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.
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.
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. Contributions would increase depending on family size, with a family of four expected to pay €444,000, officials said.
Securing dollars is critical for Milei as he prepares to seek reelection next year. Argentina’s Treasury faces nearly €22 billion in foreign-currency debt payments coming due in 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.
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.
‘A kind of status symbol’
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. U.S. President Donald Trump launched his own “gold card” program for the U.S. last year.
Citizenship-for-investment programs go further, offering more rights and a passport that opens doors abroad. Only about a dozen countries have active programs, including small Caribbean island states.
“I think every wealthy American will consider this,” Nuri Katz, president of Apex Capital Partners, told 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. As in, ‘oh, you don’t 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.
“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.
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. “You also get benefits globally in terms of where you can go.”
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.
“The Southern Cone of South America is the ultimate Plan B destination. It’s not on the way to anywhere strategically important. It’s a region that’s always staying out of global armed conflict,” said Christian Nesheim, editor of Investment Migration Insider, a trade journal. “It’s self-sufficient when it comes to food, to 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. 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.
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.
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. Last year, he brandished a chainsaw gifted by the Argentine leader as a symbol of his own campaign to slash U.S. government spending.
Another ideological ally is Peter Thiel, a co-founder of software firm Palantir who temporarily moved his family to Buenos Aires in 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. Thiel also secured New Zealand citizenship in 2011, receiving a special exemption from the usual residency 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.
“He stands for this idea that independent, wealthy, successful people do have choices around the world. And if you provide the right environments and right habitats, the right ecosystem, they might choose you.”
Selling citizenship vulnerable to corruption
Golden passport programs have long drawn criticism over their vulnerability to 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.
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. Other countries have also scrapped cash-for-residency programs, citing concerns ranging from dirty money to housing affordability.
Caputo vowed to prevent such pitfalls, with intelligence and financial oversight agencies helping to vet applicants’ identities, criminal records and sources of funds.
The aim, he said, is to protect “the international standing of Argentine citizenship.”