New exchange scheme

Economy Minister Luis Caputo recently announced a series of measures aimed at easing the exchange control regime, commonly known as “cepo,” which has been in place since September 1, 2019. 

The announcement, the main aspects of which we will describe below, was made within the framework of a new agreement with the International Monetary Fund for US$20 million, which will be accompanied by disbursements from other organizations such as the World Bank and the Inter-American Development Bank. 

The new measures were formalized through Communication “A” 8226 of the BCRA, General Resolution 5672 of the ARCA, Executive Decree 269/2025, and General Resolution 1062 of the CNV, among others. New regulations are expected to be issued in the short term, complementing the previous ones. 

Below we highlight the main points of the new exchange rate scheme: 

1. Lifting of the clamp on human beings 

• Beginning Monday, April 14, 2025, individuals will be able to access the foreign exchange market for hoarding purposes (i.e., for the purchase of foreign currency for savings or without a specific purpose) without a limit on the amount (except when using cash, in which case no more than US$100 may be purchased per month).

• The dollars purchased may be deposited in a local financial institution or in a foreign bank account held by the customer (third-party accounts are not accepted).

• It should be noted that there are no restrictions of any kind on withdrawing cash from dollars acquired through hoarding.

• All types of tax collection for hoarding are eliminated. Collections for the “card dollar” continue. See point 7 below.

• All restrictions on access to the foreign exchange market related to government assistance received during the pandemic, subsidies, public employment, and other benefits have been lifted. These restrictions remain in effect for legal entities.

• The cross-border restriction that blocked access to the foreign exchange market for 90 days if MEP or CCL dollars had previously been traded has been repealed. This cross-border restriction remains in effect for legal entities (see point 5 below).

• The restriction that required securities purchases to be settled in a customer’s bank account in foreign currency has been eliminated. This restriction remains in effect for legal entities.

• Parking is eliminated; that is, the minimum holding period of one business day between the purchase and sale of securities traded against dollars will no longer be required. Parking remains in effect for legal entities.

2. Transfer of dividends abroad 

• Access to the foreign exchange market is now available for transferring foreign currency abroad for the payment of profits or dividends to non-resident shareholders starting with distributable profits for the 2025 fiscal year. Until now, although there were some exceptions, access to dividend payments abroad was practically non-existent.

• The stock of dividends for fiscal years prior to 2025 remains subject to current restrictions. Regarding the stock of debt, see point 7 below.

3. Payments for imported goods 

• Payment for imported goods is now available upon registration of customs entry. Until now, payment was only available after 30 days.

• SMEs are authorized to pay for imported goods on demand (i.e., upon shipment at the port of origin), except for luxury goods, which may be paid for according to the previous point.

• Payment for capital goods (BK) is enabled according to the following scheme: up to 30% advance payment, up to 50% payment upon shipment, and the remaining 20% ​​upon customs entry registration.

4. Payments for services provided by non-residents 

• Payment for services rendered by non-residents is now available from the date the service is rendered or accrued. Until now, payment could only be made 30 days after the service was rendered or accrued.

• The payment period for services to related companies is reduced from 180 to 90 days from the date the service is provided or accrued.

5. One-time elimination of the 90-day cross-border restriction between the foreign exchange market and financial dollars 

• The cross-border restriction blocking access to the foreign exchange market during the 90 days before and after the purchase of financial dollars was eliminated only for individuals, while the restriction on legal entities remains in place.

• Notwithstanding this, it should be noted that MEP/CCL transactions carried out by legal entities until April 11, 2025, should not be taken into account when preparing foreign exchange market access declarations, and therefore the 90-day period will not be counted in respect of them (A8226, point 5). This is a one-time measure so that companies that were operating financial dollars can once again operate through the foreign exchange market based on the new rules.

6. Repeal of the Dollar Blend for export settlement (80/20) 

The Export Increase Program, which stipulated that 80% of the equivalent value for exported goods and services had to be settled through the foreign exchange market and 20% through the financial market, has been repealed. From now on, 100% must be settled through the foreign exchange market. 

7. Debt stocks 

Although the following measure has not yet been formalized, the BCRA announced that, complementing the flexibility provided to access the foreign exchange market focused on flows, regarding the potential residual demand for access to the foreign exchange market linked to legacy stocks of dividends and debt services with related entities, the BCRA is working on the design of a new series of Bonds for the Reconstruction of a Free Argentina (BOPREAL). These bonds may be purchased in pesos to meet foreign obligations related to debts or dividends prior to 2025, and commercial debts due before December 12, 2023.  

8. Tax perceptions 

• Individuals and undivided estates may purchase foreign currency notes and foreign currency for hoarding or without a specific purpose linked to the payment of obligations without incurring the 30% tax.

• The 30% tax rate continues to apply to the payment of services and the acquisition of goods paid for using credit, purchase, and debit cards covered by the system provided for in Law No. 25,065 and its amendments, and any other equivalent payment method, including those related to cash withdrawals or advances made abroad. In other words, the “dollar card” continues to apply.

• The 30% tax regime for the purchase of international land, air, and water tickets remains in effect, as does the regime applicable to the purchase of services abroad contracted through travel and tourism agencies (wholesalers and/or retailers) in the country.

• The 30% tax on the import of certain specific goods detailed in Annex I of RG AFIP 5617 is eliminated.

• The tax collections that continue to apply will be computable as a payment on account of income tax or personal property tax depending on the type of taxpayer, as indicated below:

• Subjects adhering to the Simplified Regime for Small Taxpayers (RS) and those who are not liable for Income Tax: Personal Property Tax.

• Other subjects: Income Tax.

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