The BCRA Established Regulations on Foreign Currency Availability for Exporters of Services

Natural persons exporting services may be credited up to USD12,000 per year to accounts held at local financial institutions without the requirement of settlement in pesos. This benefit also applies to companies in the sector, which will have foreign currency available for the payment of salaries for a percentage of the increase in foreign sales recorded this year compared to 2021.

The exception to the requirement of foreign currency settlement for certain service exports is retroactive to January 1, so the annual total will be available until the end of the year, as established by the Board of the BCRA.

Natural persons may be paid up to USD12,000 per year into their accounts in Argentina for services provided to non-residents. They may use this mechanism provided they do not obtain foreign currency through the financial system (no sales of securities settled in foreign currency 90 days prior to the crediting of funds, and undertaking not to do so for the following 90 days). Transfers of foreign currency into the country above this amount shall be settled.

Legal persons may obtain a “certification of increase of income from service exports in 2022” to be exclusively channeled to the payment of salaries of workers for an amount of up to 50% of the increase of service exports accumulated in 2022 compared to 2021, or 20% of gross salaries for the rest of 2022, whichever is lower.

This mechanism may be used only if the company does not record any non-compliance as regards transfer and settlement of proceeds from exports of services, undertakes to settle the funds that have not been allocated to the payment of salaries, and has not sold any securities settled in foreign currency 90 days prior to the certification and undertakes not to do so for the following 90 days.

Exports of services covered by this regulation are the following:

• Maintenance and repairs

• Construction services

• Telecommunications services

• Computer services

• Information services

• Charges for the use of intellectual property

• Research and development services

• Legal, accounting and management services

• Advertising, market research and public opinion surveys

• Architectural, engineering and other technical services

• Trade-related services

• Other business services

• Audiovisual and related services

• Other personal, cultural and recreational services

• Other health services

The BCRA is developing an online system that will be made available to financial institutions to monitor this mechanism.

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June 2, 2022