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| THE REAL ESTATE PURCHASE PROCESS | |||||||||||||||||||||||||||||||||||||||||||||||
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| Real Estate Purchase & Sale Costs | |||||||||||||||||||||||||||||||||||||||||||||||
| Stamp fee
of 2.2% of the sale value applicable to both buyer and seller, only in
the suburbs of Buenos Aires, not in the downtown B.A, (Recoleta, etc).
The stamp fee % may vary in other provinces. In downtown Buenos Aires the stamp tax is 1,25% for each of buyer and seller, and applies only to properties not declared as 1st. and only personal residence. Notary costs: Approximately 1% of closing value. Notary fees: 1% to 2% of the closing value. Realtor fees payable by purchaser: downtown BA 3 to 4% + VAT of 21% on same (i.e. 3.63 to 4.84%) BA Suburbs the buyer fee is 4% + VAT of 21% on same (i.e. 4.84%). Fees are usually split 50/50 between listing and buyer agent. Owner’s pay between 2 and 3% plus VAT of 21% on it. At idasp.com.ar we work under a team concept with staffs spread over the world |
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| ARGENTINE LEGISLATION REGARDING FOREIGN INVESTMENT | |||||||||||||||||||||||||||||||||||||||||||||||
| Foreign Investment Act - Executive Order 1853/1993 | |||||||||||||||||||||||||||||||||||||||||||||||
| Source: ADI Agencia de Desarrollo de Inversiones. | |||||||||||||||||||||||||||||||||||||||||||||||
| FOREIGN INVESTMENT ACT / EXECUTIVE ORDER 1853/1993 | |||||||||||||||||||||||||||||||||||||||||||||||
| ARTICLE 1
The codified text of the Foreign Investment Act enclosed with this executive
order is hereby approved. ARTICLE 2 Foreign investors may invest in Argentina without prior approval, under the same conditions as investors domiciled within the country. ARTICLE 3 The legal definition of foreign investor also includes Argentine physical or judicial persons domiciled outside the national territory. ARTICLE 4 According to this law economic or productive activities means all industrial, mining, agricultural, commercial, financial, service, and other activities related to the production or Exchange of goods and services. ARTICLE 5 Foreign investors may perform at any time their rights to repatriate their capital and remit their liquidearnings and realized profits abroad. ARTICLE 6 Except for the reserve mandated by law, the proportion of voluntary or statutorily constituted reserves owned by foreign investors in a domestic company, or those resulting from reappraisals or accounting updates of any type, will not be considered as reinvestment of foreign capital. ARTICLE 7 The prior approval required by the Technology Transfer Act is hereby repealed. ARTICLE 8 For purposes of the Technology Transfer Act, all legal deeds entered into between independent companies, plus any made between a domestic company with foreign capital and the company (or a subsidiary therefore) that directly or indirectly controls it, must be registered with the National Institute for Industrial Technology for informational purposes. ARTICLE 9 The Secretariat of Industry, Commerce and Small and Medium Companies within the Ministry of Economy and Production * will be the Enforcement Authority of this law. * The former Secretariat of Commerce and Investment within the former Ministry of Economy and Public Works and Services. ARTICLE 10 The Enforcement Authority will have the following duties: (a) to elaborate statistical information of foreign investment, and (b) to issue general interpretive rules and take other action necessary to enforce the Foreign Investment Act and the rules approves in this Executive Order. FOREIGN INVESTMENT ACT 21382 ARTICLE 1 Foreign investors who invest capital in the country using any form established in Article 3 of this Law, in order to promote economic activities, or expanding or enhancing of existing ones, will have the same rights and obligations that the Constitution and Laws accord to domestic investors, subject to the terms of this law and the terms contemplated in special or promotional regimes. ARTICLE 2 The following definition are used in this law: 1. Foreign capital investment: a) All capital contributions belonging to foreign investors and used in economic activities in Argentina; and b) Acquisition of all or part of an existing domestic company's capital by foreign investors. 2. Foreign investor: all physical or juridical persons domiciled outside the national territory; holder of a foreign capital investment; and domestic companies of foreign capital (defined in the next clause of this article) that invest in some others domestic companies. 3. Domestic company of foreign capital: All companies domiciled in Argentina in which physical or juridical persons domiciled outside the republic directly or indirectly own more than 49 percent of the capital, or directly or indirectly control the number of votes necessary to prevail in stockholders partner's meetings or partner's reunions. 4. Domestic company of domestic capital: All companies domiciled within Argentina, in which physical or juridical persons also domiciled within Argentina directly or indirectly own not less than 51 percent of the capital and directly or indirectly control the number of votes necessary to prevail in stockholders partner's meetings or partner's reunions. 5. Domicile: As defined in Civil Code,Articles 89 and 90. |
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