Extradition Between the United States of America and the Republic of Argentina, signed at

Washington January 21, 1972, shall cease to be in force, with noted exceptions. Paragraph 4

provides that either Party may terminate the Treaty at any time by giving written notice

through the diplomatic channel to the other Party, and the termination shall be effective six

months after the date of such notice.

A Technical Analysis explaining in detail the provisions of the Treaty is being prepared by

the United States negotiating delegation and will be submitted separately to the Senate

Committee on Foreign Relations.

The Department of Justice joins the Department of State in favoring approval of this Treaty

by the Senate at the earliest possible date.

Respectfully submitted.

THOMAS R. PICKERING.

EXTRADITION TREATY BETWEEN THE UNITED STATES OF AMERICA AND THE

ARGENTINE REPUBLIC

The United States of America and the Argentine Republic (hereinafter also, “the Parties”),

Considering the Treaty on Extradition Between the United States [*13] of America and the

Republic of Argentina, signed at Washington January 21, 1972, Desiring to provide for more

effective cooperation between the two States in the suppression of crime, and for that

purpose, to conclude a new extradition treaty, Have agreed as follows:

Article 1

Obligation to Extradite

The Parties agree to extradite to each other, pursuant to the provisions of this Treaty, persons

whom the authorities in the Requesting State have charged with or found guilty of an

extraditable offense.

Article 2

Extraditable Offenses 1. An offense shall be an extraditable offense if it is punishable under

the laws in both Parties by deprivation of liberty for a maximum period of more than one year

or by a more severe penalty. When the request for extradition refers to a person found guilty

of such a crime who is sought for the service of a sentence, extradition shall be granted only

if the remainder of the sentence to be served is at least six months.

2. An offense shall also be an extraditable offense if it consists of:

(a) an attempt to commit any offense described in paragraph 1;

(b) a conspiracy as defined under the laws in the United States of America, or an illicit [*14]

association as defined under the laws in the Argentine Republic, to commit any offense

described in paragraph 1; or

(c) participation in the commission of any offense described in paragraph 1.

3. For the purposes of this Article, an offense shall be an extraditable offense:

(a) whether or not the laws in the Parties place the acts or omissions constituting the offense

within the same category of offense or denominate the offense by the same terminology; or

(b) whether or not the offense is one for which the federal laws of the United States of

America require the showing of such elements as interstate transportation, or use of the mails

or of other facilities affecting interstate or foreign commerce, such elements being for the

purpose of establishing jurisdiction in the federal courts of the United States of America.

4. In accordance with the provisions of this Treaty, extradition shall be granted for offenses

committed in whole or in part within the Requesting State’s territory, which, for the purposes

of this Article, includes all places subject to that State’s criminal jurisdiction. Extradition shall

also be granted for offenses committed outside the territory [*15] of the Requesting State if:

(a) the act or acts that constitute the offense have effects in the territory of the Requesting

State; or

(b) the laws in the Requested State provide for punishment of an offense committed outside

its territory in similar circumstances.

5. If extradition has been granted for an extraditable offense, it shall also be granted for any

other offense specified in the request even if the latter offense is punishable by deprivation of

liberty for one year or less, provided that all other requirements for extradition are met.

Article 3

Nationality

The extradition and surrender of the person sought shall not be refused on the ground that

such person is a national of the Requested Party.

Article 4

Political and Military Offenses

1. Extradition shall not be granted if the offense for which extradition is requested is a

political offense.

2. For the purposes of this Treaty, the following offenses shall not be considered to be

political offenses:

(a) an attack or willful crime against the physical integrity of the Head of State of one of the

Parties, or of a member of the Head of State’s family;

(b) an offense for which both Parties have the obligation, [*16] pursuant to a multilateral

international agreement on genocide, acts of terrorism, illicit traffic in narcotic drugs and

psychotropic substances, or other crimes, to extradite the person sought or to submit the case

to their competent authorities for decision as to prosecution;

(c) an attempt to commit any offense described in subparagraphs (a) and (b) above;

(d) a conspiracy as defined under the laws in the United States of America, or illicit

association as defined under the laws in the Argentine Republic, to commit an offense

described in subparagraphs (a) and (b) above; or

(e) participation in the commission of any offense described in subparagraphs (a) and (b)

above.

3. Notwithstanding the terms of paragraph 2 of this Article, extradition shall not be granted if

the competent authority of the Requested State determines that the request was politically

motivated.

4. The Requested State may refuse extradition for offenses under military law that are not

offenses under ordinary criminal law.

