Requirements for repatriation of portfolio investments

On March 14, 2008 the Central Bank issued Communiqué “A” 4786 amending the requirements that must be verified by financial institutions to liquidate foreign exchange related to repatriation of portfolio investments.

According to the new regulation, the following types of accounts have been added for the transfer of funds from accounts held by residents in:

  • Foreign banks that consolidate with a local banking institution; or
  • Foreign banks of the country of permanent residence of a person who is living in Argentina as a “temporary resident” (as authorized by the appropriate immigration authorities); or
  • Financial institutions that carry out investment banking activities and are established in OECD member countries.

For further information on this topic please contact Jorge I. Mayora