The government of Argentine President Javier Milei is preparing a citizenship-by-investment program that could become one of the largest in the global “golden passport” market, according to the Financial Times.
According to sources, authorities are considering two options for investor participation: a non-refundable donation to a state fund in the amount of approximately $500,000, or the purchase of special zero-coupon sovereign bonds worth approximately $1 million.
It is expected that the funds raised could be used to service and repay Argentina’s national debt. Following its 2020 debt restructuring, the country continues to face limited access to international capital markets and is seeking additional sources of foreign currency inflows.
If the program is implemented, Argentina could become the largest G20 country to offer a direct path to citizenship through investment. This is particularly notable against the backdrop of a crackdown on “golden passports” in Europe, where such programs face political and legal pressure.
One of the key advantages of the Argentine passport is said to be its high level of global mobility. It provides visa-free access to nearly 170 countries, including the Schengen Area and the United Kingdom. For investors, this could make Argentina more competitive compared to smaller Caribbean and Pacific jurisdictions that have traditionally offered investment citizenship.
Another important condition may be the absence of a requirement for permanent residence in the country. For wealthy investors, this is crucial, as it allows them to obtain a passport without relocating and without automatically becoming full-fledged tax residents of Argentina.
However, the draft is not yet a definitively approved program. Details are still being finalized, and the initiative is already facing criticism within the country. Opponents point out that, according to the Argentine Constitution, citizenship matters must be regulated by Congress, not solely by presidential decrees.
There are also external risks. International partners are taking an increasingly critical view of citizenship-by-investment programs due to the risks of money laundering, sanctions evasion, and insufficient vetting of applicants. Previously, the United Kingdom restricted visa-free travel for a number of countries precisely because of concerns regarding their citizenship programs.
