13 Abr 25 A big step towards the lifting of the foreign exchange restrictions

By Agustín L. Cerolini and Martín Chindamo

 

Pursuant to Communication “A” 8226 (hereinafter, the “Communication”), issued on April 11, 2025, the Argentine Central Bank (hereinafter, the “BCRA” of its acronym in Spanish) adopted a series of measures aimed at relaxing the current foreign exchange regime established in its Foreign Exchange Rules (hereinafter, the “FX Rules”).

These foreign exchange relaxations correspond to the beginning of Phase 3 of the Economic Program launched by the BCRA on December 10, 2023, in accordance with the press release published by the BCRA (see https://www.bcra.gob.ar/Noticias/inicio-fase-3-programa-economico.asp).

Specifically, the Communication introduces the following noteworthy measures:

 

I) General Aspects

a) Transactions exempted from being declared.

In order to access the FX market for the purchase of foreign currency, all transactions conducted up to April 11, 2025, shall not be taken into account when completing the following affidavits:

• (i) The affidavit required under section 3.16.3.1 of the FX Rules (declaring that, during the past 90 calendar days, certain transactions involving securities settled in foreign currency and other assets were not carried out);
• (ii) The affidavit under section 3.16.3.3 of the FX Rules regarding individuals or legal entities that hold direct control over the client and other legal entities within the same economic group; and
• (iii) The affidavit under section 3.16.3.4 of the FX Rules, which states that, on the date of requesting access to the FX market and during the 90 calendar days prior, no local currency or other liquid local assets were delivered in Argentina to any individual or legal entity that holds direct control or to other companies within the same economic group, except for transactions directly associated with usual purchases of goods and/or services between residents.

 

b) Dividend distributions.

Resident legal entities shall be granted access to the FX market to remit foreign currency abroad as dividends or profits to non-resident shareholders, in accordance with section 3.4 of the FX Rules, provided such profits and dividends correspond to distributable earnings derived from realized profits stated in duly audited annual financial statements for fiscal years beginning on or after January 1, 2025.

 

c) Imports of goods cleared as from April 14, 2025.

The period set forth in section 10.10.1 of the FX Rules for imports of any type of goods cleared as from April 14, 2025, shall be 0 (zero) calendar days from the date of customs entry registration. Consequently, the general schedule for accessing the FX market for import payments is repealed.

 

d) New exception to the deferred payment regime for imports.

A new case is added under section 10.10.2 of the FX Rules, listing the types of imports that may be paid before the general deadlines in section 10.10.1, as follows:

“10.10.2.X. Sight payments of imports of goods processed by individuals or legal entities that qualify as MSMEs (MiPyMEs), pursuant to the regulations on ‘Determination of the status of micro, small and medium-sized enterprises,’ provided the goods were shipped from origin on or after 04/14/25 and that the goods’ tariff positions are not those included in section 12.1”.

 

e) Adjustments to the regime for payment of capital goods with pending customs clearance.

Section 10.10.2.10 of the FX Rules is replaced with the following:

“10.10.2.10. Payments of capital goods imports with pending customs entry registration, provided that: (i) the sum of advance payments made under this section does not exceed 30% of the FOB value of the goods; (ii) the sum of advance payments, sight payments, and commercial debt without customs entry registration under this section does not exceed 80% of the FOB value; and (iii) the tariff positions of the goods are not those included in section 12.1”.

 

f) New deadline for access to the FX market for payments of services rendered by unrelated foreign parties.

All services rendered or accrued as from April 14, 2025, not included in sections 13.2.1 to 13.2.3 of the FX Rules and provided by an unrelated party, may be paid as from the date of service provision or accrual, provided all other applicable regulatory requirements are met.

The following services (covered under sections 13.2.1 to 13.2.3) are excluded from this benefit and remain subject to the current regime: passenger transport, travel (excluding card transactions by residents with foreign providers or by non-residents with Argentine providers), audiovisual and related services, government services, health services by travel assistance companies, other health services, card-related expenditures, regular cross-border operations by financial institutions, and freight costs associated with exports.

 

g) New deadline for access to the FX market for payments of services rendered by related foreign parties.

All services rendered or accrued as from April 14, 2025, not included in sections 13.2.1 to 13.2.3 of the FX Rules and provided by a related party, may be paid after 90 calendar days from the date of service provision or accrual, provided all other applicable requirements are met.

 

h) Elimination of the special provisions on the formation of foreign assets for energy and fuel imports.

The provisions under section 10.6.7 of the FX Rules concerning the formation of foreign assets for the specific purpose of paying for energy and fuel imports are repealed.

 

II) Specific Relaxations for Resident Individuals.

 

a) Access to the FX market for the purchase of foreign currency in cash or for deposit purposes.

Resident individuals may access the FX market without prior BCRA approval to purchase foreign currency in cash or for deposits, provided the following requirements are met:

• (i) The transaction is executed via a debit from a local financial institution account or, if in cash, does not exceed the equivalent of US$ 100 during the calendar month;
• (ii) The selling institution must deliver the foreign currency bills or credit the funds to a foreign currency account held by the individual with a local or foreign financial institution; and
• (iii) In all cases, the selling institution must record the transaction in the BCRA’s online system and obtain evidence that the client has income and/or assets consistent with savings in foreign currency.

 

b) Access to the FX market for the formation of foreign assets, family remittances, and derivatives transactions.

The restrictions in sections 3.8.1 and 3.8.3 to 3.8.12 of the FX Rules are repealed. These included, among others, the monthly purchase cap of US$ 200 (net of deductions) and the restriction on engaging in securities transactions settled in foreign currency within 90 calendar days.

 

c) Access to the FX market for the purchase of real estate in Argentina.

Section 3.9 of the FX Rules, concerning access to the FX market for the purchase of real estate in Argentina intended as a single, family, and permanent dwelling, is repealed. These provisions had already been suspended since November 24, 2023.

 

d) Liberalization of payment methods for securities transactions settled in foreign currency.

For securities transactions settled in foreign currency by resident individuals, all mandatory payment mechanisms set forth in section 4.3.2 of the FX Rules are eliminated.

 

e) Exemption from affidavits and commitment under sections 3.16.3.1 and 3.16.3.2 of the FX Rules.

Resident individuals will no longer be required to (i) submit the affidavit under section 3.16.3.1, nor (ii) assume the commitment under section 3.16.3.2 when accessing the FX market to purchase foreign currency.

Likewise, individuals seeking exemption from the obligation to settle proceeds from service exports will not be required to submit the affidavit and commitment formerly mandated by subsections b) and c) of section 2.2.2.1 of the FX Rules.