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Economics

Offshore Millionaires Become Target of Argentina’s Wealth Tax

  • Tax would apply to wealthy Argentine citizens living abroad
  • The move broadens out legislation pushed by Peronist coalition
Deputies attend a session of the lower house of Congress in Buenos Aires, Argentina.
Deputies attend a session of the lower house of Congress in Buenos Aires, Argentina.

The Argentine government wants a one-time wealth tax to be extended to its millionaire citizens living outside the country.

The government plans to broaden a bill imposing taxes on the rich in order to reach non-residents and their investments in Argentine companies, according to legislator Carlos Heller, who is promoting the bill. Until now the proposal only applied to citizens living in the country.