Article 5

Prior Prosecution

1. Extradition shall not be granted when the person sought has been convicted or acquitted in

the Requested State for the offense for which extradition [*17] is requested.

2. If both Parties have jurisdiction over the acts for which extradition has been requested,

extradition shall not be precluded by the fact that authorities in the Requested State have not

instituted criminal proceedings against the person sought for those acts. In addition,

extradition shall not be precluded by the fact that such criminal proceedings, although

instituted, have been discontinued, provided that the laws of the Requested State regarding

double jeopardy would permit the future reinstitution of such criminal proceedings.

Article 6

Death Penalty

When the offense for which extradition is requested is punishable by death under the laws in

the Requesting State, and the laws in the Requested State do not permit the death penalty for

that offense, surrender of the person sought may be refused unless the Requesting State

provides assurances that the death penalty shall not be imposed, or, if imposed, shall not be

executed.

Article 7

Lapse of Time

Extradition shall not be denied on the ground that the prosecution or the penalty would be

barred under the statute of limitations in the Requested State.

Article 8

Extradition Procedures and Required Documents

1. [*18] A request for extradition shall be made in writing and submitted through the

diplomatic channel.

2. A request for extradition shall be supported by:

(a) the most precise physical description possible of the person sought; any known

information regarding the person’s identity, nationality, and probable location; and, if

possible, a photograph and fingerprints of such person;

(b) a summary of the facts of the offense, and a brief explanation of the procedural history of

the case;

(c) the text of the law or laws describing the offense for which extradition is requested and

the applicable penalty;

(d) a statement that neither the prosecution nor the execution of the penalty is barred

according to the prescriptive laws in the Requesting State; and

(e) the documents, statements, or other types of information specified in either paragraph 3 or

4 of this Article, as applicable.

3. A request for extradition of a person who is sought for prosecution shall also be supported

by:

(a) a copy of the warrant of arrest issued by an appropriate authority;

(b) a copy of the charging document, if any, against the person sought; and

(c) such information as would justify the detention [*19] of the person if the offense had been

committed in the Requested State.

4. In addition to the requirements of paragraph 2, a request for the extradition of a person

who has been found guilty of or sentenced for the offense for which extradition is sought

shall also be supported by:

(a) a copy of the judgment of conviction or, if such copy is not available, a statement by a

judicial authority that the person has been found guilty;

(b) information establishing that the person sought is the person to whom the finding of guilt

refers; and

(c) a copy of the document setting forth the sentence imposed, if the person sought has been

sentenced, and a statement establishing the extent to which the sentence has been carried out.

Article 9

Translation

All documents submitted by the Requesting State pursuant to this Treaty shall be

accompanied by a translation into the language of the Requested State.

Article 10

Admissibility of Documents

The documents that accompany an extradition request, including appropriate translations,

shall be received and admitted as evidence in extradition proceedings if:

(a) the documents are certified or authenticated by the appropriate accredited [*20]

diplomatic or consular officer of the Requested State in the Requesting State; or

(b) the documents are certified or authenticated in any other manner accepted by the laws in

the Requested State.

Article 11

Provisional Arrest

1. In case of urgency, either of the Parties may request the provisional arrest of the person

sought. A request for provisional arrest may be transmitted by any written means through the

diplomatic channel or directly between the United States Department of Justice and the

Ministry of Foreign Relations, Foreign Trade, and Worship of the Argentine Republic.

2. The application for provisional arrest shall contain:

(a) a description of the person sought;

(b) the location of the person sought, if known;

(c) a brief statement of the facts of the case, including, if possible, the time and location of

the offense;

(d) a citation to the law or laws that set forth the offense;

(e) a statement of the existence of a warrant of arrest, or of a finding of guilt or judgment of

conviction, against the person sought;

(f) an explanation of the reasons for the urgency of the request; and

(g) a statement that a request for extradition of the person sought, [*21] with the appropriate

supporting documentation, will be presented.

3. The Requested State shall notify the Requesting State without delay of the disposition of

an application for provisional arrest.

4. A person who is detained pursuant to this Article may be discharged from custody upon

the expiration of sixty (60) calendar days from the date of such provisional arrest if the

executive authority of the Requested State has not received the request for extradition and the

supporting documents required in Article 8.

5. The fact that the person sought has been discharged from custody pursuant to paragraph 4

of this Article shall not be an obstacle to the rearrest and extradition of that person if an

extradition request is received at a later date.

Article 12

Decision on Extradition and Surrender of the Person Sought

1. The Requested State shall promptly notify the Requesting State of its decision on the

request for extradition.

