Argentina announced a "golden passport" programme offering citizenship to wealthy foreigners for a US$350,000 contribution to the Treasury or an US$800,000 bond investment, with applications expected to open before the end of the year. Economy Minister Luis Caputo unveiled the scheme at an investor event in Paris, presenting it as a new source of dollars for the debt-burdened nation led by libertarian President Javier Milei.

What are the two routes to Argentine citizenship?

Applicants choose between two options:

• A non-refundable US$350,000 contribution to the Argentine Treasury
• An US$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 is expected to pay US$500,000.

Who is affected and why now?

The programme targets deep-pocketed foreigners, and the government needs the revenue. Argentina's Treasury faces nearly US$25 billion in foreign-currency debt payments coming due in 2027, and the government has held off returning to international bond markets, narrowing its financing options.

Securing dollars is also critical for Milei as he prepares to seek re-election next year. A consortium of investment firms advising the government estimated the programme could raise up to US$2.5 billion if it receives the expected number of applicants.

Argentina, a G-20 nation of 46 million people, would become the first South American country with an active citizenship-for-investment programme. Only about a dozen countries run such schemes today, mostly small Caribbean island states, while around 60 nations offer residency privileges in exchange for one-off investments. US President Donald Trump launched his own "gold card" programme for the US last year.

How powerful is the Argentine passport?

"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 Europe's Schengen area and most of Latin America.

For wealthy nationals of countries facing visa restrictions, whether in Southeast Asia or the Arab world, Argentine citizenship could ease international travel and business, said Kristin Surak, a professor at the London School of Economics and author of The Golden Passport: Global Mobility for Millionaires.

"It's not only the benefits that you get within Argentina," Surak said. "You also get benefits globally in terms of where you can go."

Industry experts note the clientele has shifted since the COVID-19 pandemic, with more Americans and Europeans seeking a foothold abroad amid geopolitical uncertainty. "The Southern Cone of South America is the ultimate Plan B destination," said Christian Nesheim, editor of Investment Migration Insider. "It's self-sufficient when it comes to food, to energy."

How will Argentina vet applicants?

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

Caputo vowed to prevent such pitfalls, saying intelligence and financial oversight agencies will help vet applicants' identities, criminal records and sources of funds. The aim, he said, is to protect "the international standing of Argentine citizenship".

Caputo added that the idea emerged during Milei's July 2024 visit to Sun Valley, Idaho, when tech executives expressed interest in obtaining Argentine citizenship. Readers should monitor official Argentine government channels for the application launch and full eligibility rules.