LatinFinance - January/February 2017 - 21
FOCUS
LOCAL CAPITAL
MARKETS
Repatriation push
With global investor interest in Argentina expected to moderate this year, a plan to encourage
Argentines to bring home their undeclared overseas assets could boost the local capital
markets. By Aaron Weinman
Reducing Argentina's fiscal deficit is mission critical for President Mauricio Macri's center-right administration. It hopes a tax amnesty will help by driving private sector investments into the local markets, reducing the need for public spending and spurring domestic growth.
The amnesty encourages Argentines with cash and assets stashed overseas to inject that money into
securities and investment funds: people repatriating their cash into closed-end mutual funds or government bonds for five years will avoid penalty taxes. Argentina's pool of domestic investors should grow
as a result and provide more resources to finance improvements to the country's infrastructure.
The country is "way behind" when it comes to private investment funds, says Conrado Tenaglia, a
partner at law firm Linklaters.
"Right now, these funds do not really exist, so Argentina will follow the rest of the Andean region," he
says, pointing to neighboring nations where long-term funds look to invest in infrastructure projects to
match their liabilities. "In Chile, for example, you have these multi-billion dollar funds that have a mandate to invest in large projects."
Jorge Podesta, a director at Allaria Ledesma & Cia, one of two asset managers with approval to set up a
closed-end mutual fund, says Argentines are showing "great interest" in the tax amnesty.
"The reasons are twofold - the tax information exchange scheme is within the OECD framework and,
second, there is an increased interest in channeling part of their portfolio to domestic financial investments."
Argentines must declare their holdings before March 31 and Podesta, who is inundated with dozens of
projects from real estate developers, is racing to select potential investment prospects before the deadline.
January/February 2017- L ATINFINA NCE.COM 21
http://www.LATINFINANCE.COM
Table of Contents for the Digital Edition of LatinFinance - January/February 2017
Contents
LatinFinance - January/February 2017 - Cover1
LatinFinance - January/February 2017 - Cover2
LatinFinance - January/February 2017 - Contents
LatinFinance - January/February 2017 - 2
LatinFinance - January/February 2017 - 3
LatinFinance - January/February 2017 - 4
LatinFinance - January/February 2017 - 5
LatinFinance - January/February 2017 - 6
LatinFinance - January/February 2017 - 7
LatinFinance - January/February 2017 - 8
LatinFinance - January/February 2017 - 9
LatinFinance - January/February 2017 - 10
LatinFinance - January/February 2017 - 11
LatinFinance - January/February 2017 - 12
LatinFinance - January/February 2017 - 13
LatinFinance - January/February 2017 - 14
LatinFinance - January/February 2017 - 15
LatinFinance - January/February 2017 - 16
LatinFinance - January/February 2017 - 17
LatinFinance - January/February 2017 - 18
LatinFinance - January/February 2017 - 19
LatinFinance - January/February 2017 - 20
LatinFinance - January/February 2017 - 21
LatinFinance - January/February 2017 - 22
LatinFinance - January/February 2017 - 23
LatinFinance - January/February 2017 - 24
LatinFinance - January/February 2017 - 25
LatinFinance - January/February 2017 - 26
LatinFinance - January/February 2017 - 27
LatinFinance - January/February 2017 - 28
LatinFinance - January/February 2017 - 29
LatinFinance - January/February 2017 - 30
LatinFinance - January/February 2017 - 31
LatinFinance - January/February 2017 - 32
LatinFinance - January/February 2017 - 33
LatinFinance - January/February 2017 - 34
LatinFinance - January/February 2017 - 35
LatinFinance - January/February 2017 - 36
LatinFinance - January/February 2017 - 37
LatinFinance - January/February 2017 - 38
LatinFinance - January/February 2017 - 39
LatinFinance - January/February 2017 - 40
LatinFinance - January/February 2017 - 41
LatinFinance - January/February 2017 - 42
LatinFinance - January/February 2017 - 43
LatinFinance - January/February 2017 - 44
LatinFinance - January/February 2017 - 45
LatinFinance - January/February 2017 - 46
LatinFinance - January/February 2017 - 47
LatinFinance - January/February 2017 - 48
LatinFinance - January/February 2017 - Cover3
LatinFinance - January/February 2017 - Cover4
