Foreign debt registration and access to the FX market for loans

Last verified: 27 Oct 2026 · Status: Changing

Argentina does not license foreign loans. A resident company can borrow from a foreign bank, a bondholder or its own parent without asking anyone. What the State controls is the way back out. To buy foreign currency in the official market to pay principal or interest, the borrower must pass the tests in point 3.5 of the FX rules. Those tests are checked by the borrower's bank each time it pays. If the loan was not structured and reported correctly when the money came in, the problem usually only shows up when the first payment is due, and then it is expensive to fix.

The core rules in October 2026:

Bring the money in and convert it. Foreign financial debt disbursed from 1 September 2019 must be brought in and sold for pesos in the MLC, as a condition for later buying currency to service it (point 2.4). At payment time the debtor must show that it settled an amount equal to the nominal value of the debt (point 3.5.1). Bank charges abroad, capitalised interest and some refinancings count as settled (points 3.5.1.1 to 3.5.1.12).
Report it to the BCRA. The debt must appear, where required, in the last survey return that has fallen due (point 3.5.2). From the first quarter of 2026, companies with external assets and liabilities of US$ 10 million or more file quarterly within 45 days. Everyone else files once a year within 90 days of year end (Com. A 8304).
Pay on time, not early. Access is allowed no earlier than 3 business days before each due date (point 3.5.3). Early repayment needs BCRA prior approval except in listed refinancing and group funding structures (points 3.5.3.1 to 3.5.3.5 and 3.5.7). Borrowers can buy currency in advance in small daily slices and hold it in a local account (point 3.11.2).
Intercompany loans are special. Paying a related creditor needs BCRA prior approval (point 3.5.6) unless an exception applies. The key exceptions for new money are: (a) principal of a loan with an average life of at least 6 months whose funds were settled from 21 April 2025 (point 3.5.6.2); and (b) compensatory interest accruing from 1 January 2025 (point 3.5.6.4). In practice, a new intercompany loan settled today, with a sensible schedule, can be serviced without prior approval.
Bonds have extra waiting periods. For principal of debt securities issued from 16 May 2025 and paid by transfer abroad, at least 18 months must pass from issue (point 3.5.3, from Com. A 8244). There is no comparable minimum for ordinary loans from unrelated lenders. The old statutory minimum term for foreign loans (Decree 616/2005, art. 2) still exists on paper but was cut to zero days in January 2017 (Res. MH 1/2017, art. 1).
Every payment triggers the general sworn statements. The bank needs the usual statements on liquid foreign assets above US$ 100,000 and on securities trades in the 90 days before and after access (points 3.16.2 and 3.16.3). A single "contado con liquidación" trade by the borrower, or a peso transfer to its parent group, can block a debt payment for three months.
Tax is separate and real. Interest paid abroad suffers income tax withholding of 35% on intercompany loans, or 15.05% on loans from qualifying foreign banks, unless a tax treaty caps it (ITL arts. 102 and 104(c)). Interest on related party financial debt is deductible only up to the greater of ARS 1,000,000 or 30% of taxable profit before interest and depreciation (ITL art. 85(a); Decree 862, art. 192). Interest that bears final withholding in Argentina is carved out of that cap (ITL art. 85(a), seventh paragraph, item 6; Decree 862, art. 200). Interest paid to a foreign lender is, in our reading, an import of services for VAT (VAT Law art. 1(d)) (unconfirmed).

The 2025 and 2026 changes all went in one direction: easier access. In December 2024 the BCRA freed interest on intercompany debt accruing from 2025 (Com. A 8161). In April 2025 it freed principal of intercompany loans with at least 180 days of average life settled from 21 April 2025, on the same day it freed repatriation of new direct investment after 180 days (Com. A 8230). In April 2026 it added two routes to roll over or refinance old trapped intercompany principal (Com. A 8417), and in May 2026 a group funding route for prepayments (Com. A 8442). Old intercompany debt that does not fit an exception still needs prior approval, and the rule survives a change of creditor (point 3.5.6, last paragraph).

Cost to do it. The BCRA charges no fee that we could find for the survey or for FX access (unconfirmed). The real costs are: bank FX spread and commissions (not regulated in the FX rules) (unconfirmed); income tax withholding on interest (above); VAT on interest, generally recoverable as a credit (unconfirmed); the bank debits and credits tax at 0.6% on each credit and debit to a current account (Law 25.413, art. 1(a)); provincial stamp tax on the loan agreement, if signed in a taxing jurisdiction (unconfirmed); and adviser time for the survey and the sworn statements. Timing: a loan can be disbursed and settled in a few business days; the first survey return is due 45 or 90 days after the period end. There is no capital requirement.

See also Exchange controls for the general FX framework, Paying dividends and profits abroad for the equity return route, and The Foreign Investment Law 21.382 for capital contributions, the survey as the de facto investment registry and repatriation of capital.

Who should read this page.

Foreign parents deciding whether to fund an Argentine subsidiary with a loan or with equity, and how to document an intercompany loan so it can be repaid.
Argentine companies borrowing from foreign banks, export credit agencies or bondholders.
CFOs and treasurers who run the payment calendar and have to sign the sworn statements each time the company pays.
Advisers preparing the survey, transfer pricing files and withholding returns.
Buyers of Argentine companies who inherit intercompany debt and need to know whether it can be paid.

This page does not cover commercial debt for imports of goods (Sections 10 and 11 of the FX rules) or services (Section 13), which are on Imports of goods and services: paying abroad. Local foreign currency debt between residents (point 3.6) is mentioned only where it overlaps.

Peso amounts are converted at the dólar MEP (bolsa) selling rate of ARS 1,563.90 per US$ on 23 Oct 2026 (source: dolarapi.com, MEP quote). Conversions are indicative and move daily.

Key rules

1. Legal framework

The market. All FX operations go through entities authorised by the BCRA in the mercado libre de cambios created by Decree 260/2002, art. 1, as replaced by art. 132 of Law 27.444 (FX rules, point 1.1).
Who sets the conditions. DNU 609/2019 (BO 1 September 2019), art. 2, empowers the BCRA to set the cases in which access to buy foreign currency and transfers abroad need prior authorisation, "based on objective criteria". Art. 3 empowers it to prevent avoidance through securities.
Registration of debt as a legal duty. Decree 616/2005 (BO 10 June 2005), art. 1, provides that inflows and outflows in the MLC "and every debt operation of residents that may imply a future payment in foreign currency to non residents" must be registered with the BCRA. This is the legal root of the survey requirement for debt.
Sanctions. Breaches of the FX rules fall under the Criminal Exchange Regime Law (Law 19.359, t.o. 1995) (FX rules, point 1.5). Banks that detect signs of FX fraud must file a complaint with the BCRA (point 3.16.4).
Prior approval requests. Requests for BCRA prior approval (conformidad previa) are filed only through an authorised entity, addressed to the Gerencia Principal de Exterior y Cambios, with the bank's own analysis, the client's original note and supporting documents (point 1.8). There is no statutory deadline for the BCRA to answer (unconfirmed).

2. Scope: what counts as "foreign financial debt"

Point 3.5 covers three things:

debt securities with public registration abroad;
"other financial indebtedness with abroad" (loans from foreign banks, funds, parents, affiliates or any other non resident lender); and
debt securities with public registration in Argentina, denominated in foreign currency and entirely subscribed abroad.

Residence is decided under point 6.5 of the FX rules (for trusts and similar vehicles, by the residence of the trustee or legal representative, point 6.5.3).

Related creditor. Point 6.6 defines operations with related counterparties as those between a resident and a counterparty that have one of the relationships described in point 1.2.2 of the BCRA rules on "Large exposures to credit risk" (Grandes exposiciones al riesgo de crédito) (unconfirmed). In practice parents, sister companies and entities under common control are related.

