earlyretirement
Moderator
Hi @FuturoBA,A couple of questions about the proposal. 1) Anybody who invested prior to the proposal, would that carry over to if and when a GV program realizes. And maybe details to be worked out, but is there a time limit if so? IE somebody who invested 10-20 years prior vs 1-2 years, would the amount of previous investments be counted towards the proposed amount required. and 2) With regards to the bolded, is that something that can truly be enforced or written in a way to truly be permanent? I would think that if the the terms changes in the future with another administration, those that applied and met the qualifications but not fully completed would still be accepted, but even still I think I'd probably have concerns much more so if planning further than the immediate future.
Keep in mind none of this is anything the government has agreed to. These are just things that I have recommended to President Milei and his administration. However, eliminating the requirement to get a permit to sell as a foreigner was also recommended by me and my firm. We were the largest buyers of residential real estate in Buenos Aires over the past 2 decades.
To answer your questions, no we are advising the Golden Visa on NEW purchases made only since Javier Milei has been elected. Or possibly within the past 12 months. The intent of this would be to give an incentive to new investors that are investing in Argentina because they believe in President Milei's administration. I would recommend doing it in a way where everything is expedited. I wouldn't recommend to keep it open ended over a long period of time but mostly to spur investments during President Milei's first 4 years in office.
Obviously another administration could come along and change laws but once someone is granted permanent residency or Passport I doubt anyone can easily revoke that. I'm sure you could craft legislation around it so the investor wouldn't have any issues. It's been very successful in other countries around the world so I'm confident that it could also successfully be done in Argentina.
Obviously, there are no guarantees but very few things in life are guaranteed and governments around the world are always changing the rules but I wouldn't be worried if it was crafted correctly from the start. I was very happy to see President Milei very quickly eliminating the transfer tax but especially getting rid of the requirement for non-resident foreigners to get a permit to sell. It's a great first step.
A golden Visa is a no brainer for Argentina. Up for discussion would be the amount needed that is required to invest. I believe it should be a high enough amount. Not as high as Portugal at $500,000 USD but possibly $250,000 which is significant. I believe the possibilities exist to build various retirement communities all over Argentina. Maybe the amount could be reduced if there was some type of retirement community and in these cases, maybe the property prices would be far lower than $250,000. Especially outside of CABA. In these cases, I believe it would be wise to reduce the amount. These communities would spur the development of supermarkets, restaurants, cafes, stores, etc. A tremendous amount of economic activity would be realized.
It would be a tremendous win/win for everyone. There is really no downside at all for establishing a program like this. Argentina is already allowing so many poor people from Mercosur countries for free and only taking from Argentina and not giving. The people bringing money and coming to Argentina would be bringing so much and contributing to Argentina.