Exchange controls: access to the official FX market, dividends and capital repatriation

Key rules

1. General framework

• Authorised dealers only. All FX operations go through entities authorised by the BCRA (point 1.1). The client deals through its bank; the bank checks the conditions (point 1.2) and must have evidence that the operation is genuine and correctly classified.
• Exchange ticket (boleto de cambio). Every operation needs a boleto. Its contents count as the client's sworn statement, including the concept code and compliance with the limits (point 5.3).
• Prior approval requests (conformidad previa) are filed through an authorised entity, never directly by the client. The entity files at the BCRA front desk addressed to the Gerencia Principal de Exterior y Cambios, with its own analysis, the client's original note and supporting papers (point 1.8).
• External assets and liabilities survey. Anyone covered must file the "Relevamiento de activos y pasivos externos", even if no money ever went through the FX market (point 1.9). Most outflows require that the operation is declared in the last survey that has fallen due (for example points 3.4.3, 3.5.2 and 13.1.2).
• Penalties. Breaches fall under the Criminal Foreign Exchange Regime Law (point 1.5). Failure by entities to report is subject to art. 41 of the Financial Institutions Law (point 1.6).
• Operating hours. Entities may operate with no time limit (point 5.1).

2. Residence

Residence follows a centre of economic interest test (point 6.5):

• An individual is resident where they have their centre of economic interest or main activity; staying or intending to stay at least one year creates a presumption of residence (point 6.5.1).
• A legal entity is resident where it is incorporated. A branch of a foreign company registered to operate habitually in Argentina is an Argentine resident (point 6.5.2).
• Trusts, funds and joint ventures take the residence of the trustee or legal representative (point 6.5.3).

"Related counterparties" (contrapartes vinculadas) are those with the relationships described in point 1.2.2 of the BCRA rules on large credit exposures (point 6.6). That definition drives many of the stricter rules on intercompany debt and services.

3. Mandatory inflows: exports and other receipts

• Exports of goods. Proceeds must be brought in and converted within the term for the tariff position, counted from the customs shipment date (point 7.1.2), and in any case within 20 business days of collection (point 7.1.1). The exporter nominates one bank to monitor each shipment permit (SECOEXPO, point 7.1.1 and Section 8).
• Exports of services. Proceeds must be converted within 20 business days of collection abroad or in Argentina, or of credit to an account abroad (point 2.2.1).
• Sale of non produced non financial assets (for example, brands or spectrum) to non residents: convert within 20 business days (point 2.3).
• Foreign financial debt disbursed from 1 September 2019 must be brought in and converted as a condition for later buying currency to repay it (point 2.4).
• Local bonds in foreign currency must be converted to have access for their payment (point 2.5).
• Advances and pre financing from abroad: convert within 20 business days (point 7.1.3).

Exceptions that keep dollars in dollars. The obligation to convert does not apply in these cases:

• Individuals' service exports. Funds credited to the individual's own foreign currency account at a local bank, with a fiscally neutral result (point 2.2.2.1). Com. A 8330 (18 September 2025) removed the former USD 36,000 annual cap. Com. A 8417 (9 April 2026) extended the exception to all service concepts.
• Individuals' goods exports on the same terms, except exports made on behalf of companies (point 7.1.5; Com. A 8417, point 1).
• Simultaneous application. Funds kept in a local foreign currency account and applied at once to an outflow that would itself have access, within the conversion term, with a sworn statement (point 2.7).
• Knowledge economy companies under Decree 679/2022, for up to 30% of the increase in export collections against the same quarter of 2021, if the currency goes to pay registered staff (points 2.2.2.2 and 2.6).
• Inbound international tourism collections (point 2.2.2.3).

Banks may not charge commissions when resident individuals receive foreign currency from abroad into their own foreign currency account. They may only pass on documented foreign bank charges at cost (point 2.8; Com. A 8330, point 2).

4. Outflows: the general checks (point 3.16)

Before any outflow under points 3.1 to 3.15 (swaps and arbitrages included), the bank must check the complementary requirements in point 3.16:

