The Central Bank has reduced the time required to obtain foreign currency to pay for imports of cars and luxury goods. It has also established special conditions for RIGI companies and for non-resident shareholders in local companies.
The Central Bank (BCRA) The US relaxed the restrictions on the dollar for imports of cars and luxury goods a little more. It did so through the Communication “A” 8108/2024through which it arranged that access to the official exchange market to make deferred payments is reduced 60 days from September 20 of this year.
The rule established that “Access to the exchange market to process deferred payments for the FOB value of imports made official as of 09/20/24 that correspond to goods included in point 10.10.1.3. of the ordered text on Foreign Affairs and Exchange may be carried out after 60 (sixty) calendar days from the registration of customs entry of the goods.”.
It is about a 30-day reductionsince until now the period was 90 days, as in most cases. It should be remembered that the Central Bank gradually reduced this time window through different regulations from 180 days to the current 60 days.
Access to the dollar has been relaxed for non-residents
Likewise, through the same rule, it was established that Entities may, when the applicable regulatory requirements are verified, provide access to the exchange market to carry out a repatriation of direct investments by a non-resident through the access of the resident who acquired his share in the capital of a company. to the extent that:
- Access is granted simultaneously with the settlement of funds received from abroad. for financial debts with an average life of no less than four years and which contemplate at least three years of grace for the payment of capital.
- That the resident company whose capital is transferred falls within the sectors included in the Large Investment Incentive Regime (RIGI): forestry, tourism, infrastructure, mining, technology, steel, energy, oil and gas.
- That the operation involves the transfer of, at least, 10% of the capital of the resident company.
In the event that at the time of access the client does not have the documentation proving that he has taken possession of the share in the capital being paid, he must make a sworn statement in which he undertakes to present it within 60 calendar days of having access to the exchange market.
And on the other hand, It was established that transfers to foreign depository entities of securities made or to be made for the purpose of participating in a repurchase operation of debt securities issued by a resident must be taken into account in the sworn declarations. prepared to comply with points 3.16.3.1. and 3.16.3.2. of the ordered text on Exterior and Changes.
Source: Ambito
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