Not covered here. Supplier credit for imports and services (Sections 10 and 13), export prefinancing (Section 7) and local foreign currency debt between residents (point 3.6). Local foreign currency debts between residents agreed from 1 September 2019 have no MLC access at all, except listed bank financing and certain local securities whose proceeds were settled (point 3.6.1).

3. The settlement rule (points 2.4 and 3.5.1)

Text. Debt securities registered abroad, other foreign financial debt and locally registered foreign currency securities entirely subscribed abroad, disbursed from 1 September 2019, "must be brought in and settled in the MLC as a requirement for later access to it to service principal and interest" (point 2.4). The rule was introduced by Com. A 6770 (1 September 2019), point 8.

What must be shown at payment time. The debtor must show it brought in and settled an amount equal to the nominal value of the debt (point 3.5.1). For bonds issued above par, the test is the effective value (nominal times issue price).

Deemed settled (point 3.5.1). The requirement is treated as met for:

Point	Case
3.5.1.1	Debt disbursed before 1 September 2019
3.5.1.2	Refinancings from 1 September 2019 with no new disbursement, of debt that had access, if they do not bring forward the original maturity
3.5.1.3	Arrangement or issue costs and other charges debited abroad for the banking operations
3.5.1.4	The discount on bonds placed below par
3.5.1.5	Interest capitalised under the loan contract
3.5.1.6	New bonds delivered as an exchange or tender premium, up to 5% of the principal exchanged, if the new bonds have at least 1 year of grace and extend average life by at least 2 years
3.5.1.7	Bonds issued from 7 January 2021 delivered to refinance existing debt with longer average life, within listed limits
3.5.1.8	The portion of bonds registered abroad issued from 5 February 2021 subscribed locally in foreign currency, if: the issuer had exports or used the funds for foreign obligations (otherwise prior approval), average life of at least 5 years, first principal payment after 3 years, local subscription no more than 25%, and all locally subscribed funds settled
3.5.1.9	Financial debt from 1 September 2019 that refinances commercial debt with the same foreign creditor, without bringing payments forward
3.5.1.10 and 3.5.1.11	Financing under the import financing mechanisms of points 7.11 and 7.10.2.2(ii), if goods of equivalent value were cleared through customs
3.5.1.12	Bonds issued 9 October 2020 to 31 December 2023 under the 2020 to 2023 mandatory refinancing plan

Is settlement a free standing obligation or only a condition for access? The text of point 2.4 frames it as a requirement "for later access". Com. A 6770, point 8, described it as "the obligation to bring in and settle new financial debts... and the obligation to show compliance with this requirement for access". The practical position is clear: if you do not settle, you cannot buy currency in the MLC to repay. Whether a borrower who never intends to use the MLC (for example, a company that will repay from foreign currency it legitimately holds) breaches the rules by not settling is not answered expressly in the text (unconfirmed). Note also point 1.9: the survey must be filed "even when there has been no inflow of funds into the MLC and/or no future access is expected".

When the proceeds need not be sold for pesos (point 2.7). Settlement is not required for funds received under points 2.1 to 2.5 (which include foreign financial debt) if all of these apply: the exception is used within the settlement deadline that applies; the funds stayed in the client's foreign currency account at a local bank (or in a local bank's correspondent account abroad in the client's name); the foreign currency is applied simultaneously to an operation for which the FX rules allow MLC access, within the limits for that concept; and the mechanism is tax neutral (points 2.7.1 to 2.7.4). The bank records two boletos without peso movement. Example: loan proceeds used on arrival to pay an import invoice that could have been paid through the MLC.

Keeping loan proceeds abroad for a while. The general sworn statement on liquid foreign assets (point 3.16.2.1) lets a company hold, without breaching the US$ 100,000 threshold, funds in its own accounts abroad that come from foreign financial debt: (iv) up to the principal and interest due in the next 365 days, and (v) disbursements received abroad from 29 November 2024, during the 180 days after receipt. Funds from bond issues in the last 120 days that can fit the points 7.11.1.5 and 7.11.1.6 mechanisms also qualify (vii). These carve outs do not replace settlement; they only stop those balances from blocking other FX access in the meantime.

4. The survey requirement (points 1.9 and 3.5.2; Com. A 6401, A 6795 and A 8304)

Why it matters. Before giving access for principal or interest, the bank checks that the debt "is declared, where applicable, in the last filing that has fallen due" of the survey (point 3.5.2). The same check applies to interest on commercial debt (point 3.3.1), dividends (point 3.4.3), BOPREAL subscriptions for related debt (point 4.7.1) and repatriations by capital reduction (point 3.13.1, final paragraph). A late or missing return blocks the payment until it is filed and validated.

Legal nature. The survey was created by Com. A 6401 (26 December 2017), replacing the earlier surveys of Com. A 3602 and A 4237. Information is collected for statistical purposes under Law 17.622 (Com. A 6401, point 2). Com. A 6795 (27 September 2019) made it a sworn statement.

Who files. Resident individuals and legal persons, trusts, joint ventures and similar vehicles, except the General Government as defined in the IMF Balance of Payments Manual, sixth edition (Com. A 6401, Annex, point 1, as replaced by Com. A 6795). The BCRA service page says legal persons file when they have external assets or liabilities at the end of a quarter or cancelled liabilities during it, and that individuals file only their external liabilities (Com. A 6594, as cited on the BCRA page).

Thresholds and deadlines. Com. A 8304 (19 August 2025) replaced the system from the data for the first quarter of 2026:

Period of data	Group	Test	Filings	Deadline
1Q 2020 to 4Q 2025	All with external liabilities at a quarter end, or cancelled in the quarter	Any amount	Quarterly	45 calendar days after quarter end
1Q 2020 to 4Q 2025	Annual filers	Assets and liabilities of US$ 50 million or more at year end	Annual (plus quarterly)	180 calendar days after year end
From 1Q 2026	Main sample	External assets and liabilities of US$ 10 million or more at the end of any quarter	Quarterly, plus a simplified annual return (investor forms, income statement, statement of changes in equity and balance sheet)	Quarterly: 45 calendar days after quarter end. Annual: 180 calendar days after year end
From 1Q 2026	Secondary sample	Below US$ 10 million at the end of every quarter, and no debts at or above that threshold in other related BCRA surveys	Annual only	90 calendar days after year end

Once in the main sample in any quarter, a filer stays there for the rest of the calendar year. A filer who stops having external liabilities must still file for the period in which that happens, to show the cancellation (Com. A 8304, point 2 of the Annex as replaced). The quarterly income statement requirement was dropped for the main sample.

How. Online only, through the BCRA service "BCRA Relevamiento de activos y pasivos externos" on the ARCA portal with tax ID password level 3, either by electronic forms or bulk upload (BCRA service page). The BCRA publishes user manuals for filings up to 2025 and from 2026.

The trap for a new borrower. If a loan is disbursed in, say, November 2026 to a secondary sample company, the "last filing that has fallen due" when the first interest is paid in November 2027 will be the annual return for 2026, due about 31 March 2027 (90 days after 31 December 2026). That return must show the loan. If the company first crosses US$ 10 million in a quarter, it moves to quarterly filing and its next due date may be only 45 days away.

Inconsistency to flag. The Foreign Investment Law page describes the thresholds of Com. A 6795. Those rules apply to data up to the fourth quarter of 2025. For 2026 data, Com. A 8304 applies.