1. Fake invoice database. If ARCA lists the client in its database of invoices classified as apocryphal, BCRA prior approval is needed (point 3.16.1). The exception is repayment of local bank foreign currency financing, including credit card spending.
2. Liquid foreign assets sworn statement (point 3.16.2). The client declares two things. First, that all its foreign currency in Argentina is deposited in bank accounts. Second, that at the start of the day it held no CEDEARs or liquid foreign assets worth more than USD 100,000 in total. "Liquid foreign assets" include cash, gold, sight deposits abroad, foreign securities, investment accounts abroad, crypto assets and balances at payment service providers. Some funds may be excluded from the count with a detailed statement (items i to vii). These include restricted guarantee funds, export proceeds still within their 20 business day window, and foreign debt proceeds needed for the next 365 days of debt service. The client also undertakes to convert, within 5 business days, certain funds received abroad from loans, deposits or asset sales made after 28 May 2020 (point 3.16.2.2). This statement does not apply to clients' operations under points 3.8 and 3.9 (individuals), 3.13 (non residents), 3.14.1 and 3.14.2 (point 3.16.2, last paragraph, item i).
3. The "cross restriction" for clients that are not resident individuals (point 3.16.3). The client declares that in the 90 calendar days before access, and undertakes that for the 90 calendar days after access, it has not done and will not do any of the following, directly or indirectly:
   • sell securities in Argentina for foreign currency settlement;
   • swap Argentine securities for foreign assets;
   • transfer securities to foreign custodians;
   • buy foreign issued securities in Argentina for peso settlement;
   • buy CEDEARs;
   • buy private debt securities issued under foreign law;
   • hand over pesos or other local assets in exchange for foreign assets, crypto assets or securities held abroad.
4. Group statement for companies. A legal entity must also list the persons with direct control over it and its economic group (point 3.16.3.3). It must declare that in the prior 90 days it has not given pesos or liquid local assets to its controllers or group companies, except in ordinary purchases of goods and services (point 3.16.3.4). Point 3.16.3.7 allows alternative statements signed by each group member.
5. Inconsistent CUIT list. If the client appears on the BCRA list of CUITs with inconsistent operations, the bank must apply enhanced checks. If it finds inconsistent documents, it must refuse the operation (point 3.16.4).
6. RIGI vehicles that opted for the export benefits must meet the additional requirement in point 14.4 (point 3.16.5).

Exclusions from the 90 day statements matter in practice. One example: sales of securities settled in foreign currency are disregarded when all the proceeds are used within 10 calendar days for certain payments (point 3.16.3.6.iii). Those payments include repayment of new foreign debt disbursed from 2 October 2023 with at least one year of grace, and repatriation of direct investment received from 2 October 2023 made at least one year after the contribution.

5. Imports of goods (Sections 10 and 11)

• Imports with customs entry registered. The bank in charge of monitoring the import in SEPAIMPO checks the customs record, the commercial invoice, the transport document and their consistency. It also checks that total payments do not exceed the invoiced amount, that the payee is the supplier or an eligible financier, and that the operation is declared in the external survey (point 10.3.2.1). Payment is debited from the client's local account (point 10.3.2.2).
• Timing. For goods with customs entry from 13 December 2023, deferred payments may be made from the date of customs entry (point 10.10.1). Com. A 8226 set that term at 0 calendar days for imports registered from 14 April 2025 (Com. A 8226, point 7).
• Payments before customs entry are allowed in these cases:
  • Sight payments by individuals and SMEs (MiPyMe) for goods shipped from 14 April 2025 whose tariff positions are not listed in point 12.1 (point 10.10.2.1).
  • Capital goods. Advance payments of up to 30% of FOB value. Advance, sight and unregistered commercial debt payments together are capped at 80% of FOB value (point 10.10.2.2).
  • Bank financing from a foreign credit line with compatible maturities (point 10.10.2.3).

6. Imports of services (Section 13)

• The client needs documents proving the service. Commercial debts are paid from the due date and must be declared in the survey (points 13.1.1 and 13.1.2). Each payment is validated in the BCRA online system (point 13.1.5).
• Unrelated providers: payment from the date the service is provided or accrued (point 13.2.5).
• Related providers: payment only 90 calendar days after the service is provided or accrued. The rule keeps applying even if the relationship later ends (point 13.2.6).
• Certain concepts (passenger transport, travel, audiovisual, health and card consumption codes S03, S06, S23, S25, S26, S27, S34, S35, S36) have no waiting period (point 13.2.1).
• Services provided until 12 December 2023 follow point 13.4 and may use BOPREAL (point 13.1.4).

