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Montevideo, December 3rd 2021 - 18:53 UTC

 

 

The three Ms attracting Argentines fed up with the uncertainty of their country

Thursday, October 21st 2021 - 19:36 UTC
Full article 3 comments
Montevideo is only a hop away from Buenos Aires Montevideo is only a hop away from Buenos Aires

Argentines fed up with political instability, financial disorder, pandemic restrictions and growing taxes in their country are in increasing numbers moving or thinking about a new residence and have a preference for one of three Ms.

The three Ms are Montevideo, Miami and Madrid. The tendency was already budding in 2019, but increased with the pandemic restrictions and political infighting. “Since the midterm primary election of 2019, political and economic uncertainty with the return of the Kirchner governments accelerated the migratory process”.

Although it is not clear or numbers disclosed, as to how many Argentines opted for Montevideo and the Atlantic resort of Punta del Este in Uruguay, the current Uruguayan ambassador in Buenos Aires said that some 6,000 have requested residence in the country, but the Argentine tax revenue office says that only 1,800 requested to be dropped from the fiscal list since they were leaving.

This phenomenon is not new, Uruguayan presidents, both from the ruling and opposition coalitions have always stated that the country opens its arms to entrepreneurs who wish to invest and reside. And Montevideo is ideal given its good communications network, banking system and proximity and no cultural surprises.

However those who are thinking in bigger businesses and investments target Miami that already has a huge Argentine community as well as from other South American countries that have undergone similar situations of uncertainty as those endemic in Argentina.

Madrid, capital of Spain, attracts the descendants of those who once migrated to South America and promising Argentina, and is also the first step in Europe before possibly moving to some other country. Many of them of Spaniard, Italian, Greek, French, German, Polish descent have a second passport from the EU.

Categories: Economy, Politics, Argentina, Uruguay.

Top Comments

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  • Chicureo

    P Y T A N G U A


    Although I agree that the majority of Argentines are not planning to move — the upper middle class definitely are!

    It is no secret that much of the Punta del Este homes are owned by Argentines and Miami has its own significant Argentinian diaspora that have invested their capital there.

    Any Argentine with moderate earnings knows that the Argentine economic system is untenable. That’s why there is so many offshore accounts abroad.

    Argentina is hemorrhaging its intellectual capital alongside its financial wealth!


    ¡Saludos cordiales desde Panquehue!

    Oct 22nd, 2021 - 01:52 pm +1
  • Pytangua

    This is a typical example of how foreign reporting on Latin America is blind to its economic and social reality. Quite apart from whatever one thinks about the current government there, the Argentines thinking/planning of moving to any of the three 'Ms' are a very small proportion of the total population. The majority of poor Argentines have no hope in hell of ever being able to emigrate there, except possibly to Madrid as low-paid workers, but even that door is closed due to Covid.

    Oct 22nd, 2021 - 11:08 am 0
  • Jack Bauer

    Pytangua

    “...typical example of how foreign reporting on Latin America is blind to its economic and social reality.”

    Permit me to disagree. No blindness, reality hurts. It is notorious that those who are fed up with the Argentine government's backward policies and corruption - most - and can leave - the privileged few - have either already left, or are in the process of leaving...
    That it is a small portion the polulation goes without saying - as is pretty clear by the estimated numbers - given that the great majority have no choice but to stay and suck it up, while 50% of the polulation are gradually sinking below the poverty line.

    Same phenomenon is happening in Brazil...

    Afaic, the main problem is not the fact they are leaving (despite the loss of good brains), which is just a symptom, but the cause.....pure incompetence and a chronic disregard by the government of what needs to be done....the “political instability, financial disorder, and growing taxes” kill any hope of a better future....

    Oct 30th, 2021 - 07:42 pm 0
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