2. If the request is denied in whole or in part, the Requested State shall provide an

explanation of the reasons for the denial. The Requested State shall provide copies of

pertinent judicial decisions upon request.

3. If assurances are required pursuant [*22] to Article 6 of this Treaty, they shall be provided

prior to the surrender of the person sought.

4. If extradition is granted, the Parties shall agree on the time and place for the surrender of

the person sought. If the person sought is not removed from the territory of the Requested

State within thirty (30) calendar days from the time of the notification described in paragraph

1 of this Article or within the time prescribed by the law of that State, whichever is longer,

that person may be discharged from custody, and the Requested State may refuse a

subsequent extradition request from the Requesting State for that person for the same offense.

Article 13

Temporary and Deferred Surrenders

1. If extradition is granted in the case of a person who is being proceeded against or is serving

a sentence in the Requested State, such State may temporarily surrender the person sought to

the Requesting State for the purpose of prosecution. The person so surrendered shall be kept

in custody in the Requesting State and shall be returned to the Requested State after the

conclusion of the proceedings against that person, or when his or her presence is no longer

required under the laws in the Requesting [*23] State. Temporary surrender shall be effected

in accordance with conditions to be determined by agreement of the Parties.

2. The Requested State may postpone the extradition proceedings against a person who is

being prosecuted or who is serving a sentence in that State. The postponement may continue

until the prosecution of the person sought has been concluded or until such person has served

any sentence imposed.

3. For the purposes of this Treaty, the postponement by the Requested State of the extradition

proceedings or of the surrender shall suspend the running of the statute of limitations in the

judicial proceedings in the Requesting State for the offense or offenses that gave rise to the

extradition request.

Article 14

Concurrent Requests

If one of the Parties receives requests from the other Party and from any other State or States

for the extradition of the same person, either for the same offense or for different offenses,

the competent authority of the Requested State shall determine to which State it will

surrender the person. In making its decision, the Requested State shall consider all relevant

factors, including but not limited to:

(a) whether or not the requests [*24] were made pursuant to treaty;

(b) the place where each offense was committed;

(c) the gravity of the offenses;

(d) the respective interests of the Requesting States;

(e) the possibility of further extradition between the Requesting States; and

(f) the chronological order in which the requests were received from the Requesting States.

Article 15

Seizure and Surrender of Property

1. To the extent permitted under its law, the Requested State may seize and surrender to the

Requesting State all articles, documents, and evidence connected with the offense in respect

of which extradition is granted. Such items may be surrendered even when the extradition

cannot be effected due to the death, disappearance, or escape of the person sought.

2. The Requested State may condition the surrender of the property upon satisfactory

assurances from the Requesting State that the property will be returned to the Requested State

as soon as practicable. The Requested State may also defer the surrender of such property if it

is needed as evidence in that State.

3. The rights of third parties in such property shall be duly respected.

Article 16

Rule of Speciality

1. A person extradited [*25] under this Treaty may not be detained, tried, or punished in the

Requesting State except for:

(a) the offense for which extradition was granted or a differently denominated or less serious

offense based on the same facts on which extradition was granted, provided such offense is

extraditable;

(b) an offense committed by that person after his or her surrender; or

(c) an offense for which the competent authority of the Requested State consents to the

person’s detention, trial, or punishment. For the purposes of this subparagraph:

(i) the Requested State may require the submission of the documents specified in Article 8;

and

(ii) the person extradited may be detained by the Requesting State for ninety (90) calendar

days, or for such longer period of time as the Requested State may authorize, while the

request for consent is being processed.

2. A person extradited under this Treaty may not be extradited to a third State for an offense

committed prior to his or her surrender unless the surrendering State consents.

3. Paragraphs 1 and 2 of this Article shall not prevent the detention, trial, or punishment of an

extradited person, or the extradition of that person to [*26] a third State, if that person:

(a) leaves the territory of the Requesting State after extradition and voluntarily returns to it;

or

(b) does not leave the territory of the Requesting State within twenty (20) calendar days of

the day on which that person is free to leave.

Article 17

Waiver of Extradition

1. If the person sought consents to surrender to the Requesting State, the Requested State may

surrender the person as expeditiously as possible without further proceedings.

2. Such consent shall be directly and expressly provided to the appropriate judicial authority

of the Requested State.

