Argentina: Portfolio Investments By Non-Residents In Argentina

Last Updated: 8 August 2016
Article by Jorge Mayora

1. Introduction

This paper summarizes the alternatives and requirements for foreign individuals and companies for making portfolio investments in Argentina.

In order to do general business and operate on a regular basis, foreign companies should establish a branch or incorporate a subsidiary, which exceeds the purpose of the document. 

2. Foreign investment.

The legal regime for foreign investment is governed by the Foreign Investment Act ("Ley de Inversiones Extranjeras") enacted in 1993. For the purposes of this law there is no distinction between national and foreign investors irrespective of the type of business they get involved in. Foreign investors have the same rights and obligations as local ones under the parameters stated by the National Constitution regarding the development of lawful economic activities in Argentina.

There are no limitations on the participating percentage of foreign ownership in a local entity regardless of the type of vehicle chosen.

Argentina has executed a number of Bilateral Investment Treaties (BITs) with third countries and is a member of the Multilateral Investment Guarantee Agency (MIGA), the Overseas Private Investment Corporation, and the International Centre for the Settlement of Investment Disputes (ICSID).

Treaties in force entered into by Argentina with third countries for the avoidance of double taxation are developed in the Tax section below.

2.1.       Direct and Portfolio Investments by non-residents.

Following international standards set forth in IMF Payment Manual, foreign investment in Argentina can be classified as "direct investments" or "portfolio investments". Direct investments comprises real estate investments and participations in local companies of at least 10% of the ordinary shares or voting rights, while portfolio investments are participations below this cap, in debt or equity securities of Argentine issuers, holdings in Argentine pesos and deposits in Argentine banks. 

Direct investments and portfolio investments made after December 16, 2015 should stay in Argentina at least 120 days in order to be repatriated, unless a specific exception applies. New investments made prior to such date are subject to the minimum stay set forth in Decree No. 616/2005 of 365 days.

3. Portfolio investments by foreign residents.

Inflows to the FX Market of portfolio investments by foreign residents are not subject to any restriction. Non-residents can either exchange the foreign currency into Pesos in the FX Market or keep the foreign currency by performing arbitrage among other currencies. 

Opening banking and securities accounts by non-residents requires the compliance with the AML -Anti-money laundering- and internal securities regulations which may entail filing of certified copies of incorporation documents, identification of ultimate beneficiaries and granting of special powers of attorney, inter alia. The foreign resident should obtain a non-resident tax ID, known as CDI (Clave de Identificación) - to obtain it a power of attorney should be issued and certain documentation should be filed before the Tax Authority. Also, the foreign company should submit the documentation required by the financial institutions to comply with the FATCA -Foreign Account Tax Compliance Act- (information provided about financial accounts held by U.S. taxpayers, or by foreign entities in which U.S. taxpayers hold a substantial ownership interest) and CRS -Common Reporting Standard- (information provided to the tax authority about companies with multiple residencies).

4. Repatriations by Foreign residents.

Foreign residents (whether individuals or legal entities) are allowed to purchase foreign currency and transfer funds abroad subject to:

Foreign investments made since December 16, 2015 the non-residents have access to the FX Market without further requirements, provided that the minimum 120-days term has elapsed.