7. Foreign financial debt (point 3.5)

To buy currency to pay principal or interest on foreign loans and bonds:

• Conversion first. The debtor shows it brought in and converted an amount equal to the nominal value (point 3.5.1). Debt disbursed before 1 September 2019 and certain refinancings count as compliant (points 3.5.1.1 to 3.5.1.12).
• Survey. The debt is declared in the last survey that has fallen due (point 3.5.2).
• Timing. Access no earlier than 3 business days before maturity (point 3.5.3). For principal of debt securities issued from 16 May 2025 and paid abroad, at least 18 months must have passed since issue (point 3.5.3; Com. A 8244). Prepayment generally needs prior approval, except in the refinancing structures of points 3.5.3.1 to 3.5.3.5 and the group funding mechanism of point 3.5.7.
• Related creditor loans need prior approval for principal and interest (point 3.5.6), with these main exceptions:
  • loans with an average life of at least 6 months whose funds were converted from 21 April 2025 (point 3.5.6.2);
  • loans with an average life of at least 2 years converted between 2 October 2020 and 20 April 2025 (point 3.5.6.3);
  • compensatory interest accruing from 1 January 2025 on the remaining original principal; penalty interest still needs approval (point 3.5.6.4);
  • principal repaid at the same time as new related party funding with at least 4 years of average life and 3 years of grace (point 3.5.6.8);
  • principal refinanced from 10 April 2026 with the same creditor on those terms (point 3.5.6.9; Com. A 8417).
• Pre buying for debt service. Up to 60 calendar days before maturity, a debtor may buy up to 10% of the payment a day. In the last 5 business days before the access date it may buy up to 20% a day. The currency is held in a local account (point 3.11.2). Unused funds must be converted back within 5 business days after maturity (point 3.11.4).

Debts between residents in foreign currency agreed from 1 September 2019 have no access to the FX market. The exceptions are local bank financing and certain local bonds, promissory notes and trust securities whose proceeds were converted (point 3.6.1).

8. Dividends and profits to non resident shareholders (point 3.4)

All four conditions apply:

1. Profits come from closed and audited balance sheets (point 3.4.1).
2. The total paid to non residents, including the current payment, does not exceed the peso amount due to them under the shareholders' meeting resolution. A sworn statement signed by the legal representative or a duly empowered attorney is required (point 3.4.2).
3. The operation is declared in the last survey that has fallen due (point 3.4.3).
4. The client fits one of the situations in point 3.4.4:
   • 3.4.4.1. Distributable profits from realised gains in regular, audited annual financial statements of fiscal years starting on or after 1 January 2025 (introduced by Com. A 8226, point 6).
   • 3.4.4.2. Payment through a swap with local funds from BOPREAL principal or interest collections.
   • 3.4.4.3. A RIGI VPU paying on qualifying direct investment (point 14.2.2), with proof of final capitalisation.
   • 3.4.4.4. The company received direct investment contributions converted from 17 January 2020. Total dividend transfers since that date, including this one, may not exceed 30% of the new contributions converted through the FX market. Access must be at least 30 calendar days after the last counted contribution. The company needs proof of final capitalisation, or proof that registration has started plus an undertaking to file it within 365 calendar days. It also needs a certificate from the bank that converted the contribution.
   • 3.4.4.5. Profits from Plan Gas projects (Decree 892/2020) financed with contributions from 16 November 2020, at least 2 years after conversion.
   • 3.4.4.6 and 3.4.4.7. Certificates under Decree 277/2022 (oil and gas) or the export increase certificate for 2021 to 2023.

Anything else needs BCRA prior approval. As an alternative, the company can subscribe BOPREAL bonds for up to the peso amount of pending dividends (point 3.4, last paragraph, and point 4.6.1). In that case the company declares it will not later access the FX market to pay the same debt, except through a swap of BOPREAL collections (point 4.6.1.4.iii).

Branches. The FX rules speak of "utilidades y dividendos a accionistas no residentes". Whether and how this applies to profit remittances by a branch to its head office is not stated expressly in the point, so confirm the treatment with the bank before relying on it. For tax purposes, a branch pays an additional 7% when it remits profits (Income Tax Law, art. 73(b)).

9. Repatriation of direct and portfolio investment by non residents (point 3.13)

Non residents need BCRA prior approval to repatriate investments or buy foreign currency, except in the cases listed in point 3.13.1. The key cases for investors:

Capital reductions and refunds of irrevocable contributions. When the repatriation takes the form of a capital reduction or a refund of an irrevocable contribution, the bank must also have two things. First, documents showing the corporate law steps were completed. Second, proof that the resulting peso liability to the non resident is declared in the external survey from the date of the reduction or of the non acceptance of the contribution (point 3.13.1, final paragraph).

No holding period for portfolio investments. Com. A 8230 (16 April 2025) originally required portfolio repatriations to take place at least 180 days after conversion (point 3(iii)). Com. A 8257 (12 June 2025, effective 13 June 2025) removed that condition and exempted these repatriations from the 90 day statements of point 3.16.3 (now point 3.16.3.5.iv).

