LuckyLuke
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Yes, I'm aware of the many ways that the wealthy launder and hide assets. However, the article is not talking about rich Argentine families. It's talking amount multinational companies that have invested in Argentina but can't transfer declared profits outside of country because of CEPO limitations. That's a really problematic statement. Imagine a french farming conglomerate wanting to grow grains in Argentina for profit being required to keep all it's profits within the country. What would be the point? Sounds like a huge impediment to foreign investment.dollar accounts are traceable by the government.
most of the liquid assets in Argentina are in the form of the estimated $400 billion in paper US hundred dollar bills held by individuals.
But real estate is permanent, its sentimental, and under Argentine law and custom, its almost never repossessed, or seized by the government for back taxes.
So wealthy Argentines dont mind owning real estate, as they never plan on selling it anyway.
The truly wealthy here own estancias that the family has held for, in some cases, literally centuries.
Their dollars are in cash,or in Uruguay and Miami, or in investments we only find out about in the Panama Papers.
Bank accounts are for the lower middle class.
This is true globally.
The wealthy do not keep their money in the bank.