  1. Foreign investment made prior to December 16, 2015, the non-residents are allowed to access the FX Market subject to the following requirements:
  1. Without any limit, for the amounts collected in Argentina on account of :
  1. transactions by international or multilateral credit agencies;
  2. outstanding imports of goods and services or debts related with such imports;
  3. foreign financial debts paid by Argentine residents or local entities in local currency in Argentina;
  4. services and other current transfers abroad;
  5. interest payments of Argentine sovereign securities denominated in pesos;
  6. interest and principal payments of Argentine sovereign securities denominated in foreign currency; 
  7. recovery of credits allowed in local bankruptcies or reorganization procedures;
  8. inheritances, pursuant to an unappealable heir declaration; 
  9. repatriation of direct investments in the private non-financial sector or real estate investments, to the extent that the foreign investor may evidence, with registry of the legal entry of the investment, that he has maintained such investment in Argentina for more than 365 days.  This item allows repatriation of investments by foreign investor due to sales of equity, capital reductions, wind-up proceeds, and reimbursement of capital contributions in local entities;
  10. damages granted by local courts to non-Argentine residents in a non-appealable decision.
  1. Up to US$500,000 per calendar month, for amounts received in Argentina on account of portfolio investments (including interests or other income) and/or resulting from the sale of these investment portfolios, such as stock portfolio, minority participation in local entities, investment in mutual investment funds and local trusts, purchases of bank loan portfolios, investments in local bonds issued in pesos and purchases of other local credits. In all these cases, the foreign investor must evidence, with registry of the legal entry of the investment, that they have maintained such investment in Argentina for more than 365 days.
  2. Up to US$5,000 per calendar month, in cash, without further requirement.

5. Foreign Exchange Regulations.

The following is a brief overview on foreign exchange regulations, generally applicable to residents and non- residents, currently in force:

5.1.       Financial Debts.

Argentine Central Bank regulations allow Argentine borrowers (whether individuals or legal entities) to transfer abroad and pay principal of cross-border financial debts to foreign lenders through the Argentine Foreign Exchange Market, upon maturity, provided that the borrower evidences:(i) the legal entry and repatriation through the Argentine Foreign Exchange Market of the proceeds of the loan, (ii) that such loans complied with a minimum 1201-day tenor (starting from the date of the legal entry of the funds in Argentina or since the renewal of the loans, if applicable) and (iii) that the cross border financial debt has been disclosed in the quarterly indebtedness regime of the Argentine Central Bank. No prior Argentine Central Bank authorization is required.

In addition, Argentine borrowers may prepay principal with foreign creditors (completely or in part) in advance to the relevant maturity date, provided that the minimum 120-days term has elapsed.

5.2.       Interest, profits and dividends.

Argentine Central Bank regulations authorize Argentine residents (whether individuals or legal entities) to transfer abroad through the Argentine Foreign Exchange Market accrued interest to foreign creditors, within 15 days prior to the relevant maturity.

Local residents are also allowed to remit profits and dividends to foreign equity holders when resulting from annual financial statements certified by external auditors. To the extent that profits or dividends are declared in annual financial statements certified by external auditor, Argentine Central Bank regulations do not differentiate between dividends paid as a result of retained earnings of previous fiscal years or from the net income of the last fiscal year approved.

5.3.       Services.

There are no material restrictions for Argentine residents or local entities to transfer abroad and pay services rendered by non-Argentine residents or foreign entities not established in Argentina after December 16, 2015 (e.g., insurance premiums, royalties, fees).  In some cases, documental evidence of the actual performance of the services has been required.

The Central Bank established a payment schedule with thresholds for the cancellation of commercial debts for unpaid services rendered or accrued by non-residents before December 16, 2015: (i) from 2/01/2016 up to USD 2 million per resident per month; (ii) from 3/01/2016 and until 5/30/2016 up to USD 4 million per resident per month; (iii) as from 6/01/2016 with no amount limitations. 

From 1/04/2016 and until 1/31/2016, the cancellation of debts for services rendered or accrued until December 16, 2015 will be reduced from the cap of USD 2,000,000 established for portfolio investments. 

5.4.       Imports of goods.

The payment for imports could be cancelled by the following payment methods: (i) advance payment; (ii) letter of credit, (iii) D.A.P. (document against payment), and (iv) documents against acceptance.

Imports of goods may be totally paid in advance regardless of the type of product, provided that nationalization of such goods takes place within 180 days following the payment.

Likewise cancellation of debts related to the import of goods may be paid in advance regardless of their maturity date.  Evidence of customs and commercial documents related to the import of goods are required.

Commercial debts for unpaid imports -with customs cleared prior to December 16, 2015- may be cancelled as they become due with no restrictions, in the following cases: (i) debt from federal or provincial states, including state-owned companies; (ii) imports secured by letter of credits or bonds issued or granted by local financial entities; (iii) debts owed to official or multilateral credit agencies (ECAs) and/or debts guaranteed by such parties.