10. Resident individuals (points 3.8, 3.9 and 3.14.1)

• Savings in cash or deposits (concept codes A07 and A09):
  • no prior approval and no monthly cap, if the purchase is debited from the individual's local account;
  • cash payments limited to USD 100 a month across all banks;
  • the currency is delivered as banknotes or credited to the individual's account in Argentina or abroad;
  • the bank registers the operation in the BCRA online system and must see income or assets consistent with saving in foreign currency (points 3.8.1 to 3.8.4).
• Cross restriction for individuals. The individual promises not to buy securities settled in foreign currency for 90 calendar days after access (point 3.8.5). Two exceptions apply: primary subscriptions of resident issuers' debt held at least 15 business days, and reinvestment within 15 business days of Treasury or BCRA bond collections (points 3.8.5.1 and 3.8.5.2).
• Other external assets, family remittances and derivatives (codes A01, A02, A03, A04, A06, A08, A14, A24 and A05): up to USD 200 a month without prior approval (point 3.9.1), with the USD 100 cash limit (point 3.9.2).
• Transfers abroad of own dollars. Transfers from a local foreign currency account to the individual's own foreign bank account need registration in the BCRA online system and the 90 day securities undertaking (point 3.14.1). Com. A 8417 provides for a new online system that applies once the BCRA announces it is available (Com. A 8417, point 7.1).
• Foreign currency debit cards and cash withdrawals abroad. Withdrawals debited from a peso account count as purchases of banknotes under point 3.8 (point 4.1.1).

11. Companies buying currency for savings or investment abroad

Legal entities, local governments, mutual funds and trusts need BCRA prior approval to build external assets (concept codes A01 to A09, A14 and A24) and for derivatives under code A05. Hedging covered by point 3.12.1 is the exception (point 3.10). This is the main remaining "cepo" for companies.

12. RIGI FX regime (Law 27.742 arts. 198 to 207; Decree 749/2024 arts. 94 to 108; FX rules Section 14)

• Export proceeds. Proceeds from exports by a VPU are exempt from conversion in rising percentages counted from the "puesta en marcha" date (Law 27.742, art. 198; FX rules, point 14.1):

• Start up date. The "puesta en marcha" is the earlier of the first export of the main product or completion of 40% of the minimum investment in computable assets, net of certain items. The VPU reports it under oath to the Application Authority, which informs the BCRA (Decree 749/2024, art. 94).
• Services. A VPU's service exports provided from the start up date are fully exempt from conversion (point 14.1.3).
• Financing. Funds from loans disbursed after the law came into force are freely available. No limit on holding foreign assets applies (Law 27.742, art. 199).
• Debt service. A VPU may pay interest and principal, even before maturity, without prior approval, on financing that was converted (point 14.2.1; Decree 749/2024, art. 100(b), text per Decree 105/2026).
• Dividends. A VPU may pay dividends to non resident shareholders without prior approval, in proportion to their contributions converted through the FX market or made in kind as capital goods (point 14.2.2; Law 27.742, arts. 199 and 200(d); Decree 749/2024, art. 101).
• Repatriation. Repatriation of contributions is allowed with no prior approval and no minimum stay, up to the qualifying contributions (point 14.2.3).
• Inflow cover test. A VPU that opted for the export benefit must show, at each access, that foreign currency brought in and converted is at least equal to its outflows plus the new one. The test excludes permitted interest, dividends and local financing principal (point 14.4.1). Since Com. A 8426 (23 April 2026), funds converted by shareholders, joint venture members or the dedicated branch's owner may count for the VPU if transferred to it within 5 business days (point 14.4.3).
• No stacking. RIGI FX benefits cannot be combined with other FX incentives (point 14.5.1).
• Stability. The FX rules in force at the adhesion date apply to the VPU for 30 years, excluding the exchange rate itself (Law 27.742, arts. 201 and 205; FX rules, point 14.6). If the VPU alleges a breach, it can keep applying the old rules after notifying the BCRA. The BCRA must decide within 90 business days (Law 27.742, art. 206).

Deadlines and waiting periods

Timeline of norms

BCRA communications are dated by the issue date printed on each one. Their Boletín Oficial publication dates are not shown.

