The Agency for Revenue and Customs Control (ARCA) has announced modifications to the procedure for obtaining the Foreign Investor Key (CIE). This reform facilitates foreign investment in the Argentine capital market. Through General Resolution 5650, it is established that financial entities and authorized agents must request this key on behalf of individuals or entities from abroad who wish to invest in the country and do not have a previously assigned key.
Implications of the New Procedure in Argentina
This new procedure only applies to investors domiciled or constituted in countries not listed on the Financial Action Task Force (FATF) “Black List” or “Grey List”. Therefore, the Argentine government ensures that investments come from jurisdictions with adequate financial regulations. Additionally, financial entities and authorized agents registered with the National Securities Commission (CNV) will act as representatives of investors exclusively to process the CIE.
With this modification, ARCA expands access to the CIE to individuals residing abroad, who previously could not obtain this key in Argentina. Previously, the law restricted its application to legal entities and non-corporate groups. This change aims to encourage greater participation of international investors in the Argentine financial market.
What is Achieved?
The resolution also simplifies the application procedure, establishing that the process will be carried out through the “Special Identification Key” web service, under the option “Request for Foreign Investor Key – CIE”. For this, representatives must have a Tax Code with Security Level 3 and designate an administrator with a CUIT (Unique Tax Identification Code) or CUIL (Unique Labor Identification Code).
Finally, ARCA repeals General Resolution 4226, eliminating the “Special Identification Key”, which was used for the registration of declared assets under Law 27260. This measure aims to reduce bureaucracy and make the process more accessible for foreign investors.
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