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. 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.
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." 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.
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