Argentina announced on Friday that it will grant citizenship to wealthy foreign investors who make cash contributions or buy government bonds.
The program is part of President Javier Milei's push to secure foreign currency for the debt-burdened nation.
Economy Minister Luis Caputo presented the plan at an investor conference in Paris.
He said applications are expected to open before the end of the year.
Applicants can choose a nonrefundable €311,000 contribution to the Argentine Treasury or a €711,000 investment in a new seven-year government bond.
The contribution amounts increase based on family size.
Securing US dollars remains crucial for Milei as Treasury payments on foreign-currency debt near €22 billion in 2027.
International bond market financing remains on hold.
Advisory firms estimate the program could generate up to €2.2 billion if applicant targets are met.
That would make Argentina the first South American country to launch a citizenship-by-investment scheme.
Global Mobility and Security Checks
Caputo highlighted the global mobility benefits for investors from restricted nations.
"The Argentine passport is highly valued, accepted in more than 140 countries," he said.
He noted the initiative originated during Milei's July 2024 trip to Sun Valley, Idaho, after interest from technology executives.
Addressing concerns about potential illicit financial activity, Caputo committed to strict security measures.
Intelligence and financial oversight agencies will help vet applicants' identities, criminal records and sources of funds.
Academic research indicates the appeal of such programs extends beyond local borders to international flexibility.
"It's not only the benefits that you get within Argentina," said Kristin Surak, a professor at the London School of Economics.
"You also get benefits globally in terms of where you can go," she said.
Industry analysts note growing demand among Western citizens seeking secondary passports during periods of geopolitical instability.
"I think every wealthy American will consider this," said Nuri Katz, president of Apex Capital Partners.
"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," Katz said.
Trade experts highlight the unique geopolitical appeal of the region for foreign investors.
"The Southern Cone of South America is the ultimate Plan B destination," said Christian Nesheim, editor of Investment Migration Insider.
"It's not on the way to anywhere strategically important. It's a region that's always staying out of global armed conflict," he said.
"It's self-sufficient when it comes to food, to energy," Nesheim said.
Advisory firms point to high-profile foreign figures establishing a presence in Buenos Aires as potential models for the program.
"I think that this 'Peter Thiel in Argentina' story is maybe a bit of a proof of concept," said Philippe Amarante, managing partner at Henley & Partners.
"He stands for this idea that independent, wealthy, successful people do have choices around the world," Amarante said.