Article 18

Transit

1. Either Party may authorize transportation through its territory of a person surrendered to

the other Party by a third State. In cases of scheduled transit, such authorization shall be

requested by the Party to which the person is being extradited. A request for transit may be

transmitted through the diplomatic channel. Alternatively, such request may be transmitted

directly between the United States Department of Justice and the Ministry of Foreign Affairs,

Foreign Trade, and Worship of the Argentine Republic, or through the facilities of the

International Criminal [*27] Police Organization (INTERPOL). The request for transit shall

contain a description of the person being transported and a brief statement of the facts of the

case. A person in transit may be detained in custody during the period of transit.

2. No authorization is required if a Party is transporting a person surrendered to it by a third

State using air transportation and no landing is scheduled on the territory of the other Party. If

an unscheduled landing occurs on the territory of a Party, that Party may require from the

other Party the submission of a request for transit as provided in paragraph 1. If required, any

such request for transit shall be provided within ninety-six (96) hours of the unscheduled

landing. The Party in which the unscheduled landing occurred may detain the person to be

transported until the transit is effected.

Article 19

Representation and Expenses

1. The Requested State shall advise, assist, appear in court on behalf of, and represent the

interests of, the Requesting State in any proceedings related to a request for extradition. The

representative appointed by the Requested State shall be legally authorized to act in those

proceedings.

2. The Requesting [*28] State shall bear the expenses related to the translation of documents

and the transportation to that State of the person surrendered. The Requested State shall pay

all other expenses incurred in that State by reason of the extradition proceedings.

3. Neither Party shall make any pecuniary claim against the other Party related to the arrest,

detention, custody, examination, or surrender of persons sought under this Treaty.

Article 20

Competent Authority

For the United States of America, the term “competent authority,” as used in this Treaty,

means the appropriate authorities of its executive branch.

Article 21

Consultation

The Parties may consult with each other directly in connection with the processing of

individual cases and in furtherance of maintaining and improving procedures for the

implementation of this Treaty.

Article 22

Application

This Treaty shall apply to offenses committed before as well as after the date it enters into

force.

Article 23

Ratification, Entry into Force, and Termination

1. This Treaty shall be subject to ratification. The instruments of ratification shall be

exchanged as soon as possible.

2. This Treaty shall enter into force the day after the date [*29] of exchange of the

instruments of ratification.

3. Upon the entry into force of this Treaty, the Treaty on Extradition Between the United

States of America and the Republic of Argentina, signed at Washington January 21, 1972,

shall cease to be in force. Nevertheless, the prior Treaty shall apply to any extradition

proceedings in which the extradition documents have already been submitted to the courts of

the Requested State before this Treaty enters into force. Article 17 of this Treaty, however,

shall be applicable to such proceedings. Similarly, Article 16 of this Treaty shall apply to

persons found extraditable under the prior Treaty.

4. Either Party may terminate this Treaty by giving written notice to the other Party through

the diplomatic channel, and the termination shall be effective six months after the date of

such notice.

IN WITNESS WHEREOF, the undersigned, being duly authorized by their respective

Governments, have signed this Treaty.

DONE at Buenos Aires, in two originals, this 10th day of June, 1997, in the English and

Spanish languages, both texts being equally authentic.

FOR THE GOVERNMENT OF THE UNITED STATES OF AMERICA:

FOR THE GOVERNMENT OF THE ARGENTINE [*30] REPUBLIC:

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.

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New York taxi mogul retains Kier Joffe Attorneys at Law to buy a Plot of Land in La Dolfina Polo Ranch by Adolfo Cambiaso the best Polo Player in the World.

La Dolfina is Adolfo Cambiaso’s personal life project. It was conceived thinking in a concept of life quality, polo lifestyle and family, aiming to make it the premier polo destination in the world: Argentina.

The world’s best polo player was born in Cañuelas on 14 April 1975. He started playing at age 12 in La Martina, stay in his family is Vicente Casares. In 1988, at age 14, won the Desert Campaign Cup and the following year Renault Cup, reaching the six-goal handicap.His big year was 1994: he won the triple crown (Tortugas Open, Hurlingham Open and Argentine Open in Palermo) with Ellerstina and became the youngest player to reach 10-goal handicap. He was 19. He also holds the record of 16 goals in one game and the record of 67 goals in the championship in 1998.Since then he received numerous awards, including the Olimpia de Plata in 1997.In 2005 he founded his own team, La Dolfina, with Lucas Monteverde Mariano Aguerre and Bartolome Castagnola.Adolfito is married to model Mary Vazquez. They have two children Mia and Adolfo Jr., born in the midst of a party that Adolfito played in the Argentine Open Centaurs against Beaufort.It stands out not only as one of the best polo players in the world, but in its simplicity. “I am very simple and very relaxed. I do not mean more than enough. I am happy to be in a good team, with people like me. Playing with the guys who really enjoy themselves and live to be eighty, if I can. Having a family and have children, “he said when beginning his brilliant career”.

