New Regulations Apply To The Import Of Luxury Goods

• Published date: 24 February 2021
• Subject Matter: Finance and Banking, Financial Services
• Law Firm: Marval O'Farrell & Mairal
• Author: Mr Roberto Silva, Jr. and Juan M. Diehl Moreno

Through Communique "A" 7201, dated January 7, 2021, the Argentine Central Bank (the "BCRA," after its acronym in Spanish) established new requirements for the import of luxury goods.

The Communique lists in Annexes I and II the items in the Mercosur Customs Tariff Codes that are affected by the measure.

The measure includes luxury cars and motorcycles; private jets worth more than one million dollars; recreational boats; alcoholic beverages such as champagne, whiskey, liqueurs and other spirits priced above US$ 50 per liter; caviar; pearls, diamonds and other precious stones.

The BCRA's prior approval will be required to access the foreign exchange market to:

• Pay for the import of goods listed in Annex I, except for importers who access the foreign exchange market 90 days from the dispatch of these products.

• Pay for the import of goods listed in Annex II, except for importers who access the foreign exchange market 365 days from the dispatch of these...