5. Timing of payments (point 3.5.3)

No more than 3 business days early. Access must take place no earlier than 3 business days before the due date of the principal or interest payment (point 3.5.3, first paragraph; Com. A 6770, point 11).
Bonds: 18 months for principal paid abroad. For principal of debt securities issued from 16 May 2025 paid by transfer abroad, access may happen only after at least 18 months from issue (point 3.5.3, second paragraph; Com. A 8244, 15 May 2025).
Earlier bond windows, not in today's text. Com. A 8129 (7 November 2024), point 2, required 365 days for principal of bonds issued from 8 November 2024. Com. A 8230 (16 April 2025), point 4, reduced that period to 180 days for issues from 21 April 2025. Com. A 8244 then set 18 months for issues from 16 May 2025. The consolidated text of 14 September 2026 shows only the 18 month rule. We read this as: bonds issued 8 November 2024 to 20 April 2025, 365 days; 21 April to 15 May 2025, 180 days; from 16 May 2025, 18 months. The consolidated text does not say this expressly (unconfirmed).
Prepayment needs prior approval unless one of these applies (points 3.5.3.1 to 3.5.3.5):
Refinancing by new bonds (3.5.3.1): prepayment simultaneous with settlement of a new bond with 1 year of grace and average life at least 2 years longer than the remaining average life of the debt repaid; cumulative new principal never ahead of the old schedule. Accrued interest, a premium of up to 5% of principal and issue costs can also be paid (from Com. A 8112).
Refinancing by new loans or bonds (3.5.3.2): prepayment simultaneous with settlement of new foreign financial debt with a longer average life and no faster principal schedule.
Bond exchanges (3.5.3.3): accrued interest at closing of an exchange, if the new bonds have a longer average life and no faster schedule.
Local bank loans funded by a foreign bank line (3.5.3.4): same conditions.
RIGI vehicles (3.5.3.5): a VPU may prepay under point 14.2.1.
Group funding for prepayment (point 3.5.7, from Com. A 8442 of 28 May 2026). A company may prepay under point 3.5.3 using pesos received from a person with direct control over it, or from a group company, if: those pesos come from that person's settlement in the MLC of new foreign financial debt or bonds under point 3.5; at the time of settlement the bank was told the funds are for this mechanism and who will use them (recorded on the boleto); and the prepayment takes place within 72 business hours of that settlement. That portion of the new debt cannot be used for other access mechanisms. The peso transfer does not count against the 90 day group transfer statement of point 3.16.3.4.
Buying currency in advance (point 3.11.2). A debtor of point 3.5 debt may buy foreign currency before the allowed date, depositing it in its own foreign currency account at a local bank, after the bank checks the debt complies with the FX rules, either: (i) within the 60 calendar days before the due date, up to 10% of the payment per day; or (ii) within the 5 business days before the allowed access date, up to 20% per day. The boleto uses concept "A19" (point 3.11.5). Funds not used must be sold back within 5 business days after the due date (point 3.11.4). The 10% and 60 day rule came from Com. A 8129 (7 November 2024).
Export proceeds. Exporters may apply export collections directly to service foreign financial debt from maturity if the conditions of point 7.9 are met (point 3.5.5). Relevant cases include debt settled from 19 April 2024 with average life of at least 3 years and first principal payment no earlier than 1 year after inflow (point 7.9.1.5), and debt settled from 8 August 2025 with average life of at least 2 years and first principal payment no earlier than 18 months after inflow (point 7.9.1.4). Collections may also be accumulated in guarantee accounts up to the contractual amounts (points 3.5.5 and 7.9.5), and currency may be bought for guarantee accounts up to 125% of debt service for the current month and the next six (point 3.11.3.2).

6. Intercompany loans: the prior approval rule and its exceptions (point 3.5.6)

The rule. "BCRA prior approval will be required for access to the MLC to pay principal and interest of financial debt under point 3.5 when the creditor is a related counterparty of the debtor" (point 3.5.6). The rule began as a temporary measure for principal until 30 June 2020 (Com. A 7030, 28 May 2020, point 3) and was later extended and broadened (unconfirmed).

Exceptions (no prior approval needed):

Point	Case	Key conditions	Source
3.5.6.1	Operations of local financial entities on their own account
3.5.6.2	Principal of new related party loans	Average life of at least 6 months; funds settled from 21 April 2025	Com. A 8230, point 1 (stated as 180 days)
3.5.6.3	Principal of related party loans settled 2 October 2020 to 20 April 2025	Average life of at least 2 years
3.5.6.4	Compensatory interest accruing from 1 January 2025 on the remaining original principal	Penalty interest and equivalents accruing from 1 January 2025 still need approval; interest owed at 31 December 2024 still needs approval	Com. A 8161, 19 December 2024
3.5.6.5	Swap or arbitrage with funds in a local account from BOPREAL principal or interest collections
3.5.6.6	RIGI vehicle paying under point 14.2.1
3.5.6.7	Other interest (not under 3.5.6.4) paid simultaneously with settlement of at least the same amount of (i) new foreign financial debt with average life of at least 2 years and at least 1 year of grace, or (ii) new FDI contributions	The new funds can be settled by the debtor or another resident group company and cannot be counted for other mechanisms
3.5.6.8	Principal paid simultaneously with settlement of a new loan from the same or another related creditor	Remaining average life of at least 4 years and at least 3 years of grace	Com. A 8417, point 8.1, 9 April 2026
3.5.6.9	Principal of a refinancing originated from 10 April 2026 with the same creditor, of overdue principal that needed approval	Remaining average life of at least 4 years and 3 years of grace; refinancing registered on the refinancing date with boletos without currency movement under concept "P17. Registro de refinanciación de deuda financiera con contraparte vinculada en el marco del punto 8.2. de la Comunicación A 8417"	Com. A 8417, point 8.2
3.5.6.10	Debt under the import financing mechanism of point 7.11, if the access date fits that mechanism
3.5.6.11	Client with a Decree 277/22 incremental oil and gas certification, up to the certified amount
3.5.6.12	Client with a certification of increased goods exports for 2021 to 2023, up to the certified amount
3.5.6.13 and 3.5.6.14	Legacy debts of at least 2 years average life from 27 August 2021 to 12 December 2023 linked to import debt certifications and refinancings	Bank holds a certification issued within the previous 5 business days

Change of creditor does not cure it. Debts caught by point 3.5.6 "will remain subject to prior approval even if there is a change of creditor or debtor that means there is no longer a relationship" (point 3.5.6, last paragraph). Selling an old intercompany loan to an unrelated fund does not unlock it.

Old trapped debt: BOPREAL. A debtor with overdue related party principal, or related party financial debt interest overdue up to 31 December 2024, that is subject to prior approval may subscribe BOPREAL bonds up to the amount owed (point 4.7). The debtor then has no MLC access for that debt except through a swap of BOPREAL collections (point 4.7.4.3). The economics of BOPREAL are on the dividends page.

Reading of "6 months" versus "180 days". Com. A 8230 wrote "180 (ciento ochenta) días"; the consolidated text writes "6 (seis) meses". A loan whose average life is exactly 180 days may be shorter than 6 calendar months. Build in a margin (unconfirmed).

Average life is a calculation on the schedule. The FX rules do not define the formula. The usual method is the sum of each principal payment times the time to its due date, divided by total principal (unconfirmed).

