Foreign Irrevocable Trusts and Taxes on Wealth in Argentina: Comment on Volij, Gabriela V. v Argentine Tax Authorities on Law Nr. 27,605, of the First Instance Federal Contentious Administrative Court Nr. 8 of Buenos Aires City

Abstract

An Argentine individual created an irrevocable trust in New Zealand with three protectors. Argentina enacted a one-time extraordinary tax over the assets of all individuals on 18 December 2020. This tax included in its base for calculation all assets transferred to trusts abroad. The Judge declared that assets transferred to irrevocable trusts are no longer property of the settlor and could not be taxed.