Argentina's Economy Minister Luis Caputo and Chief of Cabinet Diego Santilli announced the launch of an investment citizenship program during Argentina Week in Paris, with applications expected to open in Q4 2026. This is the first such program in South America. The legal basis was established in 2025, allowing eligible investors to apply for citizenship without a statutory residency requirement.

Main applicants have two pathways: a non-refundable donation of $350,000 to the national treasury or the purchase of $800,000 government bonds created specifically for this program. According to the Financial Times, these bonds are zero-coupon bonds. Spouses and unmarried children aged 18 to 25 without children must each donate an additional $100,000 to the treasury; children under 18 must each donate $25,000. For example, a main applicant with a spouse and two minor children would total $500,000 in donations.

The bonds only cover the main applicant. Based on industry estimates, if a family of four chooses the bond route, they would need to pay an additional $150,000 in treasury donations for family members, totaling $950,000. Funds must go through formal financial systems and comply with anti-money laundering, anti-terrorism financing, and financial transparency requirements. Payment does not guarantee approval; applicants must also pass national security, financial system integrity, and international reputation checks.

The government has hired an investment immigration advisory group to assist in the design. The advisory group estimates that the program could bring in about $2.5 billion over the next five years. Argentina has a population of approximately 46 million, larger than most countries that currently sell "golden passports." President Javier Milei's government views this program as one source of cash in dollars.

Since its 2020 debt restructuring, Argentina has remained shut out of international capital markets, needing to repay about $29 billion in dollar debt by the end of 2027. Donations go directly into the treasury, while bonds are issued specifically to applicants, both serving as a means to obtain dollars when public market bond issuance is blocked.

Buyers are foreign individuals and families seeking a second nationality, while sellers are the Argentine treasury and sovereign credit. The driving force is the debt repayment gap, not adjustments to immigration quotas. Funds flow from the applicant's dollar account to the treasury or dedicated bonds, benefiting the treasury that needs dollars for debt repayment; the pressure point is existing countries selling golden passports and third countries concerned about lax scrutiny harming visa reciprocity. Donations are non-refundable, and bonds lock in principal; what applicants purchase is the right to apply, not an active passport.

Source: Public Information