7. Minimum term: what is left of Decree 616/2005

some secondary summaries asked about "minimum average life". There are three separate layers, and they are often confused:

Statutory minimum term (Decree 616/2005, arts. 2 and 4(a)). Foreign debt of private residents settled in the MLC "must be agreed and repaid in terms of not less than" a minimum number of days, and funds may only be transferred out after that term. Res. 292/2005 of the Ministry of Economy had set 365 days (Decree 616/2005, recitals); Res. MHFP 3/2015 (BO 18 December 2015) cut it to 120 days and the unremunerated reserve deposit of art. 4(c) to 0%; Res. MH 1/2017 (5 January 2017), art. 1, cut the term to 0 days. Decree 616/2005 is still cited in the FX rules (point 2.9), but the term and the deposit are zero. The Infoleg updated text still shows "120 days"; it has not been updated for Res. MH 1/2017.
FX rules for unrelated loans. There is no minimum average life for ordinary loans from unrelated lenders under point 3.5. The only timing limits are the 3 business day rule and the bond waiting periods (point 3.5.3).
FX rules for specific routes. Minimum average lives apply as conditions of particular exceptions: 6 months (related party principal, 3.5.6.2), 2 years (legacy related party principal 3.5.6.3; new debt for the interest route 3.5.6.7), 4 years plus 3 years of grace (related party rollovers 3.5.6.8 and 3.5.6.9, and acquisition finance under 3.13.1.10 and 3.13.1.11), 5 years (locally subscribed foreign bonds, 3.5.1.8), and the 1, 2 and 3 year tests for applying export proceeds (point 7.9.1).

8. Complementary requirements at each payment (point 3.16)

Each time the borrower buys currency to pay principal or interest, the bank must also clear:

ARCA apocryphal invoice database (3.16.1). If the client appears in ARCA's database of invoices classified as apocryphal, prior approval is needed.
Liquid foreign assets (3.16.2). A sworn statement that all foreign currency held in Argentina is in bank accounts, and that at the start of the day the client did not hold CEDEARs and liquid foreign assets together worth more than US$ 100,000, with the carve outs listed above for loan proceeds held abroad. Plus an undertaking to settle within 5 business days foreign receipts from loans granted, deposits or asset sales made with such assets after 28 May 2020 (3.16.2.2).
Securities and group transfers (3.16.3). For clients that are not resident individuals: that in the 90 calendar days before access the client did not sell securities against foreign currency in Argentina, swap securities for foreign assets, transfer securities to foreign depositories, buy foreign issuers' securities for pesos, buy CEDEARs, buy foreign law private debt, or hand over pesos against foreign assets (3.16.3.1); that it will not do so for 90 days after (3.16.3.2); a list of controlling persons and group companies (3.16.3.3); and that in the 90 days before it did not give pesos or other liquid local assets to its controllers or group companies other than in ordinary purchases of goods and services (3.16.3.4).
Escape hatch for new debt. Securities sales settled in foreign currency do not count if the proceeds are used within 10 days to pay, from maturity, principal or interest of new foreign financial debt disbursed from 2 October 2023 with at least 1 year of grace, with a sworn statement that the original loan funds were used for investment in Argentina (3.16.3.6(iii)(a)).
Inconsistent CUIT list and RIGI (3.16.4 and 3.16.5).

9. RIGI vehicles

A single project vehicle (VPU) admitted to the Large Investment Incentive Regime (Law 27.742, Title VII) gets wider rights for financing received from the law's entry into force: it may pay interest and principal, even before maturity and without prior approval, of foreign financial debt, locally registered bonds subscribed abroad and other listed financing settled in the MLC (point 14.2.1, from Com. A 8099 of 29 August 2024, point 3.1). Since Com. A 8426 (23 April 2026), funds settled by shareholders, partners or joint venture members and transferred to the VPU within 5 business days can be recorded in favour of the VPU, with an online registration and a sworn statement. See RIGI.

10. Capital contribution or loan: the FX differences

Issue	Intercompany loan (point 3.5)	Cash capital contribution (point 3.13)
Must the inflow be settled?	Yes, as a condition to repay through the MLC (point 2.4)	No general settlement obligation found, but only settled contributions qualify for the repatriation and dividend routes (see the Foreign Investment Law page)
Survey	Yes, as a liability (point 3.5.2)	Yes, as equity of the non resident (point 3.4.3 for dividends; point 3.13.1 final paragraph for capital reductions)
Return of the money, new money from 21 April 2025	Principal without prior approval if average life of at least 6 months (point 3.5.6.2)	Repatriation without prior approval at least 180 calendar days after settlement, if the company does not control a local financial entity (point 3.13.1.7(i))
Return of the money, money settled 2 October 2020 to 20 April 2025	Average life of at least 2 years (point 3.5.6.3)	At least 2 years after settlement (point 3.13.1.7(ii))
Corporate steps to return the money	None beyond the contract	Capital reduction or refund of an unaccepted irrevocable contribution, with the legal steps and the survey record of the peso liability (point 3.13.1, final paragraph)
Periodic return	Interest from 1 January 2025 accrual, no prior approval (point 3.5.6.4)	Dividends from audited annual statements for fiscal years from 1 January 2025 (point 3.4.4.1)
Timing of periodic return	Interest when due, no more than 3 business days early	Only after year end, audit and shareholders' meeting
Early exit	Prepayment needs prior approval, except refinancing and group funding structures (points 3.5.3 and 3.5.7)	No equivalent restriction once 180 days have passed
Converting one into the other	A loan can be capitalised (Law 21.382, art. 3, form 4)	Not applicable

The BCRA set the 180 day period for both routes on the same day (Com. A 8230, points 1 and 2, 16 April 2025). Since then, the FX rules no longer give a decisive advantage to either route for new money. The choice turns on tax (section 11), corporate formalities and how quickly the group wants periodic returns.

Capitalising an existing loan. Law 21.382 lists "capitalisation of external credits in freely convertible foreign currency" as a form of foreign investment (art. 3). The FX rules do not say whether a capitalised loan counts as a contribution "ingresado y liquidado" for the 180 day repatriation route of point 3.13.1.7 (unconfirmed). For a debt that is stuck under point 3.5.6, capitalisation is a way to stop interest accruing, not a way to get the money out.

11. Tax rules that drive the comparison

Withholding on interest paid abroad. Interest paid to a beneficiary abroad bears a final withholding of 35% on a presumed net income (ITL arts. 102 and 104(c)):

43% presumption, effective 15.05%, when the borrower is a Law 21.526 financial entity, for supplier financing of depreciable movable imports (except cars), or when the borrower is a company or individual and the lender is a bank or financial entity supervised by its central bank, located in a jurisdiction that is not low or nil tax or that has an information exchange agreement with Argentina and cannot invoke bank secrecy (art. 104(c)(1)).
100% presumption, effective 35%, in all other cases, including intercompany loans from a non bank parent (art. 104(c)(2)).
Treaties can cap the rate. Example: the Argentina United Kingdom treaty caps tax on interest at 12% of the gross amount for a beneficial owner resident in the other State (Law 24.727, art. 11(2)). Rates in other treaties are on the Tax treaties page. Documentation and procedure for applying a treaty rate are not covered by the sources held (unconfirmed).
Gross up. If the Argentine payer bears the tax, the base is grossed up by the tax borne (RG 739/1999, art. 2; Decree 862, art. 227, second paragraph). The gross up does not apply to interest on foreign financing for industry, extractive activities and primary production (Decree 862, art. 227, third paragraph).
Exchange rate and deposit. Foreign currency amounts are converted at the rate of the actual FX transaction used to pay (RG 739/1999, art. 3). Withholding is made when payment occurs, or before ordering the transfer (art. 5), and reported through SICORE (art. 10) (unconfirmed).
Accrual without payment. Under ITL art. 24 (referenced in art. 102), crediting interest to a related party can count as payment even if the money stays put (unconfirmed).

Interest deductibility: the thin capitalisation rule (ITL art. 85(a), fourth to tenth paragraphs). For companies, interest on financial debt (not trade debt) with related parties (resident or not, as defined in ITL art. 18) is deductible only up to the greater of:

the annual amount set by the Executive: ARS 1,000,000 (Decree 862, art. 192); or
30% of the year's net taxable income before deducting that interest and tax depreciation (art. 85(a), fourth paragraph). The base is income "subject to tax" before interest, indexation, FX differences and accumulated tax losses (Decree 862, art. 194).

