U.S. taxes for Americans in Argentina: what to file, and how to catch up.
Buenos Aires and Mendoza draw American retirees, remote workers and families with Argentine roots, and all of them still file a U.S. return every year. There’s no U.S.-Argentina income tax treaty, but Argentine income tax still counts toward your U.S. foreign tax credit. The details to get right are pesos and exchange rates, local funds and the wealth tax. Most people who fell behind can catch up under the Streamlined procedures, with no penalty if they qualify.
Sound familiar?
- You moved to Buenos Aires and work remotely for clients back home.
- You keep savings in a dollar account or a plazo fijo.
- You pay Bienes Personales, the Argentine wealth tax.
- Your Argentine bank asked for your U.S. tax number.
How does the IRS treat Argentine accounts, pensions and taxes?
Accounts go on your FBAR once they add up to more than $10,000. What differs is how the IRS taxes them.
| Item | U.S. treatment | |
|---|---|---|
| Plazos fijos and savings accounts | Interest is taxable for the U.S., in pesos or dollars, and the accounts count toward your FBAR total. | Taxable |
| Investment funds (FCIs) | Usually PFICs (Form 8621), with complex reporting and tax rules. | Watch out |
| ANSES state pension | Argentina can tax it, and the U.S. can too, with a credit for the Argentine tax. There’s no treaty to change that. | Mostly friendly |
| Bienes Personales (wealth tax) | It’s a tax on what you own, not on income, so it doesn’t count toward your U.S. foreign tax credit. | No credit |
| Monotributo | The monthly payment mixes tax and social security. Only the income tax part could count toward your U.S. credit, and U.S. self-employment tax still applies. | Check first |
| Property | Rental income goes on your U.S. return, and U.S. tax may apply when you sell, measured in dollars. | Plan ahead |
Which Argentine investments are PFICs?
Argentine mutual funds (fondos comunes de inversión, or FCIs), including the money market funds many banks sweep pesos into. For U.S. tax they’re passive foreign investment companies, or PFICs, with their own reporting and harsh default tax rules.
- Each fund needs its own Form 8621 in most years, and gains can be taxed at the top U.S. rate plus an interest charge, unless an election was made in time.
- Money market FCIs are easy to hold without realizing, because banks use them for idle balances.
- Not PFICs: shares of individual companies, Argentine government bonds, plazos fijos and bank accounts.
Is there a U.S.–Argentina tax treaty?
No. The U.S. and Argentina have no income tax treaty and no social security agreement. U.S. law still does most of what matters:
- The foreign tax credit doesn’t need a treaty. Argentine income tax (impuesto a las ganancias) can be credited against U.S. tax on the same income.
- The foreign earned income exclusion works the same with or without a treaty.
- No social security agreement means a self-employed American owes U.S. self-employment tax, even when also paying into the Argentine system.
- Wealth tax gets no relief. Without a treaty, and because it isn’t an income tax, Bienes Personales doesn’t reduce U.S. tax.
Argentina shares account information with the IRS, so Argentine banks’ reports of accounts held by Americans reach the U.S.
When are Argentine and U.S. taxes due?
Both tax years run January to December, so each Argentine year lines up with one U.S. return.
| Argentina | United States | |
|---|---|---|
| Tax year | January to December | January to December |
| Annual returns | Income and wealth tax returns around mid-June, with the date set by the last digit of your CUIT | April 15, moved to June 15 automatically when you live abroad, or October 15 with an extension |
| Paying the tax | Withheld from salaries, monthly under the monotributo, or with the return | April 15, even if you file later |
| Foreign accounts | Declared for Bienes Personales | The FBAR, due October 15, filed online |
Foreign tax credit or exclusion: which wins in Argentina?
It depends on how you earn your money:
- Remote workers and freelancers paying little Argentine income tax usually use the foreign earned income exclusion, up to $130,000 for 2025. Self-employment tax still applies.
- Employees of Argentine companies pay income tax at rates up to 35%, and the foreign tax credit can cover much of the U.S. tax on the salary.
- Retirees on U.S. Social Security, pensions and IRAs use neither much: that’s U.S. income, outside the exclusion.
Exchange rates need care: Argentina has had several official and market rates in recent years, and we use rates the IRS accepts for each year and transaction. How we compare the exclusion and the credit.
A worked example: a designer in Buenos Aires
Sarah moved to Buenos Aires in 2019 and freelances for U.S. clients under the monotributo. She keeps a peso plazo fijo and a dollar account, and her bank sweeps spare pesos into a money market FCI. She hasn’t filed a U.S. return since moving.
| Item | How it’s handled |
|---|---|
| Freelance income | The exclusion covers it for U.S. income tax, if she meets the 330-day test. U.S. self-employment tax still applies. |
| Monotributo | Only its income tax part could count toward a U.S. credit; the social security part doesn’t replace U.S. self-employment tax. |
| Plazo fijo and dollar account | Interest is taxable, converted at accepted rates, and both go on the FBAR. |
| Money market FCI | A PFIC: a Form 8621 in each year filed. |
| Catching up | Three years of returns and six FBARs under the Streamlined procedures, with no penalty if she qualifies. |
Catching up from Argentina
Most Americans in Argentina who fell behind without meaning to can catch up under the Streamlined Foreign Offshore Procedures: three years of returns, six years of FBARs and, if you qualify, no penalties. If only FBARs are missing, or you’ve moved back to the U.S., another route may fit better. See every IRS catch-up option for expats, compared.
Common questions
Do I pay U.S. Social Security tax in Argentina?
Usually not if you work for a local employer. There’s no U.S.-Argentina social security agreement, though, so self-employment tax can still apply if you work for yourself, and FICA if you work for a U.S. company.
Without a tax treaty, will I be taxed twice?
Usually not. The U.S. foreign tax credit works without a treaty, so Argentine income tax you pay generally reduces your U.S. tax on the same income.
Which exchange rate do you use for pesos?
Argentina has had more than one exchange rate in recent years. We convert using rates the IRS accepts for each year and transaction, and keep a record of why.
Does Bienes Personales reduce my U.S. tax?
No. It’s a tax on your assets, not your income, so it doesn’t count toward the U.S. foreign tax credit.
Is my ANSES pension taxed by the U.S.?
It can be. Argentina can tax it, and the U.S. can too, with a credit for any Argentine tax on it.
Do dollar accounts in Argentina go on the FBAR?
Yes. An account in dollars at an Argentine bank is still a foreign account, and counts toward the $10,000 FBAR total like a peso account.
American in Argentina? Let's get you caught up.
Answer 3 quick questions and our tax team will review your situation for free.
Get in touch →