Investments abroad: what are the requirements, commissions and taxes reached

Investments abroad: what are the requirements, commissions and taxes reached

In principle, those who want to open an account abroad have to take into account some details such as the need or not to attend in person to carry out the procedures, the initial amount of investment, tax charges and the delay in carrying out the transactions that varies. according to the country. In this framework, it never hurts to emphasize that those who carry out this process must have the money declared and justify the origin of the funds.

How to create an account in the US and Uruguay

Mariano Sardáns, CEO of the FDI Wealth Management Company in dialogue with Ambit He commented on the requirements to open an account in the North American country. “In the United States, banks specialize in some segments, and each one places its own restrictions that have to do with commercial policies, with the restrictions placed by their compliance officers or with regulations imposed by the bank’s management.”

“In this sense, it is very important to internalize the requirements that each bank requires, before opening an account abroad and thus know which bank is the most convenient in each particular case. So, the choice of the bank will depend on several factors that will be analyzed in each particular case, for example, where the person lives, the business in which they work, etc. ”, he added.

To open a bank account abroad in the United States, the requirements are similar to those that a bank in Argentina could ask for. Some of them are:

  • Complete the account opening forms. Among them is the famous W8, which functions as an affidavit where the person assures that they are not a tax resident or an American citizen, since they, regardless of where they live, must pay taxes in the United States.
  • Present a bill of services in the name of the person who opens the account (It can be any: telephone, gas, electricity, etc.) to demonstrate that the address declared in the forms coincides with the actual place of residence.
  • Submit a bank statement to demonstrate that the person is banked at another financial institution in another country. It can be the country of residence or any other where you have an account.
  • As to IDTo a greater extent, banks request a passport, but eventually, some may only request the DNI and, generally, they also request other identification, such as a driver’s license. Also, some banks can apply for the US visa.

From Argentina, some brokerage firms have the possibility of linking the US account to operate directly without leaving your home. Such is the case of IOL Invest Online that allows you to activate the investment account in the US from the app. what are the possibilities?

In consultation with Ámbito, IOL commented that the advantages of investing in the United States are:

  • More opportunities: you can access assets and instruments that are not available in the local market.
  • Greater liquidity: the United States market is the most operated in the world where more than 6,000 companies are listed.
  • Less obstacles: you can operate from Argentina.
  • Low cost: Both opening and maintaining an investment account is free.

In this case, there are two ways to enter funds into the US: through the CCL dollar (the client must have a bank account abroad) and the conversion of CEDEARs (it already requires manual work).

Other options worth mentioning are virtual wallets. To manage money in dollars and in the US, Paypal, Payoneer and Wise are useful.



But the US is not the only destination chosen when opening an account abroad. Due to the closeness factor, Uruguay is also usually an option, although a little more expensive. In this case, to open a bank account in Uruguay as a foreigner, it cannot be done from home, since the process is carried out personally or, in any case, it is also useful to hire an accounting advisor from the neighboring country to collect the necessary papers to do so.

In the case of Uruguay, There are also no restrictions to open an account if you are a foreigner. What if, the process can take a month and the amount of paperwork makes the operation a bit tedious and although you can choose any bank, it is best to opt for a bank that is in both countries – Argentina and Uruguay – to facilitate information and transfers.

To open a bank account in Uruguay, an ID or passport is required, proof of address or a service in your name no more than 3 months old, reference letter from the bank where you have an account in Argentina, proof of tax declaration of the country where you reside, proof of income through salary receipt or DDJJ issued by an accountant. Proof of the origin of the funds or tax residence may also be required, if any.

Among other requirements, the Due Diligence Process is also requested (process by which it is investigated that the subject is not related to activities related to money laundering, tax evasion, financing of terrorism or drug trafficking).

Those who already have legal residence must present the Uruguayan identity card, proof of address, proof of income, forms and contract, tax declarations and have approved the due diligence process carried out by the Bank.


Having an account abroad implies a cost that makes it inaccessible. As Saldans revealed, account maintenance does not exceed US$20 per month, but what has gone up a lot is the minimum required. Until last year they had minimums of US$5,000 or US$6,000, and now they go up to US$25,000, US$50,000 or US$100,000. Therefore, not everyone can open an account in the US”, revealed Sardans.

To invest from Argentina with a linked US account, the commissions to operate in the US in the case of IOL but which is similar in the rest of the brokers is a variable rate of 0.5% + VAT for the purchase and sale of shares , ETFs and ADRs and a commission of u$s5+ VAT. In the case of the transfer of Funds from the US to Argentina, it has a variable cost of 0.25% + VAT. The minimum commission is u$25+ VAT.

Regarding the Uruguay account, opening an account in Uruguay has no costs. At Banco República, the commissions for non-resident foreign clients are: 300 UI commission for registration for any modality and 150 UI commission for opening a savings account, opening a fixed term or managing a savings account.


María Paula Veliz, Tax Manager of Expansion Argentina In dialogue with this medium, he commented on the taxes reached for investments abroad.

“In general terms we can say that all kinds of investments abroad are subject to both Income Tax and Personal Assets, although certain premises must be met for this,” he commented.

“When we talk about bonds from other countries or shares of foreign companies, we must consider that they will be reached by Profits on two occasions: at the time of collecting interest or dividends and at the time of sale. The former are reached at 35% (which must be calculated at the time of collection), while the positive results of sales (which must be calculated based on the variation in the price in dollars) are taxed at 15%.

“These instruments are also part of the Personal Assets calculation base. Of course, for this, they must be in the taxpayer’s investment portfolio as of December 31.

Since 2019, assets located abroad have a rate that is higher than that of assets located in Argentina. According to the total patrimony of the people, they can vary between 0.70 and 2.25 percent..

“Finally, the non-taxable minimums of each tax must be considered, since if the sum of interest or dividends collected, the result of a sale or the value of the bond or share do not exceed the floor, they will not have to pay any tax.

One detail that must be taken into account is that these incomes and assets must be added to others to determine if they do not exceed the non-taxable minimums (which, for the fiscal year 2022, are $252,564.84 in Profits and $11 million in Goods personal)”, he concluded.

Source: Ambito

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