Financial institutions must open a “special account for the repatriation of funds” to persons or undivided estates that fall under the scope of Law 27,605 on the Extraordinary Solidarity Contribution. This decision was approved today by the Board of the BCRA.
These special accounts will only be used to credit and maintain repatriated funds in currency holdings and/or the proceeds of the realization of financial assets located abroad.
These accounts are meant to hold more than one transfers and will be denominated in the foreign currency of the funds repatriated. The amounts deposited must be transferred from abroad. The transferor and transferee— the account holder and repatriation reporting party—must be the same.
Financial institutions must report to the Federal Administration of Public Revenue (Administración Federal de Ingresos Públicos, AFIP)—in accordance with its procedures and guidelines—on the debits and credits made on those accounts.
Funds must be deposited in the special account until December 31, 2021, or may be used for making or renewing time deposits or for any other purpose set out in Section 6 of Executive Order 42/2021.
For the purpose of the Law on the Extraordinary Solidarity Contribution, repatriation means the transfer to Argentina of foreign currency holdings and/or the proceeds of the realization of, at least, 30% of the financial assets located abroad. These transfers must be made within a period of 60 business days as from December 18, 2020.