Unused capacity of the previous 3 years can be added (fifth paragraph; Decree 862, art. 196). Disallowed interest carries forward 5 years (sixth paragraph; Decree 862, art. 197). For this rule, "interest" includes FX differences and indexation on the debt (ninth paragraph).

Exclusions (seventh paragraph): financial entities; financial trusts; leasing companies; interest up to the amount of interest income; cases where the group's ratio of third party debt interest to net income is equal or higher (group meaning at least 80% common ownership, Decree 862, art. 199); and, crucially, interest on which the beneficiary has effectively paid tax. For a non resident lender, that last exclusion applies when the interest is subject to final withholding, even if the withholding is limited by a tax treaty. The exclusion does not cover FX differences that are not subject to withholding, which stay inside the 30% cap (Decree 862, art. 200, second paragraph).

Practical consequence. Interest paid to a foreign parent that suffers Argentine withholding is generally outside the 30% cap. The FX loss on the principal of a foreign currency loan is not, and in a peso depreciation it can be large. A disguised financial debt can be pulled into the rule (Decree 862, art. 193). Interest must also be at arm's length under the transfer pricing rules (ITL art. 17) and the Foreign Investment Law (art. 9). See Transfer pricing.

VAT on interest. The VAT Law taxes services performed abroad whose effective use is in Argentina, when the recipient is a registered VAT taxpayer (art. 1(d)). The general rate is 21% (art. 28, first paragraph). A 50% rate (10.5%) applies to services under art. 1(d) consisting of loans from banks located in countries whose central banks have adopted the Basel Committee supervision standards (art. 28, inciso (d) of the reduced rate list). We read this as confirming that interest on foreign loans is taxable under art. 1(d), so intercompany interest from a non bank lender bears 21% (unconfirmed). The VAT is paid by the Argentine borrower, not the lender, and is normally creditable.

Equity side, for comparison. Dividends to a foreign shareholder bear a 7% final withholding (ITL art. 97). The company pays annually, as substitute taxpayer, a personal assets tax of 0.50% of the proportional equity value of shares held by foreign shareholders and by individuals (Law 23.966, Title VI, unnumbered article after art. 25, referring to art. 22(h)). Equity funding increases that base; debt funding does not. Details are on the dividends page.

Corporate income tax. The 2026 scale for companies is 25% up to ARS 133,514,185.74 of taxable income, 30% above that up to ARS 1,335,141,857.38, and 35% above that (ARCA 2026 scale, file. The value of an interest deduction depends on the bracket.

Step by step

1. Check the lender's status and the borrower's file. Confirm whether the lender is a related counterparty (point 6.6) (unconfirmed). Confirm the borrower is up to date with the survey and is not on ARCA's apocryphal invoice list (point 3.16.1).

2. Design the schedule. For a related lender, make the principal schedule produce an average life of at least 6 months, counted from settlement, with margin (point 3.5.6.2). For a bank lender, check whether it qualifies for the 15.05% withholding rate (ITL art. 104(c)(1)). Decide whether the borrower bears withholding (gross up) and which treaty applies.

3. Price it. Set the interest rate at arm's length and document it for transfer pricing (ITL art. 17; Law 21.382, art. 9). Write penalty interest as a separate concept: compensatory interest accruing from 2025 is freely payable, penalty interest needs prior approval (point 3.5.6.4).

4. Sign the loan agreement. Typical contents: parties, amount and currency, disbursement account, interest rate and basis, payment dates, gross up clause, prepayment clause (subject to FX rules), governing law and jurisdiction. Check provincial stamp tax where the agreement is signed or has effects (unconfirmed). If funds stay abroad for a while, check the 180 and 365 day carve outs (point 3.16.2.1).

5. Receive and settle. The lender wires the funds to the borrower's account at an Argentine bank or to the bank's correspondent account. The borrower instructs the bank to sell the foreign currency in the MLC for pesos under the foreign financial debt concept. The bank issues the boleto de cambio, which is the client's sworn statement on the data and the concept (point 5.3). Keep the boleto, the SWIFT and the settlement advice: they prove compliance with point 3.5.1 years later. If the funds are used immediately for an operation with MLC access, consider the no settlement route of point 2.7 (unconfirmed).

6. Book and report. Record the liability. Include it in the next survey return (quarterly within 45 days or annual within 90 days, Com. A 8304). Obtain the validation certificate (unconfirmed).

7. Before each payment. Five to ten business days before: confirm the last survey due has been filed and includes the debt; check the 90 day securities window and group transfers (point 3.16.3); prepare the liquid foreign assets statement (point 3.16.2); prepare the withholding calculation and the treaty file. If buying currency in advance, do so within the 60 day and 10% per day or 5 business day and 20% per day limits (point 3.11.2).

8. Pay. No earlier than 3 business days before the due date (point 3.5.3). The bank checks settlement of the nominal amount, the survey, the related party exception and the sworn statements, then sells the currency and transfers it. Withhold income tax at payment and deposit it (RG 739/1999). Self assess VAT on the interest if applicable (unconfirmed).

9. Annual tax return. Apply the thin cap rule to related party financial interest and FX differences, the exclusions and the carry forwards (ITL art. 85(a)). File transfer pricing information as required (unconfirmed).

10. If something goes wrong. If an exception does not fit, the bank files a prior approval request with the BCRA (point 1.8). Alternatives: refinance with the same related creditor on 4 year and 3 year terms (point 3.5.6.9), roll over with new related funding (point 3.5.6.8), BOPREAL for overdue amounts (point 4.7), or capitalise the debt.

Cost to do it (intercompany loan). Fees: no BCRA fee identified (unconfirmed); bank FX spread and commissions (unconfirmed); stamp tax (unconfirmed); legal drafting and transfer pricing study (unconfirmed). Taxes over the life: withholding on interest, VAT on interest (normally creditable), bank tax on flows. Capital: none. Time: about one week from signature to settlement (unconfirmed); survey return within 45 or 90 days of period end.

Costs and timelines

Rates

Item	Rate	Base	Source
Withholding on interest, foreign bank lender meeting art. 104(c)(1)	15.05% (35% x 43%)	Gross interest	ITL arts. 102, 104(c)(1)
Withholding on interest, intercompany or other non bank lender	35% (35% x 100%)	Gross interest	ITL arts. 102, 104(c)(2)
Treaty cap, United Kingdom example	12%	Gross interest	Law 24.727, art. 11(2)
Thin cap limit	Greater of ARS 1,000,000 or 30%	Taxable income before related party financial interest and depreciation	ITL art. 85(a); Decree 862, arts. 192, 194
VAT on interest, non bank foreign lender	21% (unconfirmed)	Interest	VAT Law arts. 1(d), 28
VAT on interest, Basel supervised foreign bank	10.5%	Interest	VAT Law art. 28
Withholding on dividends to foreign shareholders	7%	Dividend	ITL art. 97
Personal assets tax, substitute on shares	0.50% per year	Proportional equity value	Law 23.966, article after art. 25
Bank debits and credits tax	0.6% per credit and per debit	Gross amount	Law 25.413, art. 1(a)
Corporate income tax 2026	25%, 30%, 35%	Taxable income brackets	ARCA 2026 scale
Statutory minimum term and reserve deposit	0 days; 0%	Foreign debt settled in MLC	Decree 616/2005 arts. 2, 4; Res. MHFP 3/2015; Res. MH 1/2017

