Do you want to be an Argentinian citizen? There are 2 ways: ₹3.37 million payment or ₹7.71 million bond | “Golden Passport” Explained | Today’s news
Argentina has introduced a citizenship-by-investment program, popularly known as the “golden passport,” as the government of President Javier Milea seeks to bring more foreign capital to the country.
The program was unveiled in Paris on Friday and is expected to take effect in the fourth quarter. Argentina will become the first South American country to offer a citizenship by investment program and the largest country in the world by population and size to introduce such a system.
Under the new program, foreign applicants will have two investment paths to obtain Argentine citizenship.
Two investment options for applicants
The first option requires the lead applicant to make a non-refundable payment of $350,000 ( ₹3.37 million) to the Argentine treasury.
Applicants can include their families by paying an additional $100,000 ( ₹96.33 lakh) for spouse and $25,000 ( ₹24.08 lakh) for each child below 18 years of age. This means that a family of four would have to invest a total of $500,000 ( ₹4.82 trillion million), according to a statement issued by Argentina’s Ministry of Economy on Friday.
The second route involves the purchase of $800,000 ( ₹7.71 billion crowns) government bond, which will be specially issued for the citizenship program.
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According to the government, the money raised through both options will be used “to further strengthen the fiscal and financial position of the Argentine Republic.”
Citizenship applications are subject to security screening
After making the investment, applicants do not automatically obtain citizenship.
The government said each application would go through a “rigorous evaluation process designed to preserve national security, the integrity of the financial system and the international prestige of Argentine citizenship.”
The authorities have not yet said how long the approval process will take. The program will also include safeguards aimed at preventing money laundering.
Milei could face political opposition
The new citizenship scheme could face criticism from Milea’s political opponents, especially with Argentina’s presidential election due next year and nationalist sentiment growing in the country.
The government recently faced backlash over a proposal to make it easier for foreigners to buy farmland in Argentina. The bill had to be watered down significantly before being approved by the legislature.
The arrival of billionaire tech investor Peter Thiel also sparked protests and speculation. Thiel, who bought a house in Buenos Aires, has faced questions about whether wealthy foreign residents could gain influence over the president’s policy agenda.
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Part of a wider push to attract investors
The citizenship program is the latest step in Milea’s broader effort to make Argentina more attractive to foreign businesses and investors.
His government introduced corporate tax incentives and legal protections for large companies while passing major labor reforms and moving toward greater trade and deregulation.
However, capital controls and political uncertainty remain concerns for businesses considering investment in the country, especially ahead of next year’s elections.
(With input from Bloomberg)
