Argentina on Friday announced plans to offer citizenship to wealthy foreigners in exchange for cash contributions or investments in government bonds, as libertarian President Javier Milei seeks new sources of dollars for the debt-burdened nation.
asserted
Milei → announce → nation
As an attempt to curb Argentina's debt, President Javier Milei announced a plan to give out passports to wealthy foreigners for cash or investments.
asserted
Milei → curb → cash
Economy Minister Luis Caputo unveiled the so-called "golden passport" scheme at an investor event in Paris, saying applications are expected to open before the end of the year.
asserted
applications → unveil → year
Applicants have two options: make a nonrefundable €311,000 contribution to the Argentine Treasury or invest €711,000 in a new government bond that must be held for seven years.
asserted
that → have → years
Contributions would increase depending on family size, with a family of four expected to pay €444,000, officials said.
asserted
officials → increase → 444,000
Securing dollars is critical for Milei as he prepares to seek reelection next year.
asserted
he → secure → reelection
Argentina’s Treasury faces nearly €22 billion in foreign-currency debt payments coming due in 2027.
asserted
Treasury → face → 2027
But having narrowed its financing options by holding off on a return to international bond markets, the government is searching for alternative sources of revenue.
asserted
government → narrow → revenue
A consortium of investment firms advising the government estimated that the paid-citizenship program could raise up to €2.2 billion for Argentina if it receives the expected number of applicants.
uncertain
it → advise → applicants
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.
asserted
nations → call → investments
U.S. President Donald Trump launched his own "gold card" program for the U.S. last year.
asserted
Trump → launch → U.S.
Citizenship-for-investment programs go further, offering more rights and a passport that opens doors abroad.
asserted
that → go → doors
Only about a dozen countries have active programs, including small Caribbean island states.
asserted
countries → have → states
"I think every wealthy American will consider this," Nuri Katz, president of Apex Capital Partners, told Forbes.
asserted
Katz → think → Forbes
"It’s so unique that it’ll be seen both as an insurance policy and as a kind of a status symbol, like the Amex Black Card.
asserted
it → ’ → Card
As in, ‘oh, you don’t have Argentina.
asserted
you → have → Argentina
Argentina, a G-20 nation of 46 million people home to a vast Patagonian wilderness and culturally vibrant capital, is set to become the first South American country to join their ranks.
asserted
Argentina → set → ranks
"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.
asserted
Argentines → value → America
For wealthy people from countries that face visa restrictions, whether in Southeast Asia or the Arab world, Argentine citizenship could make it easier to travel and do business internationally, 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," she said.
uncertain
she → face → Argentina
"You also get benefits globally in terms of where you can go."
asserted
you → get → terms
Plan B passport
The clientele of such programs has shifted since the COVID-19 pandemic, industry experts say, with more Americans and Europeans — whose passports already offer extensive visa-free travel — seeking a foothold abroad as an escape hatch at a time of mounting geopolitical uncertainty.
asserted
passports → shift → uncertainty
It’s not on the way to anywhere strategically important.
asserted
It → ’ → anywhere
It’s a region that’s always staying out of global armed conflict,” said Christian Nesheim, editor of Investment Migration Insider, a trade journal.
asserted
Nesheim → ’ → Insider
"It’s self-sufficient when it comes to food, to energy."
asserted
it → ’ → energy
A country with a history of military coups, debt defaults and runaway inflation that long sent its own business elite seeking opportunities abroad might seem an unlikely refuge for investors chasing stability.
uncertain
elite → send → stability
But Milei is trying to recast Argentina as a destination for foreign wealth, slashing public spending, dismantling regulations and courting investment in the country’s vast oil and mineral resources.
asserted
Milei → try → resources
Caputo said the idea for the citizenship-for-investment program emerged during Milei’s July 2024 visit to Sun Valley, Idaho, when tech executives expressed interest in obtaining Argentine citizenship.
asserted
executives → say → citizenship
A self-proclaimed "anarcho-capitalist," Milei has cultivated close ties with libertarian-minded tech billionaires such as Elon Musk, a vocal supporter of Milei's drive to shrink government.
asserted
Milei → proclaim → government
Last year, he brandished a chainsaw gifted by the Argentine leader as a symbol of his own campaign to slash U.S. government spending.
asserted
he → brandish → spending
Another ideological ally is Peter Thiel, a co-founder of software firm Palantir who temporarily moved his family to Buenos Aires in April.
asserted
who → move → April
Corporate records obtained by The Associated Press show that a company linked to his investment firm, Thiel Capital, owns a €12 million mansion in the city’s upscale Barrio Parque neighborhood.
asserted
company → obtain → neighborhood
Thiel also secured New Zealand citizenship in 2011, receiving a special exemption from the usual residency requirements.
asserted
Thiel → secure → requirements
"I think that this 'Peter Thiel in Argentina' story is maybe a bit of a proof of concept (for the citizenship program)," said Philippe Amarante, managing partner and head of government advisory at Henley & Partners, a consultancy that helps clients obtain passports around the globe.
asserted
clients → think → globe
"He stands for this idea that independent, wealthy, successful people do have choices around the world.
asserted
people → stand → world
And if you provide the right environments and right habitats, the right ecosystem, they might choose you.
uncertain
they → provide → you
"
Selling citizenship vulnerable to corruption
Golden passport programs have long drawn criticism over their vulnerability to corruption.
asserted
programs → sell → corruption
The Financial Action Task Force, the global money-laundering watchdog, has warned that criminals exploit citizenship and residency programs to conceal their identities, launder illicit wealth and evade justice.
asserted
criminals → launder → justice
In a blow to the investment migration industry, the European Union’s top court ruled Malta’s golden passport program unlawful in April 2025, declaring that EU citizenship could not be sold.
uncertain
citizenship → rule → April
Other countries have also scrapped cash-for-residency programs, citing concerns ranging from dirty money to housing affordability.
asserted
countries → scrap → affordability
Caputo vowed to prevent such pitfalls, with intelligence and financial oversight agencies helping to vet applicants’ identities, criminal records and sources of funds.
asserted
agencies → vow → funds
…and 1 more, not listed.
The Aporia
