Within the framework of the Law on Social Solidarity and Productive Reactivation (Law 27,541 as regulated), the Board of the BCRA established on February 7, 2020 (Communication A 6893) that repatriated financial assets must be credited in “Savings Accounts for the Repatriation of Funds—Property Tax, Law 27,541,” special accounts that will be opened at financial institutions only for this purpose.
These accounts must strictly be opened in the name of the reporting party, and must be denominated in the foreign currency of the funds repatriated. The amounts deposited in foreign currency must be transferred from abroad, and the transferor and transferee must be both the account holder and repatriation reporting party.
It is worth noting that financial institutions must consider financial assets repatriated before February 7, 2020 (Communication A 6893) in the framework of Law 27,541 and deposited in savings accounts in foreign currency, and potentially allocated to new or renewed time deposits. They must, at the request of the reporting party, open a “Savings Account for the Repatriation of Funds—Property Tax, Law 27,541,” to which the funds are to be transferred (Communication B 11952).
In addition, when a legal person makes a transfer from abroad and deposits foreign currency in “Savings Accounts for the Repatriation of Funds—Property Tax, Law 27,541,” the provisions of Communication A 6893 will apply provided that the payee is a natural person with an equity interest in such legal person.