https://www.nxtbook.com/nxtbooks/latinfinance/0319QMR
https://www.nxtbook.com/nxtbooks/latinfinance/1218JYM
https://www.nxtbook.com/nxtbooks/latinfinance/paraguay_2018
https://www.nxtbook.com/nxtbooks/latinfinance/8320YTM
https://www.nxtbook.com/nxtbooks/latinfinance/8465TBM
https://www.nxtbook.com/nxtbooks/latinfinance/1476YBW
https://www.nxtbook.com/nxtbooks/latinfinance/7835THM
https://www.nxtbook.com/nxtbooks/latinfinance/8655TGL
https://www.nxtbook.com/nxtbooks/latinfinance/0614IJP
https://www.nxtbook.com/nxtbooks/latinfinance/ecuador_20170910
https://www.nxtbook.com/nxtbooks/latinfinance/2713KNP
https://www.nxtbook.com/nxtbooks/latinfinance/4982CFT
https://www.nxtbook.com/nxtbooks/latinfinance/7803HWE
https://www.nxtbook.com/nxtbooks/latinfinance/3829THA
https://www.nxtbook.com/nxtbooks/latinfinance/7891MDD
https://www.nxtbook.com/nxtbooks/latinfinance/7714JCR
https://www.nxtbook.com/nxtbooks/latinfinance/5619CMK
https://www.nxtbook.com/nxtbooks/latinfinance/6939ASL
https://www.nxtbook.com/nxtbooks/latinfinance/1364ASF
https://www.nxtbook.com/nxtbooks/latinfinance/0453DAS
https://www.nxtbook.com/nxtbooks/latinfinance/0453DAS_supp
https://www.nxtbook.com/nxtbooks/latinfinance/1304APV
https://www.nxtbook.com/nxtbooks/latinfinance/7234GSD
https://www.nxtbook.com/nxtbooks/latinfinance/1643XGS
https://www.nxtbook.com/nxtbooks/latinfinance/9511JKM_supp
https://www.nxtbook.com/nxtbooks/latinfinance/9511JKM
https://www.nxtbook.com/nxtbooks/latinfinance/8745TNV
https://www.nxtbook.com/nxtbooks/latinfinance/3629PBC
https://www.nxtbook.com/nxtbooks/latinfinance/7466TBC_HSBC
https://www.nxtbook.com/nxtbooks/latinfinance/7466TBC_supp
https://www.nxtbook.com/nxtbooks/latinfinance/7466TBC
https://www.nxtbook.com/nxtbooks/latinfinance/9463RVB
https://www.nxtbook.com/nxtbooks/latinfinance/7345GPY
https://www.nxtbook.com/nxtbooks/latinfinance/6398TVB
https://www.nxtbook.com/nxtbooks/latinfinance/4899EXM_supp
https://www.nxtbook.com/nxtbooks/latinfinance/4899EXM
https://www.nxtbook.com/nxtbooks/latinfinance/3885CWS
https://www.nxtbook.com/nxtbooks/latinfinance/45923GBC
https://www.nxtbook.com/nxtbooks/latinfinance/67449NBD
https://www.nxtbook.com/nxtbooks/latinfinance/46733NLP
https://www.nxtbook.com/nxtbooks/latinfinance/78456HCL
https://www.nxtbook.com/nxtbooks/latinfinance/89456RBM
https://www.nxtbook.com/nxtbooks/latinfinance/22278HBL
https://www.nxtbook.com/nxtbooks/latinfinance/2895YBM
https://www.nxtbook.com/nxtbooks/latinfinance/9033TBM
https://www.nxtbook.com/nxtbooks/latinfinance/8934TNP
https://www.nxtbook.com/nxtbooks/latinfinance/costarica20130304
https://www.nxtbook.com/nxtbooks/latinfinance/4672PNB
https://www.nxtbook.com/nxtbooks/latinfinance/9377BKL
https://www.nxtbook.com/nxtbooks/latinfinance/drmtest
https://www.nxtbook.com/nxtbooks/latinfinance/drmtest2
https://www.nxtbook.com/nxtbooks/latinfinance/5532LMC
https://www.nxtbook.com/nxtbooks/latinfinance/9044TBM
https://www.nxtbook.com/nxtbooks/latinfinance/4877RBC
https://www.nxtbook.com/nxtbooks/latinfinance/3008JHV
https://www.nxtbook.com/nxtbooks/latinfinance/3728YBC
https://www.nxtbook.com/nxtbooks/latinfinance/9337KLM
https://www.nxtbook.com/nxtbooks/latinfinance/5674GNJ
https://www.nxtbook.com/nxtbooks/latinfinance/8330KMC
https://www.nxtbook.com/nxtbooks/latinfinance/7663HCM
https://www.nxtbook.com/nxtbooks/latinfinance/2319ZMB
https://www.nxtbook.com/nxtbooks/latinfinance/7110MKL
https://www.nxtbook.com/nxtbooks/latinfinance/8599FHG
https://www.nxtbook.com/nxtbooks/latinfinance/4517HJK
https://www.nxtbook.com/nxtbooks/latinfinance/7813GHB
https://www.nxtbook.com/nxtbooks/latinfinance/1564FBM
https://www.nxtbook.com/nxtbooks/latinfinance/8884HGV
https://www.nxtbook.com/nxtbooks/latinfinance/7863SVB
https://www.nxtbook.com/nxtbooks/latinfinance/5233SFB
https://www.nxtbook.com/nxtbooks/latinfinance/5899SML
https://www.nxtbook.com/nxtbooks/latinfinance/4311PMN
https://www.nxtbook.com/nxtbooks/latinfinance/1366FBB
https://www.nxtbook.com/nxtbooks/latinfinance/9355AXC
https://www.nxtbook.com/nxtbooks/latinfinance/8559EBN
https://www.nxtbook.com/nxtbooks/latinfinance/8244QXC
https://www.nxtbook.com/nxtbooks/latinfinance/1779BBN
https://www.nxtbook.com/nxtbooks/latinfinance/7144XVB
https://www.nxtbook.com/nxtbooks/latinfinance/8971QGH
https://www.nxtbook.com/nxtbooks/latinfinance/200805
https://www.nxtbook.com/nxtbooks/latinfinance/200804
https://www.nxtbook.com/nxtbooks/latinfinance/200803
https://www.nxtbookmedia.com