Thresholds and limits

Threshold	Value	Source
Liquid foreign assets plus CEDEARs at start of day	US$ 100,000	FX rules, 3.16.2.1
Loan proceeds abroad not counted against that threshold	Up to next 365 days of debt service; or disbursements from 29 Nov 2024 during 180 days	3.16.2.1(iv) and (v)
Survey main sample	External assets and liabilities of US$ 10 million or more at any quarter end (from 1Q 2026)	Com. A 8304
Advance purchase for debt service	10% of payment per day within 60 calendar days; 20% per day within 5 business days before allowed date	3.11.2.3
Guarantee accounts for exporters	Up to 125% of debt service for current month plus six	3.11.3.2
Exchange or tender premium	Up to 5% of principal	3.5.1.6, 3.5.3.1(iii)
Locally subscribed foreign bond portion	Up to 25% of total	3.5.1.8(iv)
Acquisition finance for repatriation route	At least 10% of capital transferred	3.13.1.10(iii)

Deadlines and waiting periods

Event	Period	Source
Earliest access for scheduled principal or interest	3 business days before due date	3.5.3
Principal of bonds issued from 16 May 2025, paid abroad	18 months from issue	3.5.3; Com. A 8244
Principal of bonds issued 8 Nov 2024 to 20 Apr 2025	365 days (unconfirmed)	Com. A 8129, point 2
Principal of bonds issued 21 Apr to 15 May 2025	180 days (unconfirmed)	Com. A 8230, point 4
Related party loan principal, funds settled from 21 Apr 2025	Average life at least 6 months	3.5.6.2
Related party loan principal, funds settled 2 Oct 2020 to 20 Apr 2025	Average life at least 2 years	3.5.6.3
Related party rollover or refinancing	Remaining average life at least 4 years, 3 years grace	3.5.6.8, 3.5.6.9
Group funded prepayment	Within 72 business hours of the group company's settlement	3.5.7.3
Sale of unused advance purchases	5 business days after due date	3.11.4
Survey, main sample	45 days after quarter end; annual 180 days	Com. A 8304
Survey, secondary sample	90 days after year end	Com. A 8304
Securities lookback and look forward	90 calendar days each	3.16.3.1, 3.16.3.2
Settlement of foreign receipts under 3.16.2.2	5 business days	3.16.2.2
Thin cap carry forward	Unused capacity 3 years back; disallowed interest 5 years forward	ITL art. 85(a)
Direct investment repatriation, contribution settled from 21 Apr 2025	180 calendar days	3.13.1.7(i)

Timeline of norms

BCRA communications are dated on issue. They are not published in the Boletín Oficial as decrees are; the dates below are the dates on the communication (unconfirmed).

Date	Norm	Content
10 Jun 2005 (BO)	Decree 616/2005	Registration of inflows, outflows and foreign debt with the BCRA; minimum term; reserve deposit
18 Dec 2015 (BO)	Res. MHFP 3/2015	Minimum term to 120 days; reserve deposit to 0%
5 Jan 2017	Res. MH 1/2017	Minimum term to 0 days
26 Dec 2017	Com. A 6401	Creates the external assets and liabilities survey
1 Sep 2019 (BO)	DNU 609/2019	BCRA may require prior approval for FX access
1 Sep 2019	Com. A 6770	Mandatory settlement of new foreign financial debt; 3 business day rule
27 Sep 2019	Com. A 6795	Survey becomes a sworn statement; quarterly filing for all with external liabilities from 1Q 2020
28 May 2020	Com. A 7030	Prior approval for related party principal (initially until 30 Jun 2020)
28 Jun 2024	Com. A 8055	Access for locally registered foreign currency bonds subscribed abroad
29 Aug 2024	Com. A 8099	RIGI FX benefits, including early payment of debt
3 Oct 2024	Com. A 8112	Refinancing premiums, accrued interest and costs in liability management
7 Nov 2024	Com. A 8129	Advance purchase 10% per day within 60 days; 365 days for bond principal
19 Dec 2024	Com. A 8161	Related party interest accruing from 1 Jan 2025 freed
10 Feb 2025	Com. A 8191	New consolidated FX text
16 Apr 2025	Com. A 8230	Related party principal freed (180 days average life, from 21 Apr 2025); FDI repatriation after 180 days; bond period 180 days
15 May 2025	Com. A 8244	18 months for bond principal paid abroad
19 Aug 2025	Com. A 8304	Survey thresholds and deadlines from 1Q 2026
18 Sep 2025	Com. A 8331	Acquisition finance repatriation route extended to all sectors
9 Apr 2026	Com. A 8417	Related party principal rollover and refinancing routes; hedging for external liabilities
23 Apr 2026	Com. A 8426	RIGI: funds settled by shareholders counted for the VPU
28 May 2026	Com. A 8442	Group funded prepayment mechanism
14 Sep 2026	Com. A 8481	Last communication in the consolidated text used

Worked examples

Example 1. USD 1,000,000 intercompany loan from a UK parent: inflow, schedule, withholding and thin cap

Facts (hypothetical). UKCo, a company resident in the United Kingdom and the beneficial owner of the interest, lends USD 1,000,000 to its Argentine subsidiary ArgSA. Disbursement: 2 November 2026. Interest: 8% a year, paid annually on the outstanding principal. Principal: 50% on 2 November 2028 and 50% on 2 November 2029. ArgSA is a registered VAT taxpayer, in the secondary sample of the survey, and in the top corporate tax bracket. Illustrative settlement rate: ARS 1,563.90 per US$ throughout (the real rate is the one agreed with the bank, point 1.3).

Step 1. Inflow and settlement.

The correspondent bank deducts a charge of USD 40 (hypothetical). ArgSA receives USD 999,960.
ArgSA settles USD 999,960 x 1,563.90 = ARS 1,563,837,444 (about USD 999,960).
For point 3.5.1, ArgSA must show settlement of the nominal USD 1,000,000. The USD 40 charge debited abroad counts as settled (point 3.5.1.3). Test met.
Bank tax on the credit of pesos to a current account: 0.6% x 1,563,837,444 = ARS 9,383,025 (about USD 6,000) (Law 25.413, art. 1(a)) (unconfirmed). The same cost arises on a capital contribution.

Step 2. Classify the loan.

Average life = (500,000 x 2 years + 500,000 x 3 years) / 1,000,000 = 2.5 years. That is above 6 months and the funds are settled after 21 April 2025, so principal can be paid without prior approval (point 3.5.6.2).
Interest accrues from 2 November 2026, after 1 January 2025, so compensatory interest is payable without prior approval (point 3.5.6.4).

Step 3. Report. ArgSA's annual 2026 survey return, due about 31 March 2027 (90 days after year end, Com. A 8304), must show the USD 1,000,000 liability. If ArgSA's external assets and liabilities reach US$ 10 million at any quarter end, it switches to quarterly returns due 45 days after each quarter.

Step 4. Payment schedule and withholding (treaty rate 12%, Law 24.727, art. 11(2); no gross up).

Date	Principal (USD)	Interest (USD)	Withholding 12% (USD)	Net wired to UKCo (USD)	Interest in ARS at 1,563.90	Withholding in ARS
2 Nov 2027	0	80,000	9,600	70,400	125,112,000	15,013,440
2 Nov 2028	500,000	80,000	9,600	570,400	125,112,000	15,013,440
2 Nov 2029	500,000	40,000	4,800	535,200	62,556,000	7,506,720
Total	1,000,000	200,000	24,000	1,176,000	312,780,000	37,533,600

ArgSA buys the gross amount due less the withholding it keeps and pays to ARCA in pesos. For the 2 November 2028 payment it buys USD 570,400 in the MLC, no earlier than 3 business days before the due date (point 3.5.3). The 2 November dates may fall on non business days; adjust to the contract's business day convention.

Variants of the withholding:

Without a treaty (or if treaty conditions are not documented): 35% x 80,000 = USD 28,000 per full year, USD 70,000 over the life (ITL art. 104(c)(2)).
Gross up with treaty rate: if UKCo must receive USD 80,000 net, the base is 80,000 / 0.88 = USD 90,909.09 (0.88 being 1 minus the 12% rate) and the tax USD 10,909.09 (RG 739/1999, art. 2; Decree 862, art. 227).
Gross up without treaty: 80,000 / 0.65 = USD 123,076.92; tax USD 43,076.92.