The Central Bank established a payment schedule with thresholds for the cancellation of commercial debts for unpaid imports with customs cleared prior to December 16, 2015: (i) until 12/31/2015 up to USD 2 million per importer and per month; (ii) from 1/01/2016 and until 5/30/2016 up to USD 4.5 million per importer and per month; (iii) as from 6/01/2016 with no amount limitations. 

5.5.       Investment portfolios of Argentine residents abroad.

Argentine residents may transfer abroad up to US$2,000,000 per calendar month, on account of foreign real estate investments, loans granted to non-Argentine residents or foreign entities, direct investments abroad or portfolio investments.  In the case of portfolio investments, transfers must be made to accounts opened under the name of the local resident or the company making the transfer, at financial entities incorporated in FAFT-GAFI compliant jurisdictions. 

6. Types of Companies.

Operating in Argentina on a permanent basis requires the incorporation of a branch or a wholly or partially owned subsidiary. 

The subsidiary may operate under any of the several types of corporate entities available. The most common are (i) the stock corporation (Sociedad Anónima or "S.A."); and (ii) the general partnership (Sociedad de Responsabilidad Limitada or "S.R.L."), similar to an LLC, which members cannot exceed 50 partners and it has the advantage that its operations are subject to fewer formalities. Both, Sociedad Anónima and Sociedad de Responsabilidad Limitada limits partners liability to their capital contribution. 

7. Tax Considerations.

Argentine taxes are levied at three levels: (i) Federal, (ii) Provincial and (iii) Municipal. 

7.1.       Income tax.

Income tax is levied on worldwide income obtained by Argentine residents, i.e. income from Argentine and/or foreign source, while non-residents are taxed only on their Argentine source income. Branches and other permanent establishments are considered as residents and taxed accordingly.

Non-resident beneficiaries are liable to 35% income tax withholding on a deemed net income. Withholding rates applicable to the most common cross-border payments are the following:

Type of Payment Subtype of payment Portion of Payment Subject to Tax
(%)
Effective Withholding Rate (%)
(1)
With Grossing up
(1) (2)
1. International transportation 1.1. Transport and chartering. 10% 3.5% 3.6269%
1.2. Container business. 20% 7% 7.5269%
2. International news agencies   10% 3.5% 3.6269%
3. Insurance   10% 3.5% 3.6269%
4. Film reels, magnetic tapes, radio and TV programs, telex and facsimile transmissions, and any other means used to broadcast or screen images, pictures or sound, or to further disseminate them.   50% 17.5% 21.2121%
5. Transfer of technology 5.1. Agreements in compliance with the Transfer of Technology Act:      
5.1.1. Fees for technical assistance, engineering or consulting services not available in Argentina. 60% 21% 26.5823%
5.1.2. Patent and trademark royalties and other. 80% 28% 38.8889%
5.2. Agreements not in compliance with the Transfer of Technology Act 90% 31.5% 45.9854%
6. Copyright royalties (under certain circumstances)   35% 12.25% 13.9601%
7. Artists hired by the Federal, Provincial or Municipal Government or non-for profit organizations For a period not exceeding two months per calendar year. 35% 12.25% 13.9601%
8. Interest 8.1. Public bonds Exempt 0% 0%
8.2. Private bonds in compliance with Private Bonds Law. Exempt 0% 0%
8.3. Interests on foreign loans:      
8.3.1. Loans granted to the Federal, Provincial or Municipal Government or Federal Central Bank. Exempt 0% 0%
8.3.2. Transactions involving the importation of depreciable movable property (except automobiles) granted by suppliers. 43% 15.05% 17.7163%
8.3.3. Loans granted to financial institutions as defined by Law 21,526. 43% 15.05% 17.7163%
8.3.4. Loans granted by a Bank or financial institution incorporated in a country not deemed as a low tax jurisdiction, or in a jurisdiction which signed agreements providing for the exchange of information and where bank secrecy or secrecy referring to stock exchange cannot be alleged upon request of information by tax authorities. 43% 15.05% 17.7163%
8.3.5. Public bonds registered within two years from issuance in accordance with Law 23,576 in countries with an Investment Protection Treaty. 43% 15,05% 17,7163%
8.3.6. Other loans. 100% 35% 53.8462%
8.4. Interests on saving accounts, time deposits and other according to Central Bank regulations:      
8.4.1. In case it does not result in a transfer of tax revenue to foreign countries. Exempt 0% 0%
8.4.2. In case it results in a transfer of tax revenue to foreign countries. 43% 15,05% 17,7163%
       