Step by step

A. Paying a dividend to a foreign parent

1. Close and audit the year. The profits must appear in regular, audited annual financial statements (point 3.4.1). Check the fiscal year start date (see Practical traps).
2. Shareholders' meeting. Approve the distribution in pesos. That peso figure is the ceiling for everything paid to non residents (point 3.4.2).
3. Withhold tax. Withhold 7% income tax on the dividend to the foreign beneficiary as a final payment (Income Tax Law, art. 97, last paragraph). Deposit it with ARCA under its withholding rules; the deposit procedure is not covered on this page.
4. External survey. Confirm that the dividend payable, the foreign shareholder's equity and any FDI are declared in the last "Relevamiento de activos y pasivos externos" that has fallen due (point 3.4.3). The survey's filing calendar is not covered on this page.
5. Choose the route under point 3.4.4. Use 3.4.4.1 for profits from fiscal years starting from 1 January 2025. Use 3.4.4.4 (30% of FDI) and get the converting bank's certificate. Otherwise use BOPREAL or apply for prior approval.
6. Prepare the sworn statements. These are the dividend statement signed by the legal representative (point 3.4.2), the USD 100,000 liquid assets statement (point 3.16.2), and the 90 day securities and group statements (points 3.16.3.1 to 3.16.3.4).
7. Check the 90 day lookback. Confirm that no group company sold securities for dollars, bought CEDEARs, or received pesos from the company in the prior 90 days. Point 3.16.3.7 allows statements by each group member.
8. Instruct the bank. The bank checks ARCA's fake invoice base and the BCRA inconsistent CUIT list (points 3.16.1, 3.16.4). It issues the boleto, sells the currency against your peso account and transfers it to the shareholder.
9. Keep the 90 day promise after access (point 3.16.3.2).

B. Repatriating a direct investment

1. At entry, bring the capital in through the FX market and keep the bank's conversion records. The date of conversion starts the clock (point 3.13.1.7).
2. Capitalise. Register the capital increase. For the dividend and RIGI routes, the rules require proof of final capitalisation (points 3.4.4.4.iii, 14.5.4.ii).
3. Decide the exit form. The options are a capital reduction or refund of an irrevocable contribution (corporate law steps required), or a sale of shares to a resident buyer (point 3.13.1.10).
4. Wait 180 calendar days (contributions converted from 21 April 2025) or 2 years (2 October 2020 to 20 April 2025).
5. Declare the peso liability to the non resident in the external survey from the date of the reduction (point 3.13.1, last paragraph).
6. Access. The non resident (through a local bank, point 1.2) signs the point 3.16.3 statements, buys the currency and transfers it abroad. The company is not a controller of a financial entity (point 3.13.1.7).

C. Asking for BCRA prior approval

1. The client writes a note to its bank explaining the operation.
2. The bank analyses how the operation fits the rules, checks all the other requirements and files the request at the BCRA front desk, addressed to the Gerencia Principal de Exterior y Cambios (point 1.8; for interest see point 3.3.3).
3. The FX rules set no response time and no fee.

Costs and timelines

Rates, thresholds and limits

USD to ARS conversions on this page use dólar MEP ARS 1,563.90 per US$, the close of Friday 23 October 2026 (dolarapi.com, bolsa, read 25 October 2026).

Worked examples

Example 1: dividend remittance by a subsidiary

All inputs are hypothetical. The exchange rate used is the dólar MEP close of 23 October 2026, used only to illustrate the conversion; the bank's actual rate is whatever the parties agree (point 1.3).

Facts. ArgCo SA is wholly owned by a foreign parent. Its fiscal year runs from 1 January to 31 December. The audited statements for fiscal year 2025 show distributable realised profits. On 30 April 2026 the shareholders' meeting approves a dividend of ARS 3,000,000,000.

Step 1. Route. Fiscal year 2025 started on 1 January 2025, so point 3.4.4.1 applies. No BCRA prior approval is needed.

Step 2. Tax. Withholding at 7% (Income Tax Law, art. 97): ARS 3,000,000,000 × 7% = ARS 210,000,000 (US$ 134,279.69 at MEP). Net dividend: ARS 2,790,000,000.

Step 3. Ceiling check. The total paid to the non resident in pesos may not exceed the ARS 3,000,000,000 approved (point 3.4.2). The gross payment, made of tax withheld plus the net remitted, equals the ceiling, so the condition is met.

Step 4. Conversion. ARS 2,790,000,000 ÷ 1,563.90 = US$ 1,784,001.53 remitted.

Step 5. Statements. On the day of access ArgCo must confirm that its liquid foreign assets and CEDEARs do not exceed USD 100,000 (point 3.16.2.1). It must also confirm that in the previous 90 days it did not sell bonds for dollars or give pesos to its parent (points 3.16.3.1, 3.16.3.4).