Step 5. Buying currency in advance (optional). For the USD 570,400 payment of 2 November 2028, ArgSA may buy up to 10% (USD 57,040) per day within the 60 calendar days before maturity, or up to 20% (USD 114,080) per day within the 5 business days before the allowed access date, depositing the currency in its own local foreign currency account (point 3.11.2). Anything unused is sold back within 5 business days after maturity (point 3.11.4).

Step 6. VAT on interest. On the reading in section 11, ArgSA self assesses 21% x USD 80,000 = USD 16,800 (ARS 26,273,520) on each full year's interest and normally takes it as a credit (VAT Law arts. 1(d), 28) (unconfirmed). The cost is mainly cash flow.

Step 7. Thin cap. The interest bears final Argentine withholding, so it is excluded from the 30% limit (ITL art. 85(a), seventh paragraph, item 6; Decree 862, art. 200, second paragraph). The FX difference on the principal is not. Suppose (hypothetically) the peso weakens 10% by 31 December 2027, from 1,563.90 to 1,720.29 per US$. The FX loss on USD 1,000,000 is 1,000,000 x 156.39 = ARS 156,390,000. If ArgSA's taxable income before related party interest, FX differences and depreciation is ARS 400,000,000 (hypothetical), the limit is the greater of ARS 1,000,000 and 30% x 400,000,000 = ARS 120,000,000. ArgSA deducts ARS 120,000,000 and carries forward ARS 36,390,000 for up to 5 years (ITL art. 85(a), sixth paragraph). (unconfirmed)

Step 8. Each access. At each payment ArgSA signs the statements of points 3.16.2 and 3.16.3. If on 15 October 2028 ArgSA's treasury sold bonds against dollars in Argentina, the 2 November 2028 payment would need prior approval unless the 3.16.3.6(iii) carve out applies (proceeds used within 10 days to pay new debt disbursed from 2 October 2023 with at least 1 year of grace). This loan has two years of grace on principal, so the carve out could apply if the investment use statement can be signed.

Result. Over three years ArgSA repays USD 1,000,000 of principal and USD 200,000 of interest, of which USD 24,000 stays in Argentina as withholding at the treaty rate. No BCRA prior approval is needed at any point if the survey and sworn statements are in order.

Example 2. Funding a subsidiary with USD 1,000,000: loan versus capital contribution

Facts (hypothetical). Same group. The question is whether to put USD 1,000,000 into ArgSA as equity or as the 8% loan of Example 1. ArgSA expects annual operating profit of USD 123,076.92 (ARS 192,480,000 at 1,563.90), all in the 35% bracket (ARCA 2026 scale; ArgSA's other income already exceeds ARS 1,335,141,857.38). All after tax profit is distributed each year. Dividends come from fiscal years starting on or after 1 January 2025 and meet point 3.4.4.1. For simplicity we ignore inflation adjustment, FX differences and the time value of money.

Equity route (one year).

Line	USD	ARS at 1,563.90
Operating profit	123,076.92	192,480,000
Corporate income tax 35% (ITL art. 73; 2026 scale)	43,076.92	67,368,000
Profit after tax, distributed as dividend	80,000.00	125,112,000
Dividend withholding 7% (ITL art. 97)	5,600.00	8,757,840
Net to UKCo	74,400.00	116,354,160
Argentine taxes	48,676.92	76,125,840

Loan route (one year, treaty rate 12%, no gross up).

Line	USD	ARS at 1,563.90
Operating profit	123,076.92	192,480,000
Interest to UKCo, deductible (outside the thin cap, see Example 1, Step 7)	80,000.00	125,112,000
Taxable income	43,076.92	67,368,000
Corporate income tax 35%	15,076.92	23,578,800
Profit after tax, distributed as dividend	28,000.00	43,789,200
Dividend withholding 7%	1,960.00	3,065,244
Interest withholding 12%	9,600.00	15,013,440
Net to UKCo (70,400 interest + 26,040 dividend)	96,440.00	150,822,516
Argentine taxes	26,636.92	41,657,484

Difference. The loan route leaves UKCo with USD 22,040 more per year (about ARS 34,468,356), equal to the Argentine tax saving (48,676.92 minus 26,636.92). (Peso figures are rounded to the peso.)

Sensitivities.

No treaty. Interest withholding is 35%, USD 28,000. Argentine taxes on the loan route become 28,000 + 15,076.92 + 1,960 = USD 45,036.92. The saving falls to USD 3,640 a year.
Lower bracket. If ArgSA were wholly in the 25% bracket, the deduction is worth 25% instead of 35% of the interest; with the treaty rate the saving shrinks accordingly [compute with the actual bracket; the 2026 brackets are cumulative].
Home country tax. UKCo's own tax on interest and dividends, and any credit for Argentine withholding, are outside our sources (unconfirmed).
VAT. The loan route adds 21% VAT on interest, USD 16,800 a year, normally recovered as a credit (unconfirmed); a cash flow cost only.
Personal assets substitute tax. The equity route raises ArgSA's equity by USD 1,000,000, adding up to 0.50% x 1,000,000 = USD 5,000 a year of substitute personal assets tax on UKCo's shares (Law 23.966, article after art. 25). The loan route does not, which widens the gap.
Transfer pricing. The 8% rate must be arm's length (ITL art. 17). If ARCA reprices the interest, the excess is not deductible and may be recharacterised (unconfirmed).

FX comparison. Under both routes the money can come back without BCRA prior approval for new inflows: loan principal on the schedule if average life is at least 6 months (point 3.5.6.2), equity after 180 days through a capital reduction or refund of an irrevocable contribution (point 3.13.1.7(i)). The loan route returns cash each year as interest without waiting for audited accounts; the equity route returns profit only after the annual audit and shareholders' meeting (point 3.4.1). The equity route has no prepayment problem; the loan route cannot be prepaid without prior approval except through the refinancing and group funding routes (points 3.5.3 and 3.5.7).

Cost to do it (equity route). IGJ or provincial registry filing for the capital increase or the capitalisation of an irrevocable contribution, publication in the BO, possible registration of the foreign shareholder under LGS art. 123; fees and times (unconfirmed). Exit requires a capital reduction with creditors' opposition procedures where applicable (unconfirmed).

Mix. Many groups use both: enough equity to meet corporate law, banking and regulatory needs, and a loan for the rest. The thin cap rule does not set a debt to equity ratio; it limits deductions by reference to profit, and treaty taxed interest is generally outside it. The FX loss on the loan principal is the main tax risk of heavy debt funding in a depreciation.

Practical traps

Not settling because "it's our own money". An intercompany loan kept in a foreign currency account and never sold for pesos fails point 3.5.1 at repayment, unless it was applied under the point 2.7 mechanism. Fixing it later is not straightforward.
Late survey return. The bank checks the "last filing due". A return that fell due last week and was not filed blocks payment today.
Mixing compensatory and penalty interest. Default interest accruing from 2025 still needs prior approval (point 3.5.6.4). Do not label part of the margin as penalty interest.
Average life of exactly 180 days. The consolidated text says 6 months. Leave a margin.
Old debts never get "cleaned". Pre April 2025 related party principal with less than 2 years of average life still needs approval, even if the creditor changes (point 3.5.6, last paragraph).
Prepaying a related party loan. Early repayment needs prior approval except through the refinancing structures or the group funding mechanism of point 3.5.7, which has a 72 business hour window and requires the bank to be told at the time of the group company's settlement.
The 90 day securities window. A CCL or dollar MEP trade by the borrower, even small, blocks access for debt payments for 90 days unless a carve out applies (point 3.16.3). Coordinate treasury and debt payments.
Peso transfers to the parent or group. Paying pesos to a group company other than for ordinary purchases of goods and services can block access for 90 days (point 3.16.3.4).
Bond waiting period. For bonds issued from 16 May 2025, principal paid abroad needs 18 months. A short tenor bond can become unpayable abroad on schedule.
Withholding without treaty documents. The bank pays on time, but ARCA can claim 35% instead of 12% if the treaty conditions were not met (unconfirmed).
Gross up base. If the borrower bears the tax, the base is grossed up (RG 739/1999, art. 2). Under budgeting the gross up is common.
FX losses and the 30% cap. Treaty taxed interest is outside the cap, but FX differences on principal are inside it (Decree 862, art. 200).
"Minimum term" myths. Decree 616/2005 still appears in the FX rules, but its term and deposit are zero (Res. MH 1/2017). Do not delay a deal for a 365 day period that no longer exists.
Using pesos from the loan to buy dollars for something else. The 3.16.2 statement and the purpose of each boleto must match. Loan proceeds kept abroad beyond the 180 or 365 day carve outs count against the US$ 100,000 threshold.