From the City of Buenos Aires the quickest and easiest way is to drivethe Avenida 9 de Julio direction opposite to river until AutopistaRiccheri (freeway). Hop onto this freeway and keep driving aprox 20 minutes (you will pass two tolls). When you see the sign that says Autopista Ezeiza Canuelas (205), take it and drive aprox 15 minutes (you will pass one toll). Then you will se a sign that says ALEJANDRO PETION.Take this direction left about 5 minutes (this street is called Calle Vissir). The road will end in a Country Club, you will see that entrance.That is road 205, that you will need to make a left about half a mile. The first available road (take it right), is the road that after a mile drives you to La Dolfina Polo Club. You will see the signs of the Club.The access to the Polo Ranch will be specified soon as the road is under construction. By now, the best way to get there is through La Dolfina Polo Club.

Argentina is the second larger country in South America after  Brazil. Located in the south of America,  is bounded by Chile, Bolivia, Paraguay, Brazil and Uruguay. Argentina is currently divided in 23 provinces and the Autonomous city of Buenos Aires.GeographyArgentina has a varied geography: subtropical forests and fast-flowing rivers to the northeast that give way to the Delta del Parana and to the Rio de la Plata. The premountain high plateau to the northwest has a mountain and desert weather, a central region with fertile pampas and the Patagonia. The Patagonia is located to the south and has huge extensions of prairies, high mountains, big lakes and woods. According to this, Argentina is divided in the following geographical areas: the pampas prairies, the Chaco prairies, the Mesopotamia, the Pampas Mountains, extra Andes Patagonia and oceanic Islands and Antarctica. The Andes region is divided into: north or northeast Andes, Andes from the Center or Cuyana and south Andes.In Argentina one can find all types of weather: though the major part of the country is located in the mild weather area of the South, most of the weather types can be found. Four of those types can be distinguished: subtropical, temperate, dry and cold, each with its corresponding variants.Kinds of weather and its main characteristics: Subtropical with no dry season (Northeast): Temperature is high, mild difference between winter and summer. Many precipitations during the whole year. Subtropical with dry season (North): Really hot during summer and warm during winter. Too many rains, mainly during the summer. Pampas temperate (covers the east pampas and south of the Mesopotamia). Temperature diminishes from the coast to the inside of the country. There is a lot of rain. Transition temperate (covers the west pampas): Summer is warmer and winter is colder due to lack of humidity. The amount of rain is not enough and it rains during the summer. Dry or mountain weather (covers the Puna and the central Andes): during winter it is very cold and during summer it is fresh. There is a wide difference in temperature between day and night. It scarcely rains, mainly in the summer, hence the atmosphere is extremely dry. Dry of the mountains (covers most of the area near the Pampas and pre Andes): Winters are cold and summers are warm. There is a wide difference in temperature between day and night. It scarcely rains, mainly in the summer. Dry cold (Patagonia): Temperatures are low and dry winds blow from the west. The few rains fall mainly in winter. There are a lot of snow precipitations in the south. Snow cold (Argentinean Antartida): Temperatures are below cero centigrade, winds are strong.Demographic SituationCurrently, Argentina’s population is of 36.000.000 approximately. 34% of the whole population is concentrated in the Autonomous city of Buenos Aires and the 19 areas around it (known as partidos, which belong to Buenos Aires). These areas are an extension of the federal district, known as Gran Buenos Aires. 2.960.000 people live in the city of Buenos Aires. It is visited by 7.000.000 people who come from the Gran Buenos Aires every day.Most of Argentina’s population is from Spanish and Italian origin. In general, it is noticeable the prevailing European origin.Argentina’s population growth rate has remained relatively constant since the middle of the 20th Century. It has just varied around 1.6% since 1947. Since then, the city of Buenos Aires has shown an important decrease due to the desire of the inhabitants to live outside the city.Whereas in Gran Buenos Aires there’s been an important increase of the population in the last 50 years and it has grown at an accumulative annual rate of 3.5%.The projections from the United Nations for the year 2025 show a decrease in the population growth rate estimated in 1.1% annually.TourismThe tourism flow during the year 2006there’s been an important increment in the number of tourists who visited Argentina, 15.3% respect to 2005, whereas it the number of people who travelled abroad didn’t change much (eventhough this period is characterized for being historically the most important for tourism).It is important to notice that the flow of tourism is not a phenomenon per sei but a refection of the growth that has been taking place since 2004, as can be seen in the graphic.The balance as regards tourism from 2006 is 37.2% than 2005 and 80% than 2004.European tourists remain the main segment in the IN tourism, 25.4%; followed by Brazil 18%, USA, Canada and the rest of America 15.7%per segment. Tourists from Chile 13%. The rest of the world 8.6% of tourists. Finally, the rest of the bounding countries 3.6%.As regards overnight stayings expenses per tourist, the higher average belongs to tourists from Chile, U$S 130. Though tourists from USA and Canada were the ones who spent more in 4 and 5 star hotels (U$S 230.70).The average stayings in the 1° quarter of 2008 was of 14.1 days, which surpassed the average of the same period the previous year which was 13.7 days. European tourists are the ones who stayed longer (22.9 days), influenced by those who stayed at friends or relatives, those surpassed the month.The average expenses per traveller in this period was U$S 1.062, similar to the previous year.The province of Buenos Aires is the most populated of Argentina, almost 14 millions of inhabitants according to the National Census of 2001. It is situated to the east, in the center to the country; among its borders we find the provinces of de Córdoba, La Pampa, Río Negro, Entre Ríos and Santa Fe, as well as the Autonomous City of Buenos Aires which capital is the city of La Plata.Demographically, the province is constitued by a great part of Gran Buenos Aires, with 9.270.661 of inhabitants; more than the rest of the country inhabitants which are 4.556.542.

