WTAS Announces Argentine Desk
With the exponential growth of cross-border activities between the U.S. and Latin America, particular attention should be paid to U.S. and international tax obligations and reporting requirements. In this expanding global context, WTAS announces the launch of a dedicated Argentine Desk.
Argentina is an important export market for the U.S. With a population of 40 million people, it is the fourth most populous country in Latin America. Argentina and the U.S. share a distinguished bilateral commercial history with new opportunities for future trade and investment. The U.S. is Argentina’s third largest trading partner and is among the most active country investors. Given the vast number of individuals seeking an education, working, living or investing across the U.S./Argentina borders, important tax implications need to be considered. As such, WTAS recently established an Argentine Desk headed by Carolina Strobino. Carolina is an Argentine lawyer who graduated from Universidad de Belgrano with previous law and marketing experience at Grupo GNP Tax & Legal Consulting in Buenos Aires. The Argentine Desk can assist in all tax matters involving U.S./Argentina cross-border issues impacting individuals and families, including income tax planning and compliance.
For Argentineans who are considered non-residents for U.S. tax purposes, our Argentine Desk can assist with the following:
- Structuring of investments in U.S. operating businesses or U.S. real estate in a tax efficient manner.
- Understanding the income tax implications of U.S. investments or business activities that yield U.S. source income, including the complicated income tax rules dealing with the gain from the sale of U.S. real property.
- Minimizing U.S. gift taxes which could arise from transfers of real property or tangible property located in the U.S.
- Designing trusts set up for the benefit of U.S. citizen(s) or U.S. resident beneficiaries to minimize U.S. income and transfer taxes.
- Planning regarding the holding of U.S. stock in a manner to avoid being subjected to the U.S. estate tax as well as post-mortem tax planning with regard to the ownership in foreign corporations left to U.S. beneficiaries.
- Preparing U.S. nonresident individual income tax, gift tax and estate tax returns, as well as complying with other U.S. tax filing requirements.
- Pre-immigration planning for Argentine individuals who are considering becoming U.S. residents such as the potential savings by accelerating income, recognizing gain on appreciated assets, restructuring ownership interests in foreign entities and gift tax planning.
For U.S. citizens and Argentineans considered U.S. residents (who are generally subject to U.S. income tax on their worldwide income) the Argentine Desk services include:
- Analyzing existing investments in Argentina to identify the applicability of U.S. anti-deferral rules such as those imposed on Passive Foreign Investment Companies or Controlled Foreign Corporations.
- Developing and structuring investments in Argentina in a tax efficient manner and foreign tax credit planning with Argentina source income.
- Complying with the various complex U.S. informational reporting requirements for activities in Argentina and other countries such as for foreign partnerships, foreign corporations and foreign bank accounts.
- Gift and estate tax planning with regard to assets located in Argentina, as well as transfer tax planning between a U.S. citizen and non-U.S. citizen spouse.
- Planning opportunities for income earned while working in Argentina such as with the foreign earned income exclusion, foreign housing cost exclusions and foreign tax credits.
- Relinquishing of green card or U.S. citizenship under the new expatriation tax regime.
For more information on U.S./Argentina cross-border tax issues as well as other international tax planning opportunities, please contact Carolina Strobino at 646-213-5100.