Recent changes

7 November 2024 (Com. A 8129). Advance purchases for debt service allowed within 60 days at 10% per day. 365 day minimum for principal of new bonds paid abroad.
19 December 2024 (Com. A 8161). Compensatory interest on related party financial debt accruing from 1 January 2025 freed from prior approval. Interest owed at 31 December 2024 and penalty interest still need approval.
10 February 2025 (Com. A 8191). New consolidated text of the FX rules.
16 April 2025 (Com. A 8230), effective for funds settled from 21 April 2025. Related party loan principal freed if average life is at least 180 days. FDI repatriation freed after 180 days. Portfolio repatriation route created. Bond waiting period reduced to 180 days.
15 May 2025 (Com. A 8244). 18 months for principal of bonds issued from 16 May 2025 paid abroad.
19 August 2025 (Com. A 8304). Survey: US$ 10 million main sample threshold, quarterly at 45 days; secondary sample annual at 90 days; from 1Q 2026 data.
18 September 2025 (Com. A 8331). Acquisition finance route for buying out non residents (4 year average life, 3 years grace) extended to all sectors and to buying a foreign holding company.
9 April 2026 (Com. A 8417). Related party principal: rollover with new related funding and refinancing of overdue principal with 4 year and 3 year terms. Hedging of currency risk on declared external liabilities allowed (new point 3.12).
23 April 2026 (Com. A 8426). RIGI: debt and equity settled by shareholders or joint venture members counted for the VPU.
28 May 2026 (Com. A 8442). Group funded prepayment mechanism (point 3.5.7).
14 September 2026 (Com. A 8481). Last communication incorporated in the consolidated text used here.

some secondary summaries asked us to confirm "recent easing for companies in 2025 and 2026". Confirmed for debt as listed above. Companies still need prior approval to buy foreign currency for savings or investment abroad (point 3.10; see Exchange controls).

Pending changes

Related party definition. The large exposures rule (point 1.2.2) that defines "related" was not available for download (unconfirmed).
Bond waiting periods for 8 November 2024 to 15 May 2025 issues. The consolidated text no longer shows them (unconfirmed).
Settlement as an obligation. Whether non settlement is an infraction or only a bar to access (unconfirmed).
Capitalised loans as FDI for point 3.13.1.7 (unconfirmed).
Remaining prior approval cases. The BCRA has not announced an end date for point 3.5.6 for legacy related party debt. We found no official timetable (unconfirmed).
Decree 616/2005. The decree remains in force with zero term and zero deposit. The Executive could reactivate them by ministerial resolution under art. 5 of the decree, as it did before (Res. MH 1/2017 recitals).
VAT on intercompany interest and the procedure for imported services (unconfirmed).
Treaty documentation for reduced withholding (unconfirmed).

FAQ

1. Do I need BCRA approval to take a loan from my foreign parent? No. There is no authorisation to borrow. What matters is that the proceeds are settled in the MLC (point 2.4), the debt is in the survey (point 3.5.2) and, for repayment of principal without prior approval, the loan has an average life of at least 6 months and was settled from 21 April 2025 (point 3.5.6.2).

2. Can my subsidiary pay interest to the parent every quarter? Yes, compensatory interest accruing from 1 January 2025 is payable without prior approval (point 3.5.6.4), no earlier than 3 business days before each due date (point 3.5.3), with the survey and sworn statements in order. Withholding applies at 35% or the treaty rate (ITL art. 104(c)(2)).

3. Is there still a minimum term for foreign loans? Not for ordinary loans. Decree 616/2005 set a minimum term and a reserve deposit, but both are now zero (Res. MHFP 3/2015; Res. MH 1/2017). The FX rules use minimum average lives only as conditions for certain exceptions (6 months for related party principal) and waiting periods for bonds (18 months for issues from 16 May 2025).

4. What if the loan was granted before April 2025? If settled between 2 October 2020 and 20 April 2025, principal can be paid without approval only if the average life is at least 2 years (point 3.5.6.3). Otherwise it needs prior approval, or one of the rollover routes of points 3.5.6.8 and 3.5.6.9 (4 years average life, 3 years grace), or BOPREAL for overdue amounts (point 4.7).

5. Can we prepay the loan early? Generally not without prior approval (point 3.5.3). Exceptions cover refinancing with longer average life (points 3.5.3.1 to 3.5.3.4), RIGI vehicles (point 3.5.3.5) and prepayment with pesos from a group company that has just settled new foreign debt, within 72 business hours (point 3.5.7).

6. Can the loan money stay abroad? Short term, yes, within limits. Balances abroad from foreign financial debt do not count against the US$ 100,000 liquid assets test if they cover the next 365 days of debt service or were disbursed from 29 November 2024 and are within 180 days (point 3.16.2.1). To repay through the MLC later, the nominal amount must have been settled (point 3.5.1), or used under point 2.7.

7. Which survey filing does the bank check? The last one that has fallen due (point 3.5.2). From 2026 data, quarterly filers (US$ 10 million or more) file within 45 days of each quarter; others file annually within 90 days of year end (Com. A 8304).

8. Is intercompany interest deductible? Yes, subject to arm's length pricing (ITL art. 17) and the thin cap rule: related party financial interest is deductible up to the greater of ARS 1,000,000 or 30% of taxable income before interest and depreciation (ITL art. 85(a); Decree 862, art. 192). Interest subject to final Argentine withholding, even at a treaty rate, is excluded from the cap, but FX differences on the principal are not (Decree 862, art. 200).

9. Loan or equity: which is cheaper? With a treaty that caps interest withholding at 12% and a company in the 35% bracket, our example shows a loan saving about USD 22,040 a year per USD 1,000,000 at 8%. Without a treaty, the saving falls to about USD 3,640, before the 0.50% substitute personal assets tax on equity, which adds to the loan's advantage. Home country tax is not included.

10. Does a RIGI project get better debt terms? Yes. A RIGI VPU can pay principal and interest of qualifying financing even before maturity and without prior approval (point 14.2.1), and since April 2026 funds settled by its shareholders can be recorded in its favour (Com. A 8426).

11. What happens if we change the lender to an unrelated fund? Debt already subject to point 3.5.6 stays subject to prior approval even after the change (point 3.5.6, last paragraph).

12. Can we hedge currency risk on the loan? Since Com. A 8417 (9 April 2026), banks may give access for premiums, collateral and settlements of hedges between foreign currencies for obligations declared in the survey, up to the actual external liabilities, with an undertaking to settle any proceeds within 5 business days (new point 3.12) (unconfirmed).

Published 27 Oct 2026 from our research draft. Points marked (unconfirmed) have not yet been checked line by line against the official text; rely on the primary sources linked below before acting, and expect this page to change as we verify it.