Argentina Unveils Citizenship by Investment Program
Is this program smart diversification for global investors or a passport for sale to the highest bidder?
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Above: An Argentine passport seen on a desk on Feb. 13, 2023. Image credit: Florencia Martin/picture alliance/Getty Images
The Facts
- Argentina's Economy Minister Luis Caputo announced the launch of a citizenship by investment program on Friday, the final day of the so-called Argentina Week investor event in Paris, adding that applications are expected to open this year.
- Under the program, foreigners can choose between a nonrefundable $350,000 donation or the purchase of a seven-year, no-interest $800,000 government bond. Spouses and unmarried adult children aged up to 25 without children must contribute with further a $100,000 each, while each minor pays $25,000.
- The Argentine passport grants visa-free access to its holder to more than 140 countries, including China, Europe's Schengen area and Russia, as well as the right to live and work across most of South America.
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The Spin
Pro-government narrative
A second passport is smart risk management, and Argentina just built the best one on the market. Spreading citizenship across continents makes as much sense as spreading a portfolio across markets, especially with the U.S. dollar sitting on a mountain of debt. Add Mercosur mobility and a G20 passport, and this beats any gold card gimmick.
Government-critical narrative
Nationality should never come with a price tag and a checkout counter. Selling it off hands tech billionaires a shortcut to Patagonian land and data center sites while ordinary migrants who actually live and work in the country get buried in paperwork and denials. Money laundering watchdogs have flagged these schemes elsewhere for good reason.