RJT McLaren Esq CMG
DUSS
FCO
Dear Robin,
BRITISH EMBASSY
BUENOS AIRES
14 November 1990
нко 340
CCISTRY
2 ^ NOV 1990
PA
Y
isken
13
ARGENTINA'S PLAN TO ENCOURAGE IMMIGRATION FROM HONG KONG
1.
I have recently received a letter from Ambassador Juan Labake,
a Presidential Adviser in the Planning Secretariat and an Argentine of Lebanese origin, describing his plan to encourage immigration from Hong Kong. Labake has told me separately that this particular proposal is part of a wider plan to repopulate the 75% of Argentina where only 25% of the population live. Negotiations are apparently already far advanced with Germany and Italy.
2. The details of Labake's proposal regarding Hong Kong are as follows. The prospective immigrant must deposit US$30,000 in an overseas branch of an Argentine bank. This would then be available to the Argentine Government for five to seven years, and at least until 1997. After this period, and whether or not the prospective immigrant has eventually decided to emigrate to Argentina, he/she can collect the deposit plus interest calculated at 3 points below the LIBOR rate.
3. Through this deposit, the applicant gains the right to emigrate to Argentina at any time before 1997. After two consecutive years of permanent residence in Argentina, the applicant may then obtain Argentine citizenship.
4. The scheme is therefore a type of insurance policy whereby for a 5-7 year US$30,000 loan to the Argentine Government, the lender can have the option to leave Hong Kong for Argentina, should the situation there deteriorate.
5. I should be grateful for your advice on how to reply to Labake.
YouT
Ever
Humphrey
H JH Maud
cc: H N Synnott Esq, WED, FCO
A R Paul Esq, Hong Kong Dept, FCO