Argentina’s origin is based in a big influence of European countries. It is very similar in the culture and architecture to France, Spain and Italy. After all the crisis, Argentina recovers and flourishes with all the glamour and beauty as this country can give. Argentina enjoys of one of the nicest weathers in the world. The Pampas is basically a flat huge province (Buenos Aires), that enjoys various rains and makes it a very profitable place. Grain and cattle are big business. A huge income, tied to an important culture, results in a very interesting country with history, sports, tourism and culture.

Stabling your horses in La Dolfina Polo Ranch has never been easier. Top designers will build barns for horses including groom accommodation, tack room, storehouse and sheds for your comfort and your horses’.Perfectly conceived exercise tracks, easy access and maneuvering spots, and all the facilities that a Polo Club must have, following the vast experience of La Dolfina Polo Club, the Polo Ranch is one of the most complete projects of premier polo.

If you are a polo enthusiast ,a horse and outdoor life lover, La Dolfina Polo Ranch is the place for you.  Located 45 minutes from Buenos Aires city, La Dolfina Polo Ranch is the most exclusive development in the polo world. It is situated where the best polo player in the world and history chose to live. La Dolfina Polo Ranch is neighbor with La Dolfina Polo Club, home of Cambiaso and center of polo on the area, where important exhibitions and tournaments are played during the Argentinean season.It is the opportunity for you to find your perfect place, with three spectacular kinds of plots for you to choose from: Plots with your private polo fields, plots overlooking a central lake and plots with a shared polo field. And all the facilities you can imagine including a polo stadium, a boutique hotel and a club house.

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

 

 

Compliance issues that arise for foreign workers in Argentina

Compliance with Migration Law
In Argentina,tourist visas are granted for a term of up to three months and may be extended for another three months upon their expiration.If a foreigner enters the country under the category of tourist, he or she will not be legally entitled to render services or perform productive work in Argentina.

Argentine migratory regulations establish that if a foreigner intends to work in Argentina for a short period of time, he or she may request a Temporary Work Permit. Such permit application does not require any prior processing prior to arrival in Argentina. The foreigner should enter the country as a tourist and only then request the Temporary Work Permit in the National Migration Bureau in Argentina, provided that he or she will render services to an Argentine entity.Temporary Work Permits are issued for up to a maximum term of 30 days (15-day initial period, renewable for another 15 days) and are granted immediately upon their request. Alternatively,citizens from certain countries specifically included in the applicable regulations,who declare upon their arrival that they are visiting Argentina on business,may enter under a special category and stay in the country for a term of up to three months,that may be extended for an additional three months upon its expiration.This category authorizes a limited number of commercial and/or professional activities in Argentina, including consultations, negotiations, business meetings and conferences. Employment under this latter category is not authorized. There are two alternatives for obtaining a work visa:(i) a foreign company who assigns its employee to work in Argentina due to a service or technical assistance agreement with an Argentine company, or (ii) a local company who hires the foreigner and includes him or her as an employee in its payroll.