9. Salaries, wages and fees Paid to individuals (excluding artists on a tour) who work in Argentina for less than six months. 70% 24.5% 32.4503%
10. Rentals 10.1 Movable property. 40% 14% 16.2791%
10.2 Real estate. 60% 21% 26.5823%
12. Sale of assets located in Argentina   50% 17.5% 21.2121%
13. Dividends of corporations and profits earned by branches and Limited Liability Companies   10%    
  Exceeding accumulated and reported taxable income on the previous fiscal year 100% 35% 35%
14. Other unspecified payments   90% 31.5% 45.9854%

Capital gains derived from the trade stock, shares, bonds and securities in general, including limited liability companies' quotas are taxed at a 15% rate when obtained by non-resident aliens. A presumption of deemed net income of 90% of the transacted amount applies, i.e. the final tax burden amounts to 13.5% of the gross selling price.

Withholding rates in general may be reduced or eliminated on a Double Taxation Treaty scenario or if a Treaty on International Transport applies.

Grossing up shall not apply in case of interests derived from loans applied to industrial, extractive or primary activities.

In certain cases, the foreign recipient may choose to override the deemed income and assess the real income according to the general provisions laid down in the Income Tax Law.

In addition, transfer pricing rules apply when an Argentine company enters into business transactions with related companies or permanent establishments located abroad, or with non-related entities located in jurisdictions not considered as "cooperative for tax information exchange" (i.e. tax havens).

For import/export transactions with independent parties for amounts higher than Ar$ 1,000,000 (approximately US $ 71,000) per year there are a number of information obligations intended to scrutinize the prices involved.

In case the agreed prices are not arm's length, the Federal Revenue Administration can make transfer pricing adjustments to the Argentine local party.

In this sense, pursuant to Decree No. 589/2013 and General Resolution (AFIP) No. 3576, jurisdictions considered as "cooperative" are those that have signed or are negotiating with Argentina a Double Taxation Treaty with broad information exchange clause, or that have signed or are negotiating a tax information exchange agreement. Currently, the list includes 113 cooperative jurisdictions.

Furthermore, the Tax Procedure Law provides for specific presumptions regarding the receipt of funds by Argentine residents from low tax jurisdictions or tax havens.

7.2.       Treaties for the avoidance of double taxation.

Argentina has signed treaties for the avoidance of double taxation and fiscal evasion with the following countries:

Australia Belgium Bolivia Brazil
Canada Chile(*) Denmark Finland
France Germany Italy Mexico(*)
Netherlands Norway Russia Spain
Sweden Switzerland(*) United Kingdom  

(*) Ratification still pending

7.3.       Tax on personal assets.

This tax is imposed on assets existing as of December 31 each year held by resident individuals and estates, over assets located in Argentina and abroad; and non-resident individuals and estates, over assets located in Argentina. 

Individuals or companies located in the country who are joint owners, or that are vested with the possession, disposal, deposit, custody, safekeeping and/or administration of assets owned by non-residents, must act as substitute taxpayers. The tax rate is 1.25%.

Moreover, non-resident companies and individuals must pay an annual 0.5% tax on their shareholdings, or interest in capital, in Argentine companies. The tax is paid by the local entity, which has the right to be reimbursed by the shareholders for the tax paid; and for that purpose it may withhold and/or request the realization of the assets that originated the tax (i.e. shares, quotas, etc.).

