Argentina plans to charge wealthy foreigners $350,000 for citizenship, with applications opening before the end of 2026, Economy Minister Luis Caputo announced on Friday at an investor event in Paris.

President Javier Milei's libertarian government unveiled the so-called "golden passport" scheme as it seeks fresh sources of US dollars to manage nearly $25 billion in foreign-currency debt payments due in 2027.

How much will citizenship cost?

Applicants have two payment paths under the new program:

• A nonrefundable $350,000 contribution to the Argentine Treasury
• An $800,000 investment in a new government bond that must be held for seven years

Contributions rise with family size. Officials said a family of four should expect to pay $500,000. A consortium of investment firms advising the government estimates the program could raise up to $2.5 billion if it draws the expected number of applicants.

Why is Argentina selling citizenship?

Securing dollars is critical for Milei, who prepares to seek reelection next year. The country has narrowed its financing options by holding off on a return to international bond markets.

"The Argentine passport is highly valued, accepted in more than 140 countries," Caputo said, referring to destinations Argentines can visit without obtaining a visa in advance — from China and Russia to the European Schengen area and most of Latin America.

Argentina would become the first South American country to offer citizenship-for-investment. Only about a dozen countries have such programs today, mostly small Caribbean states. Roughly 60 nations run the related "golden visa" residency tracks.

Who would buy an Argentine passport?

The clientele of these programs has shifted since the COVID-19 pandemic. More Americans and Europeans whose passports already offer extensive visa-free travel now seek a foothold abroad as an escape hatch in a time of geopolitical strain.

"It's not only the benefits that you get within Argentina," said Kristin Surak, a professor at the London School of Economics and author of "The Golden Passport: Global Mobility for Millionaires." "You also get benefits globally in terms of where you can go."

Christian Nesheim, editor of the trade journal Investment Migration Insider, framed the region as a hedge.

"The Southern Cone of South America is the ultimate Plan B destination," Nesheim said. "It's not on the way to anywhere strategically important. It's a region that's always staying out of global armed conflict."

Where did the idea come from?

Caputo said the concept emerged during Milei's July 2024 visit to Sun Valley, Idaho, where tech executives expressed interest in obtaining Argentine citizenship. The president has built ties with libertarian tech billionaires, including Elon Musk.

Another ideological ally, Palantir co-founder Peter Thiel, temporarily moved his family to Buenos Aires in April. Corporate records show a company linked to his investment firm, Thiel Capital, owns a $13.5 million mansion in the upscale Barrio Parque neighborhood. Thiel secured New Zealand citizenship in 2011 through a special exemption.

"I think that this 'Peter Thiel in Argentina' story is maybe a bit of a proof of concept (for the citizenship program)," said Philippe Amarante, managing partner and head of government advisory at Henley & Partners.

What are the risks?

Golden passport programs have long drawn criticism over corruption risk. The Financial Action Task Force, the global money-laundering watchdog, has warned that criminals exploit such schemes to launder money and evade justice. In April 2025, the European Union's top court ruled Malta's golden passport program unlawful, declaring that EU citizenship could not be sold.

Caputo pledged that intelligence and financial agencies will vet applicants' identities, criminal records, and sources of funds. The aim, he said, is to protect "the international standing of Argentine citizenship."