Argentina is launching a new citizenship-by-investment program, offering passports to wealthy foreigners in exchange for direct cash contributions or bond investments. President Javier Milei announced the initiative as part of a broader strategy to tackle the country's mounting sovereign debt. Economy Minister Luis Caputo unveiled the details of the "golden passport" scheme during an investor gathering in Paris, indicating that the application process is slated to open before the end of the year.
Under the newly designed program, wealthy applicants will have two primary financial pathways to secure Argentine citizenship. The first option requires a nonrefundable contribution of €311,000 directly to the Argentine Treasury. Alternatively, applicants can choose to invest €711,000 in a newly issued government bond, which must be held for a minimum of seven years. The required contribution amounts will scale upward based on family size; for instance, a family of four is expected to pay €444,000 to participate.
The push to secure foreign currency comes at a critical time for President Milei, who is preparing for a reelection campaign next year. Argentina's Treasury is facing approximately €22 billion in foreign-currency debt payments that are due to mature in 2027. Having limited its financing avenues by delaying a return to international bond markets, the administration is actively seeking alternative revenue streams. A consortium of investment firms advising the government has projected that the citizenship program could generate up to €2.2 billion for the cash-strapped nation, provided it attracts the targeted number of applicants.
While around 60 countries offer residency privileges through "golden visa" programs—including a "gold card" program launched in the United States last year by President Donald Trump—only about a dozen nations actively run citizenship-for-investment schemes. Argentina, a G-20 member with a population of 46 million, will become the first South American nation to offer such a program. Minister Caputo highlighted the strength of the Argentine passport, noting that it grants visa-free access to more than 140 countries, including the European Schengen area, China, Russia, and most of Latin America.
Industry experts suggest the program will hold strong appeal for wealthy individuals seeking global mobility or a secure backup plan. Kristin Surak, a professor at the London School of Economics and author of "The Golden Passport," noted that the program offers significant global travel and business advantages, particularly for individuals from countries facing strict visa regulations. Christian Nesheim, editor of the trade journal Investment Migration Insider, described the Southern Cone of South America as an attractive "Plan B" destination due to its self-sufficiency in food and energy, as well as its distance from global armed conflicts. Nuri Katz, president of Apex Capital Partners, predicted that wealthy Americans would view the passport as both an insurance policy and a high-end status symbol.
The concept for the program originated during Milei's July 2024 visit to Sun Valley, Idaho, where tech executives expressed interest in obtaining Argentine citizenship, according to Caputo. Milei, a self-described "anarcho-capitalist," has built strong relationships with prominent libertarian-leaning tech figures. Among them is Elon Musk, a vocal supporter of Milei's efforts to slash government spending. Another key ally is Palantir co-founder Peter Thiel, who temporarily relocated his family to Buenos Aires in April. Corporate records indicate that a firm linked to Thiel Capital owns a €12 million mansion in the exclusive Barrio Parque neighborhood of Buenos Aires. Philippe Amarante of the consultancy Henley & Partners suggested that Thiel's presence in Argentina serves as a "proof of concept" for the new passport initiative, demonstrating that wealthy individuals will choose environments that offer the right ecosystem.
Despite the potential financial windfall, such programs face intense international scrutiny. The Financial Action Task Force, a global watchdog, has repeatedly warned that golden passport schemes can be exploited by criminals to launder money, hide their identities, and evade justice. In April 2025, the European Union's top court declared Malta's golden passport program unlawful, ruling that EU citizenship cannot be sold. Addressing these integrity concerns, Caputo promised rigorous vetting of all applicants. He stated that Argentina's intelligence and financial oversight agencies will thoroughly verify the identities, criminal histories, and funding sources of applicants to protect the international reputation of Argentine citizenship.
So-called "golden visa" programs have become increasingly common among cash-strapped countries battling to attract deep-pocketed foreigners, with about 60 nations offering residency privileges in exchange for one-off investments. U.S. President Donald Trump launched his own "gold card" program for the U.S. last year.
"It’s not only the benefits that you get within Argentina," she said. "You also get benefits globally in terms of where you can go."
