Argentina is set to offer citizenship to foreign investors through a new investment programme as President Javier Milei's government seeks to attract overseas capital and strengthen the country's finances.
The programme, unveiled in Paris, is expected to take effect in the fourth quarter. It offers foreign applicants two investment routes to seek Argentine citizenship.
Under the first route, the main applicant must make a non-refundable payment of $350,000, or around Rs 3.37 crore, to Argentina's national treasury. Applicants can also include family members by paying an additional $100,000 for a spouse and $25,000 for each child under 18.
A family of four would therefore need to commit $500,000, equivalent to around Rs 4.82 crore, under this route.
The second option requires applicants to purchase an $800,000 government bond, worth around Rs 7.71 crore. The bond will be issued specifically for the citizenship programme.
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Argentina's Economy Ministry said funds raised through the two routes will be used to strengthen the country's fiscal and financial position.
However, making the investment will not result in automatic citizenship. Applicants will face a security and financial assessment designed to protect national security, the integrity of the financial system and the standing of Argentine citizenship. Authorities also plan safeguards against money laundering.
The government has not yet disclosed how long applicants will have to wait for approval.
The programme forms part of Milei's broader strategy to attract foreign investment. His administration has pursued tax incentives, protections for large investments, labour reforms and deregulation to make Argentina more attractive to international businesses.
The citizenship plan could nevertheless face political resistance. Argentina is heading towards a presidential election next year, while opponents have already challenged policies aimed at increasing foreign participation in the country.
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Concerns over foreign ownership have also surfaced around proposed changes to farmland rules, while the arrival of billionaire investor Peter Thiel in Buenos Aires has generated political debate.
The new citizenship programme therefore represents both an investment drive and a politically sensitive attempt to attract foreign capital.
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