Tax Cheats’ $500 Billion Targeted for Argentina Fund Revival

Source: Bloomberg
By: Carolina Millan

Argentina is counting on tax cheats to revive a moribund corner of its capital markets.
Closed-end mutual funds -- all but non-existent in Argentina during the past two decades -- are suddenly hot again as President Mauricio Macri ushers in sweeping changes to boost investment after 15 years of neglect.

He’s championing a program that lets Argentines with some $500 billion of undeclared overseas assets avoid harsher tax penalties by bringing back the money and investing in the funds. The goal is to provide much-needed capital for infrastructure, agricultural and housing projects.

That’s prompted brokerages to start closed-end funds to meet an expected surge in demand before a March 31 deadline. After leaving the investments for dead in the past decade, at least six firms say they’re now hiring specialists to structure the funds and analysts to scout for projects.


  • VII Concurso Internacional de Vinhos do Brasil (Wine)
  • New York Times 36 Hours in Buenos Aires
  • Alternative Latin Investor
  • Artful Living (Mansion)
  • Avid Magazine (AWE)
  • BlackBook Mag (Mansion)
  • CNN (AWE)
  • Conde Nast Traveler (Mansion)
  • Delta Sky Magazine (Mansion)
  • Departures (AWE)
  • Elite Traveler (Mansion)
  • Finger Lakes International Wine Competition (Wine)
  • Fodor's Choice 2013 (Mansion)
  • Fodor's Choice 2013 (Wine Estates)
  • Fodors (AWE)
  • Forbes Life (Mansion)
  • Frommer's Best Vineyards & Hotels Around the World
  • Andrew Harper’s Grand Awards 2013
  • International Wine Challenge U.K.
  • 2013 International Wine & Spirit Competition (Wine)
  • Kiwi Collection (Mansion)
  • Kiwi (AWE)
  • National Geographic Traveller 2012
  • Order Wine Direct (Wine)
  • Robb Report Exceptional Places 2012
  • Tablet Hotels (Mansion)
  • Telegraph (AWE)
  • Mediterranean International Wine & Spirits Challenge (Wine)
  • Travel+Leisure
  • Trip Advisor Top 25 Hotels for Romance Argentina
  • Unique Homes (AWE)
  • USA Today (Mansion)
  • 2013 Vinalies Internationales Paris d'or (Wine)
  • Vinandino 2013 (Wine)
  • VINUS 2014 (wine)
  • WAWWJ 2014 (Wine)
  • Wine Enthusiast (AWE)