Since Alberto Fernández took office as president, the price of the official dollar remains in the order of $ 63, 30% surcharge and US $ 200 cap. However, uncertainty about the economy persists and the country risk again exceeded the 2,000 point barrier.According to the BCRA, in the first half of 2019 the investments of residents abroad amounted to US $ 4,450 M, a figure that constitutes the so-called "formation of external assets", which is commonly called currency flight. That number was widely exceeded in August (month of the PASS) with US $ 5,900 M, and in October (election month): US $ 4,125 M.This was due, in part, to the fact that the National Securities Commission (CNV) relaxed the opening of accounts in the US. through a local agent to facilitate the operation.In this context, either from the Internet or with the help of a Global Investment Advisory Agent (AAGI), many variants arise to have one in countries such as Uruguay or the United States.Moreover, after the CNV gave the approval for the latter (AAGI) to sign agreements with brokers abroad to open accounts in New York (as well as the ALyC - Liquidation or Compensation Agents), formerly known as Societies of Bag).Several of these companies advanced in this regard. Others, meanwhile, signed agreements with an institution (such as a securities agent in Uruguay), regulated by the Central Bank of that country (BCU), which in turn has an agreement with international brokers.Among the latter, Saxo Bank, FC Stone and Pershing stand out, which, in general, are not too demanding with the minimum required for opening (there are others that set a floor of US $ 1 million).There is also another alternative to those who choose to invest outside of Argentina but with a local account: some ALyCs offer this possibility, with the support that they are guarded in a foreign compensation fund.
Before the stocks, many Argentines put together accounts without resorting to an intermediary or traveling to the United States. Specifically, using sites like tdameritrade.com or interactivebrokers.com, which accepted minimums of $ 10,000. But everything changed after the restrictions."The Central Bank does not allow transfer to brokers. They use Safe Accounts (investment accounts) which is where 80% of Argentines have the money. But it can be transferred to a bank account of their own abroad," Mariano Sardáns tells iProUP , CEO of wealth management FDI.According to the expert, "opening it is quite easy. You can go to virtually any branch with a passport, sometimes a service ticket and a bank statement and go."The company is one of those that offers personalized advice, taking advantage not only of the AGI title assigned to it by the CNV (it was the second to obtain it and there are already more than 15 in the market), but also that in the USA. is registered as Registered Investment Advisor (RIA). In Uruguay, meanwhile, as investment advisors."To open an account we ask for basic information requirements: a service ticket to verify the address, bank statement to verify that the person is bankrupt, the current passport and complete forms," says Sardáns, who adds that it is not necessary to have the Visa of the country in which it is invested.
Another of the local players that offers the possibility of opening an account in the United States is Investing OnLine (IOL). Prior to the stocks, it allowed to do so with a minimum of 2,500 dollars, but with the obstacles imposed by the Central Bank, it was forced to modify the operation and raise that minimum to US $ 7,500."It is an omnibus account in the name of IOL, with as many subcommittees related to IOL as clients with accounts. We did so because the transfers were instantaneous and we could offer a minimum of US $ 2,500," said Flavia Matsuda, Research Coordinator of Invest OnlineAfter the stocks, the firm had to raise that number and avoid transfers, resorting to "cash settlement" operations (with shares and their ADRs)."The account is still omnibus and we will be able to continue doing it, although now it is more expensive," says the IOL research coordinator, referring to the highest exchange rate to consider.Like IOL, there are a handful of ALyCs that offer the possibility of opening accounts abroad, although they prefer the low profile. From the regulatory point of view, such service is private placement (that is, private offer). Unlike the public offer, it cannot be advertised, communicated by mass mail or sent to distribution lists."If you do, you are violating the Public Offering Law," they explain from an ALyC. In addition, given the restrictions, Argentines take advantage of the so-called dollar bag to jump the cap of US $ 200 per month and transfer funds abroad."Many go to the capital market, at a cost that is the difference between the MEP and the cash account, or resort to the purchase of a title that is quoted outside," says Sardáns, who criticizes the decision to ban the brokers .
Before opening an account in the United States, it is key to know the tax part and what taxes are paid in the country and borders outside."The portfolios that are abroad and generate income are reached by the Argentine Income Tax. In the US, being a non-resident, no taxes are levied on the financial gains obtained in that country," he says. to iProUP the taxpayer César Litvin, CEO of the Lisicki Studio, Litvin & Associates.The Income Tax, says Litvin, is applied to the net result in hard currency. "That is to say: the sale price minus the purchase cost in the same currency. The exchange difference is not taxed," he says.On the possession of assets abroad, ensures that human persons do not pay taxes until benefits are generated. It is also paid on the collection of coupons that are credited.Another tax that reaches investments abroad is the Personal Property Tax. After the Economic Emergency Law, it is located in:- 0.7% for assets up to $ 3 million- 1.20% up to $ 6.5 million- 1.8% up to $ 18 million- 2.25% for higher amounts."It is a high rate considering that some financial returns outside the country yield no more than 1 or 2%. It is a tax that becomes very burdensome and takes an important part of the rent," says Litvin.Another key fact to consider is that in the United States the inheritance tax for non-residents is in force. "It is quite high, because it is paid from assets of more than US $ 60,000 and goes on a progressive scale. At its maximum rate, it reaches almost 50% of the amount," warns Studio CEO Lisicki, Litvin & AssociatesWhen a person who has an account in that country dies and the heir shows up to take charge of his property, it is the time when this tax is deducted."What is done to optimize the fiscal side is to create structures that are outside the inheritance tax," says César Litvin. For example, he adds, some trust is made or financial investments are made in the name of a company based in a low-tax country, such as the British Virgin Islands, Belize or Panama.
Already with the account in the United States, Sardáns states that among the most recommended assets are the short-term US treasury bills (T-Bill), of no more than 9 months. "Today, the key is to cover yourself, park in a safe place until the storm clears," he says.Regarding US stocks, he points out that the prices of those assets are "stupidly expensive" and that, at some point, "there will be some catalyst that will burst them."Beyond his vision of going to the safest assets in the world, Sardáns points out that one of the characteristics of FDI is the creation of personalized portfolios by client according to their objective, financial needs or equity composition. Another is that it does not charge commissions for operations, but the client pays a fee (fee) for its administration."A contract for the provision of services with the client is established, it gives us an administrative power over the account and we build the portfolio with the interested party," says Sardáns, who says they are the only AAGI registered with the CNV that does not charge commission to operateThe fee charged by FDI is an annual 1% of the portfolio when it is up to 1 million dollars. For higher figures, the rate drops to 0.75% for the surplus portion to $ 5 million, for example."For the commission there was Madoff; for the commission there was Hope Funds, because they paid very high fees and behind there was a embezzlement. For those commissions, those who sold were not interested in what was behind," he concludes.