Variant: profits of fiscal year 2024. Fiscal year 2024 started before 1 January 2025, so point 3.4.4.1 does not apply. Suppose the parent contributed new capital of USD 1,000,000, converted through the FX market on 15 June 2023, and no dividends have been transferred since 17 January 2020. Under point 3.4.4.4:

• Ceiling: 30% × USD 1,000,000 = USD 300,000 (ARS 469,170,000 at MEP).
• Timing: at least 30 calendar days after the last counted contribution, so from 15 July 2023. That date has long passed.
• Documents: proof of final capitalisation and the converting bank's certificate that it has not certified more than 30%.
• The rest of the 2024 dividend needs BCRA prior approval, or the company can subscribe BOPREAL for up to the pending peso amount (point 4.6.1).

Example 2: a non resident repatriating an investment

Hypothetical inputs. Conversion at the 23 October 2026 MEP close for illustration only.

Facts. A non resident investor contributed USD 2,000,000 to an Argentine SAS. The funds were brought in and converted through the FX market on 12 May 2025. The capital increase was registered. The SAS is not a controller of a bank. In 2026 the shareholders approve a capital reduction returning the equivalent of USD 2,000,000.

Step 1. Holding period. The contribution was converted after 21 April 2025, so the minimum stay is 180 calendar days (point 3.13.1.7.i). 12 May 2025 + 180 days = 8 November 2025. A repatriation in 2026 meets the test.

Step 2. Comparison. Had the same contribution been converted on 10 March 2025, it would fall in the 2 October 2020 to 20 April 2025 window. The waiting period would be 2 years, to 10 March 2027 (point 3.13.1.7.ii).

Step 3. Peso amount. The SAS pays the reduction in pesos to the investor's local account. At ARS 1,563.90 per US$ the equivalent of USD 2,000,000 is ARS 3,127,800,000. The rules link the exception to the contribution "ingresado y liquidado". Whether a repatriation may exceed the US dollar amount originally converted, for example after a peso gain, is not stated in the rules.

Step 4. Conditions at access.

• Documents showing the capital reduction followed the legal procedure.
• The resulting peso liability to the non resident is declared in the external survey (point 3.13.1, last paragraph).
• The liquid assets statement of point 3.16.2 does not apply, because point 3.13 operations are excluded from it (point 3.16.2, last paragraph, item i).
• The non resident is a client that is not a resident individual, so it must sign the 90 day statements in point 3.16.3. Point 3.16.3.5 does not exempt direct investment repatriations. Banks may apply this differently to non resident individuals, so ask before relying on it.

Step 5. Transfer. The bank sells USD 2,000,000 against the pesos and wires it to the investor's account abroad.

RIGI contrast. If the SAS were a RIGI VPU and the contribution had financed the project, no minimum stay would apply. The repatriation would be allowed up to the qualifying contributions (point 14.2.3; Decree 749/2024, art. 100(b)).

Example 3: the 90 day window for a company

Hypothetical. A company sold sovereign bonds for dollar settlement on 1 March 2026. It wants to pay an unrelated foreign supplier for services.

• The declaration covers the day of access and the 90 calendar days before it (point 3.16.3.1).
• 1 March 2026 + 90 days = 30 May 2026. The first day on which the sale is outside the window is 31 May 2026.
• Paying earlier needs BCRA prior approval. The only alternative is the exclusion in point 3.16.3.6.iii, which works only if all proceeds were used within 10 days for the listed debt or FDI payments.
• After access, the company may not make such sales for another 90 days (point 3.16.3.2).

International comparison

No comparison figures for this topic have been verified from an official source yet, so the cells are left blank on purpose. We only fill a cell from an official registry, statute or the OECD and World Bank datasets.

