Baby Boomer Retirement in Argentina

The following information is provided by AARP:

Scenic, sophisticated Argentina has been on the retiree radar screen since an economic meltdown in 2002 drove down the cost of living and real estate. Argentina's economy is on the mend, and prices are ticking upwards, but the land of gauchos, the tango, and Malbec still beckons to those seeking rich culture and European ambience at a bargain.

Although there are cheaper places to settle—Mendoza to the west and Bariloche to the south—Buenos Aires is the main draw. A graceful capital city, it boasts splendid cathedrals, opera houses, and broad avenues where residents can be seen strolling until the early hours.

Dinner in Buenos Aires frequently starts at 11:00 p.m. or midnight, and restaurants stay open until 7:00 a.m. And there is a world-renowned resort and beach area, Punta del Este, just a short drive over the border in Uruguay. Yes, spiraling inflation and maddening government bureaucracy are among the downsides of life in Buenos Aires, but most expats consider these trade-offs for an affordable, urbane lifestyle.

Buenos Aires has a number of neighborhoods (barrios) hospitable to expats, among them Belgrano, Palermo, Puerto Madero, San Telmo, and Retiro (apt name!). Palermo is a super-chic neighborhood of cafés and movie houses; Hollywood uses it as a location, and it’s home to TV and movie companies. Rents in these neighborhoods can start at $700 a month and up, with spacious furnished apartments going for $2,000 a month. Though houses in these districts can be among the most expensive in Buenos Aires, you can still find bargains for $120,000.

New Yorkers Bert and Lisa Hirsch, 62 and 61, bought a two-bedroom condo in Palermo in 2004 for $70,000, then sold it in 2007 for $100,000 before moving to a brand-new, $300,000, higher-end condo with magnificent views in Puerto Madero. They haven’t settled here full-time yet, but feel completely at home in Buenos Aires. "In many ways it feels familiar," says Bert. "It’s a world-class city, and people are quite cosmopolitan."

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Argentina at a Glance

Population	41,343,201 (July 2010)
Gross Domestic Product (GDP)	$558 billion (2009)
GDP Per Capita	$13,800 (2009)
Inflation Rate	7.7 % (2009)
Currency	Argentine Peso (ARS)
Exchange Rate Versus U.S. Dollar	3.7639 pesos per 1 U.S. dollar (2009)
Language	Spanish (official), Italian, English, German, French
Capital	Buenos Aires
Population of Capital City	13 million
Time Zone	GMT minus 3 (Three hours ahead of Washington D.C. during Standard Time)
Seasons	Subtropical to subpolar; North: hot summers, mild, drier winters Central: hot summers, cool winters South: warm summers, cold winters
International Dialing Code	54
Electricity	220V / 50Hz; Plug Types: C, I
System of Government	Federal Presidential Republic
Name and Party Affiliation of Current Leader	Cristina Fernandez de Kirchner Justicialist Party
Income Tax Rate for Residents	9% to 35%
Property Tax	1.25% (0% in Buenos Aires)
Capital Gains Tax	None
Inheritance Tax	None
Rental Income Tax	21%
Transfer Tax	1.5%
Sales Tax	21%
Restrictions on Foreign Ownership of Property	Foreigners need approval to buy in security zones (international borders)
Local Chamber of Commerce	www.cac.com.ar Av. Leandro N. Alem 36 C1003AAN Buenos Aires Tel. 5411-5300-9000
American Chamber of Commerce	www.amchamar.com.ar Viamonte 1133 Piso 8 C1053ABW Buenos Aires Tel. 5411-4371-4500
Primary Exports	soybeans, petroleum, gas, vehicles, corn, wheat
Residency and Visa Requirements	Tourist Visa: automatic 90 days upon entry Residency: work, study, investor, retirement, rentista, medical treatment, and cultural exchange Citizenship: after uninterrupted documented residency of at least three years
Residents or Retirees	None
National Airline	Aerolineas Argentinas www.aerolineas.com.ar
Information in this table is provided in partnership with Kathleen Peddicord, Publisher of Live and Invest Overseas.