US EditionArgentina’s Milei unveils bold plan to lure billions in undeclared dollars back home
- On May 22, Argentina's government, led by President Javier Milei and Economy Minister Luis Caputo, announced tax rule changes in Buenos Aires to encourage citizens to spend undeclared dollars held outside the formal financial system.
- The announcement follows decades of restrictive currency controls and widespread mistrust in the peso and banking system, with estimates of $200 billion to $400 billion held unofficially, prompting a shift away from punitive measures to a new currency regime.
- The measures allow Argentines to deposit, transfer, and spend hidden dollars without explaining their origin, lifting tax-reporting and bank inquiry requirements and inviting use of dollars for major purchases like houses and cars.
- President Milei stated in interviews that individuals can freely spend dollars, such as purchasing a $200,000 home, without having to provide explanations or face scrutiny, while officials emphasize that tax evasion laws and investigations into suspicious large transactions remain in effect.
- The policy aims to boost Argentina's scarce foreign reserves and stimulate the economy through an 'endogenous dollarization' plan but raises concerns about possible laundering of illicit funds, with the IMF urging alignment with financial transparency commitments.
90 Articles
90 Articles
Milei Eliminates Tax Controls to Attract Dollars Saved “Under the Mattress”
Argentina needs dollars and the Government of Javier Milei has managed to get them so far. First it was a money laundering of $20 billion; then a credit from the International Monetary Fund (IMF) for another $20 billion; now it is time to go for the prize: $270 billion which, the Government estimates, families keep “under the mattress” or outside the system. This Thursday, the Government presented by presidential decree a seduction plan that, in…
Associated Press News
Argentina's Milei unveils bold plan to lure billions in undeclared dollars back home
Argentina’s government has unveiled an ambitious scheme to bring billions of undeclared U.S. dollars tucked under mattresses or stashed in foreign bank accounts back into the crisis-prone country.
Poch: "This Is a Pseudo Money Laundering Scheme because They Cut Out the Information that Reaches the Tax authorities."
CNN Radio Argentina (CNN Radio Argentina) – Guillermo Poch, tax expert, fiscal planner, and business consultant, spoke with Regreso CNN with Mariana Arias and Pepe Gil Vidal about the Javier Milei administration's announcement, called the "Historic Plan for the Repair of Argentine Savings," aimed at remonetizing the economy with the dollars Argentines have "in their nest eggs." "The difference between this and a money laundering is that they've …
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