7.4.       Valued added tax (VAT).

VAT is levied on all sales of goods or performances of services made within the territory of Argentina in the course of a business, unless they are specifically VAT-exempt. VAT is also levied on all imports of goods and services into Argentina.

The general rate for VAT is 21%, though there are higher and lower rates for certain taxable events.

Payments are made on a monthly basis. To this end, the prior month's VAT credits (Input VAT) arising from purchases are deducted from the VAT debits (Output VAT) stemming from sales made in the same month. Non-residents are not entitled to compute tax credits, as they are considered end users.

Securities in general are exempted.

7.5.       Tax on Financial Transactions (tax on debits and credits in bank accounts and other deals).

This tax is imposed upon any deposited funds either withdrawn or transferred from checking or savings accounts, and is withheld by Argentine banks. 

The generally applicable rate is 60 for each debit and for each credit in bank accounts, but it becomes doubled on certain taxable events.

A portion of this tax may be credited by Argentine taxpayers against other federal taxes.

7.6.       Turnover Tax.

Argentine provinces and City of Buenos Aires levy turnover tax (impuesto a los ingresos brutos) on the gross revenue of any enterprise that carries out commercial, industrial, agricultural, financial, or professional activities. 

Tax rates vary depending on the type of activity and the turnover tax act of each jurisdiction, but the average rate is 3%.

The provinces and the City of Buenos Aires have signed an agreement (the so-called "Multilateral Agreement") to avoid the double taxation of activities performed in more than one jurisdiction.

7.7.       Stamp Tax

Stamp tax is a local tax levied on public or private instruments executed in Argentina, or abroad when their effects are produced in one or more relevant jurisdiction within Argentina (provinces and the City of Buenos Aires).

In general, Stamp Tax applies to all acts and agreements (i) executed within the province's jurisdiction; (ii) executed outside the province's jurisdiction but when their effects are produced within it; (iii) executed in private form, public deeds or through correspondence, in the cases indicated by law, and (iv) also to monetary operations, registered in accounting records that represent delivery or reception of sums of money that accrue interest, made by financial entities. 

Tax rates vary depending on the type of transaction and the regulations of each jurisdiction, but the average rate is 1% in most provinces. In general, the rate is assessed on the economic value of the transaction. 

Footnote

1 The general rule is that loans made prior to December 16, 2015 are subject to a minimum 365-day tenor. A longer term is applicable to exceptional cases.

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.

To print this article, all you need is to be registered on Mondaq.com.

Click to Login as an existing user or Register so you can print this article.

Authors
 
Some comments from our readers…
“The articles are extremely timely and highly applicable”
“I often find critical information not available elsewhere”
“As in-house counsel, Mondaq’s service is of great value”

Up-coming Events Search
Tools
Print
Font Size:
Translation
Channels
Mondaq on Twitter
 
Register for Access and our Free Biweekly Alert for
This service is completely free. Access 250,000 archived articles from 100+ countries and get a personalised email twice a week covering developments (and yes, our lawyers like to think you’ve read our Disclaimer).
 
Email Address
Company Name
Password
Confirm Password
Position
Mondaq Topics -- Select your Interests
 Accounting
 Anti-trust
 Commercial
 Compliance
 Consumer
 Criminal
 Employment
 Energy
 Environment
 Family
 Finance
 Government
 Healthcare
 Immigration
 Insolvency
 Insurance
 International
 IP
 Law Performance
 Law Practice
 Litigation
 Media & IT
 Privacy
 Real Estate
 Strategy
 Tax
 Technology
 Transport
 Wealth Mgt
Regions
Africa
Asia
Asia Pacific
Australasia
Canada
Caribbean
Europe
European Union
Latin America
Middle East
U.K.
United States
Worldwide Updates
Registration
Mondaq Ltd requires you to register and provide information that personally identifies you, including what sort of information you are interested in, for three primary purposes:
  • To allow you to personalize the Mondaq websites you are visiting.
  • To enable features such as password reminder, newsletter alerts, email a colleague, and linking from Mondaq (and its affiliate sites) to your website.
  • To produce demographic feedback for our information providers who provide information free for your use.
  • Mondaq (and its affiliate sites) do not sell or provide your details to third parties other than information providers. The reason we provide our information providers with this information is so that they can measure the response their articles are receiving and provide you with information about their products and services.
    If you do not want us to provide your name and email address you may opt out by clicking here
    If you do not wish to receive any future announcements of products and services offered by Mondaq you may opt out by clicking here