Compliance with Employment Law

Pursuant to Section 3 of Employment Contract Law (“ECL”),individuals rendering services in Argentine territory must be subject to Argentine labor legislation.This is a mandatory provision because labor regulations are defined as public policy,which means that parties cannot agree to a different law.

The law requires an Argentine-based employer to hire such individuals, once the individual has the work visa. The lack of an Argentine-based employer and subsequent employment with a non-Argentine entity is a violation of Argentine law,and exposes the non Argentine entity to several penalties, including employment,migration, social security and tax. The only exception to this rule would be the case of foreign employees visiting Argentina for a brief period of time due to occasional services in Argentine territory for their foreign employer. Although there is no provision in the employment law about the extension of this occasional stay,a consistent interpretation with the migration law authorizes a stay of up to 30 days. There is no specific provision for employees sent on commission beyond30 days (e.g., due to a services agreement between the foreign employer and an Argentine entity,to install a machine,to research the market, etc.),and there is a grey area. As explained above,the Migration authority grants a work visa for such cases and does not require an Argentine entity to be the employer. Furthermore,the Retirement and Pension Law sets forth that those Argentine-based employees sent abroad on commission are still subject to the Argentine law, hence a converse construction could be made. In any case,it is advisable to have an Argentine employer when the stay exceeds 90 days.To the best of our knowledge there are no relevant precedents regarding the above mentioned scenario. The assignment scheme (also known as secondment), under which the home company maintains employment status and makes certain payments,while at the same time the host company pays certain expatriate benefits,is contradictory to Argentine law. The Argentine regulations require that all compensation paid to the expatriate be declared in the pay statement in Argentina by the Argentine employer, for purposes of employment related benefits,social security and taxes. Therefore,whenever the foreign employer pays compensation to the  expatriate, such payment needs to be declared by the Argentine employer.The only exception to this rule would be the case in which the expatriate performs work for two employers simultaneously, in different jurisdictions, under a dual employment scheme. As regards acknowledgement of services for the group,Argentine labor courts have awarded severance factoring the entire period of services,as opposed to the period worked in Argentina.

Compliance with Social  Security Law

Expatriates working in Argentina are subject to the social security system, under which employees and employers are mandated to pay contributions.

There are two exceptions to this rule:

(i) expatriates who are appointed as corporate directors,and (ii) expatriates who stay less than two years. Under the Argentine Retirement and Pension Law,corporate directors are obliged to pay contributions as “independent workers”,as opposed to “dependent workers.”Corporate directors who also work as employees can opt to contribute as employees, but otherwise are exempted. The Argentine Retirement and Pension Law also provides that either the employer of foreign scientists, professionals or technicians (“expatriate”) or the expatriate may request from the social security authority an exemption from social security payments for up to a two year period. The reduction is effective as from the date of filing the request.If the authority does not approve the exception,the employer must pay the outstanding social security contributions plus interest. Additionally,Argentina has signed several social security treaties,which in general terms,allow employees to either factor in the period within which they have worked in Argentina to obtain a retirement or pension-related benefits in their home country, provided that their home country has executed a social security treaty with Argentina, and/or to continue to be affiliated with the social security system of the home country for a limited period of time (i.e., between one and two years).In the latter case,the employees must follow a procedure required by the corresponding authorities of both countries. Because there is no totalization agreement between the United States and Argentina,social security payments will need to be made in Argentina,with the exception of the professionals and technicians who come to work for less than two years.

Compliance with Tax Law

Income Tax

The Argentine employer is required to withhold income tax (and social security contributions,if applicable) on a monthly basis.The tax base for withholding and contributions is the total salary and in-kind benefits the employee receives. The employee will be treated as an expatriate taxpayer,which permits the employee to be taxed only on his or her Argentine source income for the first five years worked in Argentina.After five years in Argentina,the expatriate will be subject to income tax on his or her worldwide income from 9 percent to 35 percent depending on the net taxable income of the employee. Expatriates who reside in Argentina for less than six months are subject to a flat withholding tax of 24.5 percent on their gross Argentine source income, rather than the regular progressive tax rates referred to above.The taxable income for expatriates working in Argentina for more than six months in a calendar year is subject to income tax withholding ranging from 9 percent to 35 percent depending on the net taxable income of each employee Individuals who reside in Argentina for more than six months in a calendar year are entitled to deduct an amount equivalent to AR$9,000 (approximately US$2,330) from their gross income.In addition,a standard annual tax deduction equivalent to AR$34,200 (approximately US$8,860) is available for benefits received for services arising from a labor relationship.