Practical traps

• Fiscal year start date, not closing date. Point 3.4.4.1 covers fiscal years starting on or after 1 January 2025. A company with a 30 June year end only qualifies from the year starting 1 July 2025, which closes 30 June 2026.
• Annual statements only. The free dividend route requires "estados contables anuales regulares y auditados". Interim or special statements do not fit 3.4.4.1 on its wording, and we have not found a BCRA statement accepting them.
• Group contamination. For a company, the 90 day statements cover controllers and group companies (points 3.16.3.3, 3.16.3.4). A sister company selling bonds for dollars can block your dividend, unless you use the alternative statements of point 3.16.3.7.
• Crypto counts. Crypto assets and payment provider balances count toward the USD 100,000 liquid assets threshold (point 3.16.2.1).
• Related party labels stick. Related party services wait 90 days, and related party loans need prior approval unless an exception applies. Both rules keep applying even if the relationship ends (points 13.2.6 and 3.5.6, final paragraph).
• Conversion is the passport. Foreign debt and FDI that were never converted through the FX market do not give access later (points 2.4, 3.5.1, 3.13.1.7). In kind contributions only count for RIGI vehicles under point 14.5.4.
• Survey compliance. Most outflows check the last "Relevamiento de activos y pasivos externos" that has fallen due. A missed filing blocks payments (points 3.3.1, 3.4.3, 3.5.2, 13.1.2).
• The dollar must leave from your own account. Import payments are debited from the client's local account (point 10.3.2.2). Securities for foreign currency settlement by non individuals settle only to or from accounts in the client's name, never in banknotes or third party accounts (point 4.3.2).
• Foreign securities trades cannot settle in pesos in Argentina (point 4.3.1).
• Peso debit card abroad. A cash withdrawal abroad debited to a peso account is treated as a banknote purchase under point 3.8, with all its conditions (point 4.1.1).
• Pre 2025 dividends. BOPREAL subscription closes the FX door for that debt, except through BOPREAL collections (point 4.6.1.4.iii).
• RIGI cover test. A VPU that opted for the export benefit must keep its cumulative inflows at least equal to its outflows. Funds converted by a shareholder count only if moved to the VPU within 5 business days (points 14.4.1, 14.4.3.2).
• Stale cross reference in point 3.16.3.5.iv. It exempts "repatriaciones de inversiones de portafolio" under point 3.13.1.12, which now deals with RIGI direct investment. Portfolio repatriation was point 3.13.1.12 in the August 2025 text (Com. A 8307) and is now point 3.13.1.13; Com. A 8257 shows the exemption is meant for portfolio repatriations.

Recent changes

• 11 April 2025 (Com. A 8226, effective 14 April 2025). Individuals may buy foreign currency for savings with no monthly cap. Earlier deductions and points 3.8.3 to 3.8.12 and 3.9 were removed. The securities cross restriction no longer applies to individuals (points 3 and 4). Dividends are allowed for fiscal years from 1 January 2025 (point 6). Imports can be paid from customs entry. SMEs can make sight payments. Services follow the new unrelated and related timing.
• 16 April 2025 (Com. A 8230). For funds converted from 21 April 2025: related party debt is payable without approval at 180 days of average life, and FDI and portfolio repatriation is free after 180 days.
• 15 and 22 May 2025 (Com. A 8244, A 8245). Minimum terms of 18 months for bond principal and 12 months for local bank bonds. Treasury bond subscriptions in foreign currency count for portfolio repatriation.
• 12 June 2025 (Com. A 8257, effective 13 June 2025). The 180 day holding period for portfolio repatriation was removed, and those repatriations no longer need the 90 day statements.
• 18 to 26 September 2025 (Com. A 8330, A 8331, A 8332, A 8336). Unlimited exemption for individuals' service exports. Wider repatriation through acquisitions. The 90 day securities undertaking returned, first for bank insiders and then for all individuals buying savings.
• 9 December 2025 (Com. A 8361). Exceptions to that undertaking.
• 19 February 2026 (Decree 105/2026, BO). New text of the RIGI FX access article (Decree 749/2024, art. 100).
• 9 April 2026 (Com. A 8417). Individuals' goods exports exempt from conversion. Related party export threshold raised to USD 200,000,000. 365 day term for listed textiles and other goods. Refinancing of related party debt. New online system and 90 day undertaking for transfers of own dollars abroad.
• 23 April to 6 August 2026 (Com. A 8426, A 8441, A 8442, A 8464). RIGI inflow pooling. Export proceeds applied to promissory notes. Group funded prepayments. Reinsurance payments for RIGI projects.
• 14 September 2026 (Com. A 8481). Updated consolidated text, the basis of this page.

Pending changes

• New online system for individuals' own transfers abroad. It applies only once the BCRA announces it is available (Com. A 8417, point 7.1). We have not confirmed whether the BCRA has announced it.
• Company external asset purchases remain subject to prior approval (point 3.10). No source in the project sets a date for change.
• External survey filing calendar and the reporting system are not covered on this page.
• RIGI. Decree 749/2024, art. 103 requires the BCRA to issue complementary rules for art. 199. Section 14 is the current implementation; further rules may follow.

FAQ

1. Can my Argentine subsidiary pay dividends to us without BCRA approval? Yes, for profits from audited annual statements of fiscal years starting on or after 1 January 2025, if the shareholders' meeting approved the amount, the survey is up to date and the point 3.16 statements are signed (points 3.4.1 to 3.4.4.1). Older profits need another route under point 3.4.4, BOPREAL or prior approval.

2. What about retained earnings from 2024 and earlier? You can pay up to 30% of new FDI converted since 17 January 2020, at least 30 days after the last contribution (point 3.4.4.4). You can also use the Decree 277/2022 or export certificates, subscribe BOPREAL (point 4.6.1), or seek prior approval.

