A new amnesty law is likely to spark more Argentinian applications for the US EB-5 immigrant investor visa. La Ley Bases, or “Bases Law,” proposed by Argentina’s president, Javier Milei, is a tax reduction and economic stimulus bill that, among other aims, grants amnesty to Argentinians with undeclared or hidden assets both at home and abroad. Individuals who declare these assets under the amnesty program would be taxed at a far lower rate than current, more punitive tax rates. If the proposed bill passes, Argentinians with these assets will now be able to legitimately document their funding sources, a key hoop that immigrant investors must jump through when applying for the EB-5 visa in the United States. “Economic unrest has historically been a powerful catalyst for immigration, and Argentina’s current climate is no exception,” says Marcelo Gorenstein of LCR Capital Partners. “This should facilitate documented international transfers of capital, an extremely important point for EB-5 investors as part of the documented source of funds.” The Argentine Senate passed the bill on June 12, but now the Lower House still must vote on it.
Read the full article here.
