Argentina Government Unveils “Golden Passport” Program to Attract Foreign Investment
On Friday, October 2nd, the Argentine government announced a new investment citizenship program called the “Golden Passport” in Paris, France. This initiative, spearheaded by President Javier Milei, aims to attract foreign investment to the country.
This new program marks the first investment citizenship program in South America and positions Argentina as the largest investment citizenship country in the world. Set to take effect in the fourth quarter of this year, foreigners will have two ways to obtain Argentine citizenship.
The first option requires the main applicant to pay a non-refundable fee of $350,000 to the Argentine government. Additionally, spouses must pay an extra $100,000, while children under 18 years old need to pay $25,000 each. According to a statement released by the Ministry of Economy on Friday, a family of four would need to pay a total of $500,000.
Alternatively, applicants can purchase $800,000 worth of special government bonds, with the funds intended to “further strengthen the financial and fiscal strength of the Argentine Republic.”
The statement emphasizes that all applications will undergo a rigorous evaluation process aimed at maintaining national security, integrity of the financial system, and international reputation of Argentine citizenship. However, the statement does not specify the duration of the application process. The program will include measures to prevent money laundering.
Supporters of citizenship and visa programs welcome this announcement from Argentina, highlighting the country’s distance from global conflicts and the allure of Buenos Aires.
David Lincoln, CEO of international immigration consultancy firm Lincoln Global Partners, notes that compared to some Caribbean nations offering investment migration programs for $250,000, Argentina’s vast land area, culture, and quality of life justify the $350,000 price tag.
“This is not just a premium second passport. It’s a complete alternative that meets all conditions,” Lincoln explains. “Argentina is a country people genuinely want to immigrate to, or at least have the option to move to Argentina.”
Five countries in the Caribbean region sell golden visas and rely on this income to sustain their economies. Argentina’s immigration program may pose a threat to these smaller nations.
Traditionally, passport sales have been the exclusive domain of small countries lacking natural resources and foreign investment. Until now, Montenegro has been the largest country selling “Golden Passports,” with a population of 628,000.
Nuri Katz, President of Apex Capital Partners, states, “Argentina is by far the largest country in the world to implement such a program.” Apex Capital Partners has provided consulting services to the Argentine government for this project.
The Argentine Golden Passport could attract buyers from a diverse range of backgrounds. Katz predicts that the main clients will be from the United States and European countries.
Globally, the primary buyers of second citizenship are often citizens of Asian, African, and Eastern European countries who view such programs as a pathway to visa-free travel in the EU and other regions.
With the Argentine presidential election a year away and rising nationalist sentiments within the country in recent months, President Milei’s opponents may oppose this passport program.