Argentina is preparing to launch a citizenship-by-investment (CBI) programme later this year that would allow wealthy foreign nationals to obtain citizenship through major financial contributions, according to a report by the Financial Times.
People familiar with the proposal say applicants could qualify by making a non-refundable donation of about US$500,000 or by purchasing approximately US$1 million in zero-coupon Argentine government bonds. The programme’s final terms are still being developed.
The initiative forms part of President Javier Milei’s broader strategy to attract foreign investment as Argentina seeks new sources of financing to meet significant debt repayments. The South American nation has remained largely excluded from international capital markets since restructuring its sovereign debt in 2020.
If introduced, Argentina would become one of the largest countries to offer citizenship through investment. An Argentine passport provides visa-free or visa-on-arrival access to nearly 170 destinations.
The proposal follows changes to Argentina’s citizenship rules introduced last year, although those reforms are currently facing legal challenges. Critics argue that the country’s constitution gives Congress, rather than the executive branch, the authority to regulate citizenship.
Supporters contend the programme could enhance Argentina’s appeal to wealthy individuals looking for greater international mobility and a stable jurisdiction amid global geopolitical uncertainty.
“There is simply nothing else like Argentina in the citizenship-by-investment market,” Eric Major, chief executive of consultancy Latitude Group, which advised the government on the programme, told the Financial Times.
However, the proposal has attracted criticism from legal experts and transparency advocates, who warn that citizenship-by-investment schemes can pose risks related to security, governance and oversight.
Paula Carello, an immigration lawyer and former official with Argentina’s citizenship office, said the potential risks outweighed the expected benefits.
“The many risks associated with this type of programme outweigh the benefits for a country of its size and profile,” she said.
Carello also questioned the process behind the proposal, saying: “Given it affects central aspects of nationality and citizenship, it is worrying that an initiative of this magnitude is moving forward without a broader political, academic and institutional debate.”
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