On 11 April 2025, the Central Bank of the Republic of Argentina issued Communication "A" 8226, effective from 14 April 2025, introducing significant changes to the Official Exchange Market (OEM) and access for individuals and companies.1
WHY THIS MATTERS
This matter is significant because the changes introduced by the Central Bank of the Republic of Argentina (“BCRA”) and the Revenue and Customs Control Agency enhance financial flexibility and accessibility for individuals and businesses. By easing restrictions on foreign currency purchases and simplifying tax assessment rules (el régimen de percepción), these measures aim to stimulate economic activity, encourage savings, and facilitate smoother financial operations.
The restrictions to access the official exchange market worked as a disincentive to foreign nationals coming to Argentina: being paid in Argentina’s local currency with expensive costs to obtain foreign currency were unattractive. Companies not only face these issues in respect of foreign employees, but they have been confronted with the question of adapting their incentive compensations strategies – especially for key positions – due to the foreign currency restrictions.
More Details
Key Points
1. Foreign Currency Savings for Individuals:
- Unlimited purchases of foreign currency for savings are now authorized without prior BCRA approval via bank accounts.
- Transactions must be conducted via a bank account debit or cash, with a cash limit of USD 100 per month.
- Financial institutions are required to register transactions, verify client income/assets, and deliver funds accordingly.
- Previous restrictions, including the USD 200 limit and conditions like subsidy receipt or public employment, are removed.
2. Stock Market Operations Compatibility:
- Restrictions on simultaneous operations in the OEM and stock markets (dollar MEP or CCL) are lifted, allowing free operation without time limitations.
Additionally, the Revenue and Customs Control Agency has updated the Income Tax and Wealth Tax assessment regime (el régimen de percepción) through General Resolution 5672/20252:
- For individuals, purchases of foreign currency for saving or unspecified purposes will not be subject to the income tax or wealth tax assessment regimes.
- Tax levy remains for credit/debit card purchases and other payment methods for travel agencies and passenger transport.
- Tax assessment is eliminated for foreign currency purchases intended for payments related to importation of specific goods from MERCOSUR.
KPMG INSIGHTS
The regulatory changes by BCRA and the Revenue Agency simplify access to the Official Exchange Market and adjust tax assessment rules. This regulatory shift is expected to enhance market confidence and operational efficiency for both individuals and businesses in Argentina.
From a global mobility perspective, the ability of any individual to access the capital market to obtain foreign currency brings about a new chapter for multinational companies and their employee mobility workforce in Argentina.
Companies may wish to review their compensation packages and strategies for foreign employees in Argentina and their local employees who have been under “special” treatment due to the foreign exchange control restrictions. The analysis could impact on different areas: employee retention, cost and administrative structures, etc.
FOOTNOTES:
1 Banco Central de la República Argentina – Comunicación “A” 8226 (11/04/2025), Ref.: Circular CAMEX 1-1041 “A” at: https://www.bcra.gob.ar/Pdfs/comytexord/A8226.pdf.
2 Agencia de Recaudacion y Control Aduanero, Resolución General 5672/2025, RESOG-2025-5672-E-AFIP-ARCA; Resolución General N° 5617 - Modificacion (Fecha de sanción 11-04-2025).
Publicada en el Boletín Nacional del 14-Abr-2025. See: https://www.argentina.gob.ar/normativa/nacional/resoluci%C3%B3n-5672-2025-411671.
Contacts
More Information
Disclaimer
The information contained in this newsletter was submitted by the KPMG International member firm in Argentina.
GMS Flash Alert is a Global Mobility Services publication of the KPMG LLP Washington National Tax practice. The KPMG name and logo are trademarks used under license by the independent member firms of the KPMG global organization. KPMG International Limited is a private English company limited by guarantee and does not provide services to clients. No member firm has any authority to obligate or bind KPMG International or any other member firm vis-à-vis third parties, nor does KPMG International have any such authority to obligate or bind any member firm. The information contained herein is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavor to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act on such information without appropriate professional advice after a thorough examination of the particular situation.
© 2025 KPMG, una sociedad argentina y firma miembro de la red de firmas miembro independientes de KPMG afiliadas a KPMG International Ltd, una entidad privada Inglesa limitada por garantía que no presta servicios a clientes. Derechos reservados.