Personal Assets Tax

If the expatriate remains in Argentina for less than five years, he or she will be subject to Personal Assets Tax on assets held in Argentina exclusively.The applicable rate ranges from 0.5 percent to 1.25 percent depending on the valuation of the computable assets. In case the expatriate remains in Argentina for more than five years, he or she will be considered domiciled in Argentina and,consequently,subject to Personal Assets Tax on worldwide assets.The applicable rate ranges from 0.5 percent to 1.25 percent depending on the valuation of the computable assets.

Buenos Aires Argentina Labor and Employment Lawyer

The Buenos Aires Argentina labor attorney professionals of Kier Joffe support clients in human resources planning and restructuring. Modern labor criteria and geographic mobility for companies takes considerable legal prowess, and the Buenos Aires Argentina labor lawyer professionals of Kier Joffe  have the experience and expertise to help. As well, the Argentina labor attorneys have experience in prevention and resolution of individual and collective disputes for clients. Kier Joffe provides labor advice intended to avoid controversies, reduce costs and optimize results, keeping clients permanently informed on the evolution of applicable regulations and their interpretation by perspective governments.

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 publishes new rules requiring foreign reinsurers to open an Argentine branch by September 1, 2011 or otherwise be barred from transacting business

Effective September 1, 2011, a non-domestic reinsurance company wanting to do business in Argentina will be required to establish a local branch before it may reinsure any risks held by an Argentine insurer. The new regulation was among several changes to Argentina’s reinsurance regulatory framework that were published on February 21, 2011. (Resolution 35.615/2011 as published in Official Gazette No. 32.096 (Feb. 21, 2011) is available at http://infoleg.mecon.gov.ar/infolegInternet/anexos/175000-179999/179428/norma.htm.)

Under the new regulations, local insurers will be prohibited from ceding risks to any reinsurer who has not made itself subject to Argentina’s regulatory authority. Local insurers wanting to buy reinsurance will be limited to buying only through reinsurance companies that are domiciled in Argentina, including “[a]ny branches of foreign reinsurance companies that may be set up in the Republic of Argentina.” Ch. 1, § 1(b). A foreign reinsurer who intends to open an Argentine branch for the purpose of becoming licensed to transact reinsurance business in the market must provide capitalization of at least U.S. $5 million. Foreign reinsurers have until September 1, 2011 to conform to the new regulation or will thereafter be barred from accepting any reinsurance transactions originating in Argentina.

The sole exception to the regulation will allow a foreign reinsurer to transact business in Argentina if (a) the transaction cannot be covered by a domestic Argentine reinsurer and (b) the Superintendent of Insurance is provided an application to enter into the transaction in advance by the domestic insurer, who is also obligated to provide the Superintendent all of the relevant material “supporting the exceptional nature” of the ceded risks. Ch. 1, § 19. Only reinsurers that are authorized to do business abroad in their own countries are eligible to enter into such transactions. The regulations further set down requirements for foreign reinsurers in these limited circumstances, including providing proof from an external auditor of a minimum net worth of U.S. $30 million and maintaining copies of financial statements that are signed by an appointed attorney representative in the City of Buenos Aires. Once a license is issued allowing the transaction, the foreign reinsurer will be subject to numerous requirements on an ongoing basis during the life of the reinsurance agreement.

The new regulations are silent with respect to whether a domestic reinsurer may retrocede Argentine risks to a foreign reinsurer.

The local press has reported wide discontent over this reform coming from the insurance community and local brokers. Among other things, members of the insurance community have pointed out that the Argentine market has no capacity to assume the risk (more than 90% of risks are now reinsured abroad) and that even if there were capacity, this resolution concentrates all of the risk in local companies, which is far from desirable. In addition, it has been pointed out that this reform will increase premiums as there will be little competition from international reinsurers. Hence, it is very likely that the market will oppose this reform. However, it remains to be seen whether such opposition will be successful. In the meantime, reinsurance companies have less than six months to comply with this drastic reform.

Consult with a Proven Buenos Aires Argentina Insurance and Reinsurance Lawyer

The proven Buenos Aires Argentina Insurance and reinsurance lawyer professionals at Kier Joffe law firm are experienced in the effective resolution of Insurance and reinsurance lawsuits as related to Insurance and reinsurance contracts in Argentina. Buenos Aires Insurance and reinsurance attorney professionals are knowledgeable in all areas of general Insurance and reinsurance law and cases in Buenos Aires Argentina. Clients will have the confidence of knowing that the case is being handled by an experienced and knowledgeable Buenos Aires Insurance and reinsurance lawyer.

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