Government Amnesty for offshore funds

EMR

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The Government just announced the amnesty law for the repatriation of funds back to Argentina (for those keeping offshore to evade taxes) includes real estate. It includes construction, purchases of used and new apartments, houses, commercial locals, and much more. Here is the article. This will help increase demand for blue chip properties because there is substantial funds outside of Argentina and with the amnesty, people will bring it back into hard assets. Very good news for the real estate market.

http://bit.ly/jG1Nw
 

davejohnson333

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EMR said:
The Government just announced the amnesty law for the repatriation of funds back to Argentina (for those keeping offshore to evade taxes) includes real estate. It includes construction, purchases of used and new apartments, houses, commercial locals, and much more. Here is the article. This will help increase demand for blue chip properties because there is substantial funds outside of Argentina and with the amnesty, people will bring it back into hard assets. Very good news for the real estate market.

http://bit.ly/jG1Nw

Do they consider all funds held offshore to be only for the reason of tax evasion? Do they also not consider that people hold them offshore for asset protection also so that greedy lawyers can not get ahold of them?


David ;)
 

davejohnson333

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EMR said:
The Government just announced the amnesty law for the repatriation of funds back to Argentina (for those keeping offshore to evade taxes) includes real estate.

I am trying to understand this: Are you saying in Argentina it is illegal
to hold funds offshore? Or, are you saying this amnesty is for those who
failed to pay their taxes on funds held offshore?

Dave ;)
 

gouchobob

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davejohnson333 said:
I am trying to understand this: Are you saying in Argentina it is illegal
to hold funds offshore? Or, are you saying this amnesty is for those who
failed to pay their taxes on funds held offshore?

Dave ;)
There are two reasons Argentines move money out of the country.

1. To avoid income taxes, rates in Argentina are high.

2. More importantly to avoid periodic devaluations and government confiscation of funds which occurs here. During the last economic melt-down people who had dollar accounts in the banks had their funds forcibly converted by the government into pesos at a very unfavorable rate, many people lost most of their life savings. Just last year the government took over all the private pension funds.

I don't think its illegal for Argentines to have money offshore, just not to pay taxes on it is illegal.

Given the past history and the past actions of the government it's no wonder many Argentines sock their money away outside of the country. Given this I doubt very many will take the government up on their amnesty offer.
 

ReemsterCARP

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gouchobob said:
There are two reasons Argentines move money out of the country.

1. To avoid income taxes, rates in Argentina are high.
Are they? I was wondering what % income taxe the avarage argentine would pay (let's say an income of 2800 pesos a month).
 

gouchobob

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djlinse37

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