    Terms & Conditions and Privacy Statement

    Mondaq.com (the Website) is owned and managed by Mondaq Ltd and as a user you are granted a non-exclusive, revocable license to access the Website under its terms and conditions of use. Your use of the Website constitutes your agreement to the following terms and conditions of use. Mondaq Ltd may terminate your use of the Website if you are in breach of these terms and conditions or if Mondaq Ltd decides to terminate your license of use for whatever reason.

    Use of www.mondaq.com

    You may use the Website but are required to register as a user if you wish to read the full text of the content and articles available (the Content). You may not modify, publish, transmit, transfer or sell, reproduce, create derivative works from, distribute, perform, link, display, or in any way exploit any of the Content, in whole or in part, except as expressly permitted in these terms & conditions or with the prior written consent of Mondaq Ltd. You may not use electronic or other means to extract details or information about Mondaq.com’s content, users or contributors in order to offer them any services or products which compete directly or indirectly with Mondaq Ltd’s services and products.

    Disclaimer

    Mondaq Ltd and/or its respective suppliers make no representations about the suitability of the information contained in the documents and related graphics published on this server for any purpose. All such documents and related graphics are provided "as is" without warranty of any kind. Mondaq Ltd and/or its respective suppliers hereby disclaim all warranties and conditions with regard to this information, including all implied warranties and conditions of merchantability, fitness for a particular purpose, title and non-infringement. In no event shall Mondaq Ltd and/or its respective suppliers be liable for any special, indirect or consequential damages or any damages whatsoever resulting from loss of use, data or profits, whether in an action of contract, negligence or other tortious action, arising out of or in connection with the use or performance of information available from this server.

    The documents and related graphics published on this server could include technical inaccuracies or typographical errors. Changes are periodically added to the information herein. Mondaq Ltd and/or its respective suppliers may make improvements and/or changes in the product(s) and/or the program(s) described herein at any time.

    Registration

    Mondaq Ltd requires you to register and provide information that personally identifies you, including what sort of information you are interested in, for three primary purposes:

    • To allow you to personalize the Mondaq websites you are visiting.
    • To enable features such as password reminder, newsletter alerts, email a colleague, and linking from Mondaq (and its affiliate sites) to your website.
    • To produce demographic feedback for our information providers who provide information free for your use.

    Mondaq (and its affiliate sites) do not sell or provide your details to third parties other than information providers. The reason we provide our information providers with this information is so that they can measure the response their articles are receiving and provide you with information about their products and services.

    Information Collection and Use

    We require site users to register with Mondaq (and its affiliate sites) to view the free information on the site. We also collect information from our users at several different points on the websites: this is so that we can customise the sites according to individual usage, provide 'session-aware' functionality, and ensure that content is acquired and developed appropriately. This gives us an overall picture of our user profiles, which in turn shows to our Editorial Contributors the type of person they are reaching by posting articles on Mondaq (and its affiliate sites) – meaning more free content for registered users.

    We are only able to provide the material on the Mondaq (and its affiliate sites) site free to site visitors because we can pass on information about the pages that users are viewing and the personal information users provide to us (e.g. email addresses) to reputable contributing firms such as law firms who author those pages. We do not sell or rent information to anyone else other than the authors of those pages, who may change from time to time. Should you wish us not to disclose your details to any of these parties, please tick the box above or tick the box marked "Opt out of Registration Information Disclosure" on the Your Profile page. We and our author organisations may only contact you via email or other means if you allow us to do so. Users can opt out of contact when they register on the site, or send an email to unsubscribe@mondaq.com with “no disclosure” in the subject heading

    Mondaq News Alerts

    In order to receive Mondaq News Alerts, users have to complete a separate registration form. This is a personalised service where users choose regions and topics of interest and we send it only to those users who have requested it. Users can stop receiving these Alerts by going to the Mondaq News Alerts page and deselecting all interest areas. In the same way users can amend their personal preferences to add or remove subject areas.

