Argentines have US $232 billion in assets abroad according to the National Institute of Statistics and Census (INDEC) using data from December 2015. Argentines sent nearly US $10 billion abroad in 2015 and US $59 billion over the last five years, the study informs.
The figures were derived from numbers that were reported regarding foreign investments by individuals and companies, real estate and businesses using the International Investment Position (PII). The PII represents a country’s financial balance compared to the rest of the world and produces statistics that reveal if a country has net foreign debt or assets. Argentina currently has a negative PII of US $15.944 billion.
This information comes on the heels of the government’s tax amnesty, which allows Argentines to declare assets or wealth that have until now been excluded from their tax statements and bring them into the country without questioning where they were obtained. Basically, Argentines can pay a fee (either penalties or interests) for the government’s forgiveness regarding prior non-compliance. Tax amnesties are usually limited-time only opportunities before harsher tax regulations kick in. The law, among other things, will allow Argentines to register previously undeclared income and assets without question or risk of prosecution for tax evasion. La Nación reported that private banks expect this law to result in US $40-60 billion in funds flowing back into Argentina.