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Tax Cheats’ $500 Billion Targeted for Argentina Fund Revival

  • Closed-end fund industry has been dormant for over a decade
  • Amnesty looks to attract money from abroad for infrastructure
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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.