Banks are not subject to strict customer due diligence regulations

Opening de cuenta
banking in Argentina

Country banking analysis

DWe have offshore account opening services in Argentina and anonymous bank accounts with numbered debit cards in Asia, America and Europe. These are aimed at companies, individuals and major corporations.

Everything you need to know to set up an operating company with a bank account.

1. Exchange of banking information

β€’ There are prison terms for disclosing customer bank details to third parties (and possibly fines).

β€’ Banks are not at all subject to strict customer due diligence regulations (old FATF recommendation 5 / new FATF recommendation 10).

β€’ Banks are partially obliged to maintain sufficient records of customer and transaction data for law enforcement (old FATF recommendation 10 / new FATF recommendation 11).

β€’ Banks and / or other covered entities are required to report large transactions in currency or other monetary instruments to designated authorities.

β€’ The national administration has sufficient powers to obtain and provide bank information on request without qualifications.

β€’ There are no improper notifications and appeal rights against the exchange of banking information upon request without qualifications.

Is it legal to open an offshore bank account in Argentina?

D

We must emphasize that it is perfectly legal to open a Dubai offshore bank accountas well as any offshore jurisdiction or low tax. Illegality arises when the beneficiary of these offshore accounts

You have not informed the administrative and tax authorities of your country of origin of the opening of said bank account.

2. Measures to avoid tax evasion

β€’ Payment of dividends: Unilateral double tax relief through a tax credit system for all three payment scenarios (beneficiaries always receive a unilateral tax credit, regardless of whether it is an independent or related legal person, or a natural person).

β€’ Interest payments: Unilateral relief for double taxation through a tax credit system for both payment scenarios (recipients always receive a unilateral tax credit, regardless of whether it is a legal person or a natural person).

3. Cash flow

β€’ The jurisdiction does not issue or accept the circulation of large notes / cash notes of its own currency (with a value greater than 200 EUR / GBP / USD).

β€’ Bearer shares are not available / not circulated.

β€’ Series LLC / Shielded Cell Companies are not available.

β€’ Trusts with escape clauses are not prohibited

MORE CONFIGURATION SERVICES SOLUTIONS

  • Shareholders and Agents
  • Office permits
  • Protection of trademarks and copyrights. - Market study.
  • Legal support
  • Proportion of details of temporary unions or associations
  • Fusions and acquisitions.
  • Internal control.
  • Group restructuring.
  • Financial management consulting.
  • Buy a business.
  • Valuation of companies.
  • Credit recovery
  • Job solutions
  • Due diligence search on existing companies and individuals

4. Anti-money laundering legislation

Argentina is no longer on the FATF List of countries that have been identified with strategic AML deficiencies.

The FATF welcomes Argentina's significant progress in improving its AML / CFT regime and notes that Argentina has established the legal and regulatory framework to meet its commitments in its action plan regarding the strategic deficiencies that the FATF had identified in June 2011. Therefore, Argentina is no longer subject to the FATF monitoring process under its ongoing global AML / CFT compliance process. Argentina will work with the FATF and GAFISUD as it continues to address the full range of AML / CFT issues identified in its mutual evaluation report.

Overall Non-Compliance Score of FATF Standards in Percentage: 76,9%. (100% = all indicators rated as not met / low level of effectiveness; 0% = all indicators rated as completed or highly effective).

5. Automatic exchange of information

You signed the MCAA and committed to sharing information on or before 2019.

Number of significant activated AEOI relationships (under the MCAA) published by the OECD as of October 2019: 95.

What type of private banking exists in Argentina?

International Banking
Local banking

Central bank security ⭐⭐⭐

The international and digital banks They're available.

CRS: YES.

Real bank operations: 90%.

Type of visa: ARS $, US $, €.

Joint accounts: SI.

Remote management account: To consult.

Wealth administration Depending on the qualification of the company.

Rates: Depends on the type of account.

Credit / debit cards in local currency

Why with Foster Swiss?

Foster Swiss is an international company registered in Switzerland aimed at providing financial and compliance advice on a variety of topics related to company formation
and commercial banking internationally. We are specialized in the implementation of businesses in different jurisdictions, which means that we offer value-added services helping our clients in their expansion abroad.

Some of these services include:
Advice and consultancy,
visas, offices, nominated director / shareholder / secretary,
accommodation if necessary… to name a few.
Check with your assigned consultant for more information.

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