Informe de Sobre el Régimen de Disponibilidad de Divisas para Inversores Extranjeros

Foreign Direct Investment (FDI) and long-term external financing play a central role in the incorporation of technology and the modernization and improvement of the competitiveness of the economy, especially when it is aimed at improving export capacity.
In the current context, the BCRA manages the foreign exchange market with the aim of making the balance of payments sustainable. Likewise, to the extent that the conditions of exchange rate stability improve, the regulations will be reviewed.
The BCRA, through a series of measures, has improved the conditions of access to the foreign exchange market with respect to the repatriation of direct investments and transfers of profits and dividends.

Foreign Direct Investment (FDI) and long-term external financing play a central role in the incorporation of technology, modernization and improvement of the competitiveness of the economy, especially when it is aimed at expanding export capacity.
In the current context, the BCRA adopts a policy of prudential administration of the exchange rate with the aim of making the exchange balance and international reserves sustainable. To the extent that macro-financial conditions permit, these regulations will be reviewed.
The BCRA, through a series of measures, has relaxed the conditions of access to the foreign exchange market with respect to the repatriation of direct investments and transfers of profits and dividends.
Thus, the repatriation of investments of non-residents is allowed in the following cases:
• From 2 years that the capital contribution has been entered and settled by the foreign exchange market since October 2020.
• From the second year of investment in the “Plan for the Promotion of Argentine Natural Gas Production”.
• For exporters of industrialized and extractive goods that register an annual increase in their foreign sales in 2021 and 2022, for a percentage of said increase according to the goods exported.2
• For gas and oil producers that have a “Certification by the regimes of access to foreign currency for the incremental production of oil and/or natural gas (Decree No. 277/22)”.

The regulations also allow that, from the year of entry of the contribution through the foreign exchange market, FDI companies that export may use their export receipts to carry out the repatriation of investments by non-residents to the extent that:
• the exporters financed with the contribution a completed project that increased the production of goods to export or substitute imports, or the capacity to transport exports of goods and services with the construction of infrastructure works in ports, airports and land terminals of international transport, or
• the contribution is of a minimum value of US$ 100 million in the sectors of activity included in the “Investment Promotion Regime for Exports”, with limits on the foreign currency obtained in exports linked to the project and the gross amount of foreign currency earned.

Regarding the transfer of profits and dividends, access to the foreign exchange market is enabled for up to 30% of the accumulated amount of direct investment contributions entered through the aforementioned market since January 2020.
Likewise, under conditions similar to those indicated for the repatriation of investments by non-residents, profits and dividends corresponding to investments within the framework of the “Plan for the promotion of Argentine natural gas production” can be transferred, and so can exporters of industrialized and extractive goods with an annual increase in foreign sales in 2021 and 2022.
The direct use of export receipts for the realization of the transfer of profits and dividends is admitted, within the limits already stated, for projects included in the “Investment Promotion Regime for Exports”.
Access is also admitted for the payment of this concept, the percentage of incremental production of oil and gas arising from Decree No. 277/22, in the amounts corresponding to the “Certification by the regimes of access to foreign currency for the incremental production of oil and/or natural gas (Decree No. 277/22)”.
Finally, the BCRA’s regulations allow a percentage of the annual increase in exports in 2021 and 2022 to be applied not only to repatriate capital investments and/or distribute profits and dividends -mentioned above- but also to the concepts that in the current regulations are subject to prior approval of the BCRA to access the foreign exchange market without such an option being foreseen.

Report on the Foreign Exchange Availability Regime for Foreign Investors (PDF)