Capital gains tax in Argentina

What is the general framework for capital gains in Argentina?

Argentina does not maintain a standalone capital gains tax. Instead, gains from asset disposals are taxed within the Impuesto a las Ganancias (Income Tax) framework, principally through a cedular (schedular) mechanism introduced by Ley 27.430 in 2017. Under the cedular system, different categories of gain carry fixed flat rates rather than being added to ordinary income and subjected to progressive rates. The administering authority is ARCA (Agencia de Recaudacion y Control Aduanero), which replaced AFIP in late 2024 and functions as Argentina's federal revenue service. Argentine tax residents are taxed on worldwide income, so gains arising from foreign assets or foreign-currency investments are included alongside domestic gains. Non-residents are subject to Argentine tax only on Argentine-source income. For a country-level overview of the Argentine system, see the Argentina country overview.

How are real estate gains taxed, and what changed in 2026?

The treatment of real estate gains has changed significantly through successive reforms. From 2018 through 31 December 2025, gains on the disposal of properties acquired on or after 1 January 2018 were subject to the cedular tax at 15% on the net gain (sale price minus inflation-adjusted acquisition cost). The ITI (Impuesto a la Transferencia de Inmuebles), a gross-proceeds transfer tax at 1.5%, historically applied instead to properties acquired before 2018, but Ley 27.743 (July 2024) repealed the ITI entirely, meaning it no longer applies to any transaction settled after its promulgation.

For transactions completed on or after 1 January 2026, Ley 27.802 (published 6 March 2026; effective retroactively from 1 January 2026) introduced a full exemption from Impuesto a las Ganancias for gains on the sale of real estate and the transfer of rights over real estate by individuals and undivided estates. Decree 406/2026 provides implementing regulations. This exemption applies regardless of whether the property was acquired before or after 2018, and covers both resident and non-resident sellers in relation to Argentine-located property. A long-standing primary-residence ("casa habitacion") exemption also remains available for the replacement of an owner-occupied home, where proceeds are reinvested in a new primary residence within a defined period.

Inflation adjustment (actualizacion): When the 15% cedular rate applied (2018-2025), the acquisition cost of the property was adjusted using official inflation indices (CPCE - Indice de Precios al Consumidor) to arrive at the taxable gain. This adjustment mechanism matters for practitioners reviewing returns filed before the 2026 exemption took effect.

Which financial instruments attract the cedular tax on investment income?

The cedular system also covers gains from financial instruments. The applicable rate depends on the currency and indexation of the instrument. Under provisions that remain operative for instruments outside the 2026 real estate exemption:

• 5% applies to returns from peso-denominated instruments without an inflation-adjustment clause (e.g., standard fixed-term deposits in ARS).
• 15% applies to returns from instruments denominated in foreign currency or subject to an inflation-adjustment clause (e.g., UVA-indexed deposits, dollar-denominated bonds).
• 7% applies to dividends distributed by Argentine companies (for fiscal years from 2018 onward), withheld at source by the paying entity.

Gains from transfers of shares, collective investment fund quotas, and digital currencies (cryptocurrencies) by individuals are also subject to 15% under the cedular framework, except where a specific exemption applies. Separate cedular rules govern foreign-beneficiary (non-resident) withholding on financial payments.

Are listed Argentine shares and ADRs exempt?

Yes. Article 26(u) of the Ley de Impuesto a las Ganancias provides a tax exemption for capital gains derived by individual residents from the sale of shares, certificates of deposit (including CEDEARs and ADRs), and participation interests that:

1. are traded on a regulated stock market under the supervision of Argentina's securities regulator (CNV - Comision Nacional de Valores), such as BYMA (Bolsas y Mercados Argentinos); or
2. were issued in an authorised IPO on an Argentine exchange.

This exemption does not extend to entities habitually engaged in securities trading as a business, nor does it apply to unlisted shares. A conversion transaction - for example, exchanging a CEDEAR for the underlying foreign share that does not meet the regulated-market test - is treated as a taxable disposal at market value on the conversion date. Non-resident holders of Argentine securities generally do not benefit from the same exemption; instead they face a 15% rate on actual gain or, where acquisition cost cannot be documented, a presumed-margin approach yielding a 13.5% effective rate on gross proceeds (i.e., 15% applied to 90% of the sale price).

How are gains on foreign assets and foreign-currency investments treated?

Argentine tax residents must include gains on foreign assets in their Argentine income tax return under the worldwide-income principle. Gains from foreign real estate, foreign securities, and other foreign investments generally attract the 15% cedular rate when realised by individuals, unless a specific exemption or foreign-tax-credit provision applies. Gains denominated in or indexed to foreign currency are similarly taxed at 15%. Argentina participates in the OECD Common Reporting Standard (CRS) for automatic financial-account information exchange, so undisclosed foreign accounts are a material compliance risk. Foreign tax paid can reduce Argentine liability subject to per-category credit limitations and the provisions of Argentina's bilateral tax treaty network (approximately 20 treaties in force, including treaties with Germany, Spain, France, Italy, Brazil, and Chile).

How are non-residents treated on Argentine asset disposals?

Non-residents disposing of Argentine-located real estate or Argentine securities are subject to tax only on the Argentine-source gain, mirroring resident rates. For property disposals, the acquiring party (typically through the public notary handling the deed) is required to withhold and remit the applicable tax. Non-residents may elect between:

• Actual-gain method: 15% applied to the documented net gain (sale price minus acquisition cost with applicable adjustments); or
• Presumed-gain method: 15% applied to a presumed gain of 90% of the gross sale price, yielding an effective rate of 13.5% of gross proceeds - used where acquisition cost documentation is unavailable or impractical.

ARCA issues a withholding certificate ("certificado de retencion") that specifies the amount to be withheld by the notary. Non-resident sellers must register with ARCA and obtain a CUIT (tax identification number) to engage in this process. Treaty-resident non-residents should verify whether an applicable bilateral treaty modifies withholding obligations, as some treaties contain capital gains articles that can reduce or eliminate Argentine withholding on specific asset classes.

All information here summarises publicly available Argentine tax rules as of June 2026. This content is for general informational purposes only and does not constitute professional guidance on any individual situation. Tax rules in Argentina change frequently; consult a qualified tax professional before making filing or transaction decisions.