    Cookies

    A cookie is a small text file written to a user’s hard drive that contains an identifying user number. The cookies do not contain any personal information about users. We use the cookie so users do not have to log in every time they use the service and the cookie will automatically expire if you do not visit the Mondaq website (or its affiliate sites) for 12 months. We also use the cookie to personalise a user's experience of the site (for example to show information specific to a user's region). As the Mondaq sites are fully personalised and cookies are essential to its core technology the site will function unpredictably with browsers that do not support cookies - or where cookies are disabled (in these circumstances we advise you to attempt to locate the information you require elsewhere on the web). However if you are concerned about the presence of a Mondaq cookie on your machine you can also choose to expire the cookie immediately (remove it) by selecting the 'Log Off' menu option as the last thing you do when you use the site.

    Some of our business partners may use cookies on our site (for example, advertisers). However, we have no access to or control over these cookies and we are not aware of any at present that do so.

    Log Files

    We use IP addresses to analyse trends, administer the site, track movement, and gather broad demographic information for aggregate use. IP addresses are not linked to personally identifiable information.

    Links

    This web site contains links to other sites. Please be aware that Mondaq (or its affiliate sites) are not responsible for the privacy practices of such other sites. We encourage our users to be aware when they leave our site and to read the privacy statements of these third party sites. This privacy statement applies solely to information collected by this Web site.

    Surveys & Contests

    From time-to-time our site requests information from users via surveys or contests. Participation in these surveys or contests is completely voluntary and the user therefore has a choice whether or not to disclose any information requested. Information requested may include contact information (such as name and delivery address), and demographic information (such as postcode, age level). Contact information will be used to notify the winners and award prizes. Survey information will be used for purposes of monitoring or improving the functionality of the site.

    Mail-A-Friend

    If a user elects to use our referral service for informing a friend about our site, we ask them for the friend’s name and email address. Mondaq stores this information and may contact the friend to invite them to register with Mondaq, but they will not be contacted more than once. The friend may contact Mondaq to request the removal of this information from our database.

    Emails

    From time to time Mondaq may send you emails promoting Mondaq services including new services. You may opt out of receiving such emails by clicking below.

    *** If you do not wish to receive any future announcements of services offered by Mondaq you may opt out by clicking here .

    Security

    This website takes every reasonable precaution to protect our users’ information. When users submit sensitive information via the website, your information is protected using firewalls and other security technology. If you have any questions about the security at our website, you can send an email to webmaster@mondaq.com.

    Correcting/Updating Personal Information

    If a user’s personally identifiable information changes (such as postcode), or if a user no longer desires our service, we will endeavour to provide a way to correct, update or remove that user’s personal data provided to us. This can usually be done at the “Your Profile” page or by sending an email to EditorialAdvisor@mondaq.com.

    Notification of Changes

    If we decide to change our Terms & Conditions or Privacy Policy, we will post those changes on our site so our users are always aware of what information we collect, how we use it, and under what circumstances, if any, we disclose it. If at any point we decide to use personally identifiable information in a manner different from that stated at the time it was collected, we will notify users by way of an email. Users will have a choice as to whether or not we use their information in this different manner. We will use information in accordance with the privacy policy under which the information was collected.

    How to contact Mondaq

    You can contact us with comments or queries at enquiries@mondaq.com.

    If for some reason you believe Mondaq Ltd. has not adhered to these principles, please notify us by e-mail at problems@mondaq.com and we will use commercially reasonable efforts to determine and correct the problem promptly.

    By clicking Register you state you have read and agree to our Terms and Conditions