I'm striking out on a particular issue for any of us down here on a Rentista Visa."Rentista", I'm told, isn't really a Spanish word. Argentines may have borrowed it from the French "rentier", someone whose income is derived from their investments.
It's a tax question:
"my rentista visa expires march 6 and we had a baby here so we are applying for permanent residence. do you know the tax implications since i disclosed my bank account in the US to them? i.e., will they tax me on the total value of whats in that account?"Argentina does tax accumulated wealth in a way that often surprises yanquis ...but not people from many other countries with similar policies.
If you can help this fellow immigrant/traveller out... please post an anonymous reply.
If you know of anybody that might know the answer... please forward this post.
When we get to the bottom of this, I'll add it to the database.
Thanks,
Mike
3 comments:
Hi Mike:
I am not a tax specialist, but I tell you that you have to pay tax for what you declared, even if is abroad. It is called something like patrimonial tax. On the other hand if we are talking about percentage it is not so much, it is only 0,5% for quantities over than 100000 USD (I guess border is 60K, but I don´t have the right figure) and 0,75% for large quantities. That is for what you have, in addition you maust have to pay taxes accordingly to your earnings (tax) in wich you must include interest from your assets abroad, depending on your income they go from 0% (lowest income) to 15& (medium income) to 35% (high income). Best thing to do just spend your money for the records and change bank abroad in order to avoid control.
Good luck
Hi Mike
I am an accountant degree and a tax specialist. i dont write very well english, but the ohter comment is ok, but i would like to precise it. In Argentina there are two taxes, "Ganancias" (income tax) and "Bienes Personales" (patrimonial tax). The first is for your earnings and incomings, and the other is for the wealth. If you become a resident (wich is defined by the tax law), you must do a tax return including all your earnings (in Argentina and all over the world that you have). Also, every year, you must declare your "Consumo", what is all the money you spent for living, but without details. "Consumo" is determined by the patrimonial difference between calendar years (earnings + wealth past year - wealth current year). "Bienes Personales" have a scale, the top rate es about 1,5%, and the initial is about 0,50% (up to 750.000 pesos of wealth, U$ 230.000). The account abroad also you must to declare if you have founds, because if you bring money from it, the AFIP (like IRS) through the "Banco Central" (like the FED) WILL BE WATCHING YOU; THEY ALWAYS HAVE RECORDS OF ANY INTERNATIONAL TRANSFER, and they want to know of what it is too. So, good luck and if you have questions, please write to cav733@hotmail.com
THAT'S THE POWER OF THE INTERNET.
You guys are great. Thanks!
Mike
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