3. When can a foreign investor take capital out? For contributions converted from 21 April 2025, after 180 calendar days. For contributions converted between 2 October 2020 and 20 April 2025, after 2 years. In both cases the company must not control a financial entity (point 3.13.1.7). Selling to a resident buyer financed with long term foreign debt is another route (point 3.13.1.10).

4. Can a non resident who bought Argentine shares or bonds repatriate the proceeds? Yes, if a local bank certifies that the investment was funded with currency converted from 21 April 2025, or with foreign currency applied from 23 May 2025 to primary Treasury issues. The amount is limited to the collections or sale proceeds (point 3.13.1.13).

5. Is there still a monthly limit for individuals buying dollars? Not for savings purchases debited from the individual's own account (point 3.8). Cash purchases are limited to USD 100 a month. Other external asset concepts and family remittances are limited to USD 200 a month (point 3.9). The individual must promise not to buy securities settled in foreign currency for 90 days (point 3.8.5).

6. What is the "cross restriction"? It is a sworn statement. Companies and other clients that are not resident individuals declare that in the 90 days before and after FX access they did not and will not trade securities for dollars, buy CEDEARs, move securities abroad or swap pesos for foreign assets (points 3.16.3.1 and 3.16.3.2). Companies also report their group and peso transfers to it (points 3.16.3.3 and 3.16.3.4).

7. Do exporters have to convert all their dollars into pesos? Generally yes, within the terms in point 7.1.2 and within 20 business days of collection. Exceptions apply to individuals, knowledge economy companies, simultaneous applications and RIGI vehicles (points 2.2.2, 2.6, 2.7, 7.1.5, Section 14).

8. When can we pay a foreign group company for services? Ninety calendar days after the service is provided or accrued (point 13.2.6). Unrelated providers can be paid from the date of provision (point 13.2.5).

9. Can we repay an intercompany loan from our parent? Principal and interest to related creditors need prior approval unless an exception applies. The main exceptions are loans converted from 21 April 2025 with at least 6 months of average life, interest accruing from 1 January 2025, and refinancings with at least 4 years of average life and 3 years of grace (point 3.5.6).

10. When can we pay for imported goods? For goods with customs entry from 14 April 2025, from the date of customs entry. SMEs and individuals may make sight payments for goods shipped from that date, and capital goods allow partial advance payments (points 10.10.1 and 10.10.2).

11. Does RIGI protect us from future FX tightening? Yes, for 30 years from adhesion, for the FX rules forming part of the RIGI regime, except the exchange rate itself (Law 27.742, arts. 201 and 205; point 14.6). If the BCRA applies a stricter rule, the VPU can rely on its adhesion certificate (art. 205(a)) and on the procedure in art. 206.

12. Can a branch remit profits to head office under the dividend rule? The FX rule refers to shareholders. Branch remittances are not addressed expressly in point 3.4, so confirm with the bank. The 7% additional income tax on branch remittances is in Income Tax Law art. 73(b).

Primary sources

• BCRA, consolidated text Exterior y Cambios (updated to 14 Sep 2026, Com. A 8481)
• BCRA Communication A 8099 (29 Aug 2024)
• BCRA Communication A 8226 (11 Apr 2025)
• BCRA Communication A 8230 (16 Apr 2025)
• BCRA Communication A 8244 (15 May 2025)
• BCRA Communication A 8245 (22 May 2025)
• BCRA Communication A 8257 (12 Jun 2025)
• BCRA Communication A 8307 (25 Aug 2025)
• BCRA Communication A 8330 (18 Sep 2025)
• BCRA Communication A 8331 (18 Sep 2025)
• BCRA Communication A 8332 (18 Sep 2025)
• BCRA Communication A 8336 (26 Sep 2025)
• BCRA Communication A 8361 (9 Dec 2025)
• BCRA Communication A 8390 (22 Jan 2026)
• BCRA Communication A 8417 (9 Apr 2026)
• BCRA Communication A 8426 (23 Apr 2026)
• BCRA Communication A 8441 (21 May 2026)
• BCRA Communication A 8442 (28 May 2026)
• BCRA Communication A 8464 (6 Aug 2026)
• BCRA Communication A 8481 (14 Sep 2026)
• BCRA Communication A 8491 (13 Oct 2026)
• Law 27.742, Bases Law, Title VII arts. 198 to 207 (InfoLEG)
• Decree 749/2024, RIGI regulation, arts. 94 to 108 (argentina.gob.ar)
• Decree 105/2026, Boletín Oficial (19 Feb 2026)
• Income Tax Law, consolidated text 2019, arts. 73(b) and 97 (argentina.gob.ar, updated text)

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