Argentina's government has unveiled a plan to sell citizenship to wealthy foreigners, offering a fast track to a passport in exchange for cash or long-term bond investments. The scheme, presented by Economy Minister Luis Caputo at an investor event in Paris, is part of President Javier Milei's drive to secure fresh dollar inflows for a country that remains heavily indebted.
Under the proposal, applicants can either make a non-refundable contribution of €311,000 to the Argentine Treasury or invest €711,000 in a new government bond with a seven-year holding period. For a family of four, the cash contribution rises to €444,000, according to officials. Applications are expected to open before the end of the year.
The move comes as Argentina faces nearly €22 billion in foreign-currency debt payments due in 2027. With the government still shut out of international bond markets, it is exploring alternative revenue sources. A consortium of investment firms advising the government estimates the paid-citizenship program could generate up to €2.2 billion if it attracts the expected number of applicants.
A passport with global reach
Argentina would become the first South American country to offer citizenship for investment, joining a small group of nations that include several Caribbean island states. The Argentine passport already grants visa-free access to more than 140 countries, including China, Russia, the Schengen area, and most of Latin America.
For wealthy individuals from countries with restrictive passports, Argentine citizenship could open doors for travel and business. Kristin Surak, a professor at the London School of Economics and author of The Golden Passport: Global Mobility for Millionaires, noted that the benefits extend beyond Argentina itself. “You also get benefits globally in terms of where you can go,” she said.
The clientele for such programs has shifted since the COVID-19 pandemic, with more Americans and Europeans seeking a second passport as a hedge against geopolitical uncertainty. Christian Nesheim, editor of Investment Migration Insider, described the Southern Cone as “the ultimate Plan B destination” – a region that stays out of global conflicts and is self-sufficient in food and energy.
Argentina's history of military coups, debt defaults, and runaway inflation might seem an unlikely draw for investors seeking stability. But Milei is trying to recast the country as a haven for foreign capital, slashing public spending, deregulating the economy, and courting investment in its vast oil and mineral resources.
Caputo said the idea emerged during Milei's July 2024 visit to Sun Valley, Idaho, when tech executives expressed interest in obtaining Argentine citizenship. The president, a self-proclaimed anarcho-capitalist, has cultivated ties with libertarian-minded billionaires such as Elon Musk and Peter Thiel. Thiel, who holds New Zealand citizenship, moved his family to Buenos Aires in April and reportedly owns a €12 million mansion in the upscale Barrio Parque neighborhood.
Philippe Amarante, managing partner at Henley & Partners, a consultancy that helps clients obtain passports, sees Thiel's move as a proof of concept. “He stands for this idea that independent, wealthy, successful people do have options,” Amarante said.
While the scheme has its supporters, critics question whether selling citizenship undermines the value of the passport and whether it will truly solve Argentina's fiscal woes. The government, however, is betting that the allure of a versatile passport will attract enough takers to make a dent in its financing needs.
