Transfer money from Spain to Argentina

 

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How to Transfer Money from Spain to Argentina

Summary

Spain and Argentina share close cultural ties and a history of steady immigration and emigration between them. It is common for Spanish citizens to send money to Argentina, and vice versa, to pay for travel, relocation costs, education, or for any number of other needs. Currently, there are no restrictions for Spanish citizens who are planning to transfer money from Spain to Argentina.

Visas, work permits and residency

Spanish citizens who wish to live or work in Argentina must apply for the appropriate visa for temporary work or travel stays lasting longer than three months. Argentina issues tourist visas for stays of longer than 90 days, as well as business and temporary residence visas. To determine which is appropriate, it is recommended that Spanish citizens visit their local Argentinian embassy or consulate to determine visa or residence permit requirements.

For short visits lasting less than three months (90 days), Spanish citizens need only show a valid passport (it must be valid for at least six months from the time of arrival in Argentina) to enter the country. For more information about Argentina’s visa and residence requirements, visit the country’s National Immigration Office website.

Buying property in Argentina

There are a number of steps that need to be followed when purchasing property in Argentina. As a non-resident, it is advisable to work with a licensed real estate agent and/or real estate attorney who is familiar with Argentina’s real estate laws and can guide you through the process.

Once a property has been found, it is customary to start the purchase process by submitting an offer. The offer should state the property price, the closing date of the transaction, the notary public used, and any special conditions that were agreed to between the buyer and seller. An offer is customarily accompanied by a deposit, which can vary but is typically based on a percentage of the property purchase price. If the seller backs out of the agreement at this point, the deposit must be returned (and can be doubled, as a way to impose a fee on the seller for backing out of the agreement).

The intermediary step, the boleto, typically occurs within 15 days of the acceptance of the offer. The seller usually receives from 30% to 50% of the purchase price at this time. During this stage of the process, it is typical for the buyer to begin arrangements to transfer money to Argentina to complete the purchase. Argentinian banks will typically require copies of the seller’s tax returns in order to receive funds into their account.

The final step, the closing (called the escritura), is where the official transfer of deed takes place. The acting notary public must possess the old title deed at this point, and have ensured that the property does not have any debts, liens, or other encumbrances attached to it. The buyer’s presence is not required for the final step. Someone with power of attorney for the buyer may represent them at the escritura.

Taxation

In Argentina, taxes are imposed at three levels: national, provincial, and municipal. While residents must pay income taxes on all income earned in Argentina as well as outside of the country, non-residents are taxed only on income received within Argentina. Note that an individual who has resided in Argentina for at least 12 months is considered a resident for tax purposes.

Spanish students studying in Argentina

Spanish students who wish to study in Argentina will find a number of resources available through the Argentinian government’s Ministry of Education. Scholarships and grant opportunities are also available. Spanish students will need to apply for and receive a student visa before arrival.

Voting

Spanish citizens are not permitted to vote in Argentina’s national elections, though in some cases they may vote in provincial or district elections. Spanish citizens who wish to vote in Spanish elections while residing abroad must register with a Spanish embassy in Argentina.

Healthcare

Argentina’s healthcare system is overseen by the Ministry of Health, and includes government-funded services as well as a private medical sector. For Spanish citizens visiting or planning to live in Argentina, it is strongly recommended that they purchase traveler’s insurance or a private medical plan to cover them for the duration of their stay, as non-citizens are not eligible for government-funded healthcare services.

Importing from Spain to Argentina

As a member of the European Union (EU), Spain is part of a lucrative and mutually beneficial transatlantic trading and economic partnership with Argentina. This trade relationship is Argentina’s second largest, accounting for approximately 16% of Argentina’s total trade in 2013, and is governed by the Framework Trade and Economic Co-operation Agreement, in effect since 1990. Argentina and the EU are also trading partners in the EU-Mercosur Framework Co-operation Agreement of 1995. In 2012, foreign direct investment, trade, and international money transfers between the EU and Argentina accounted for USD $18.3 billion.

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