Argentina Launches $350,000 Golden Passport Citizenship Scheme Argentina unveils its golden passport citizenship-by-investment programme, offering citizenship for a $350,000 contribution or an $800,000 bond investment, aiming to raise $2.5 billion. Argentina has announced a citizenship-by-investment programme that offers citizenship to wealthy foreigners in exchange for a non-refundable contribution of $350,000 to the Argentine Treasury or an $800,000 investment in a new government bond. 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. Argentina Golden Passport for Foreign InvestorsThe programme is designed to attract foreign investment and secure dollars for the debt-burdened nation. President Javier Milei hopes the initiative will help stave off recession and attract new foreign investment, with just over a year to go before the next presidential election.Applicants have two options: make a nonrefundable $350,000 contribution to the Argentine Treasury or invest $800,000 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 $500,000, officials said.A consortium of investment firms advising the government estimated that the paid-citizenship programme could raise up to $2.5 billion for Argentina if it receives the expected number of applicants.Milei Seeks Dollars to Avoid RecessionSecuring dollars is critical for Milei as he prepares to seek reelection next year. Argentina’s Treasury faces nearly $25 billion in foreign-currency debt payments coming due in 2027.Having narrowed its financing options by holding off on a return to international bond markets, the government is searching for alternative sources of revenue. The citizenship-for-investment programme is seen as a way to bring in much-needed foreign currency.Argentina, a G-20 nation of 46 million people, is set to become the first South American country to offer citizenship-by-investment. Only about a dozen countries have active programmes, including small Caribbean island states.Global Benefits of Argentine CitizenshipCaputo said the Argentine passport is highly valued and accepted in more than 140 countries, 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, 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.Surak noted that it is not only the benefits within Argentina but also global benefits in terms of where one can go. The clientele of such programmes has shifted since the Covid-19 pandemic, with more Americans and Europeans seeking a foothold abroad as an escape hatch amid geopolitical uncertainty.Argentina as a Plan B DestinationChristian Nesheim, editor of Investment Migration Insider, described the Southern Cone of South America as the ultimate Plan B destination. He said it is not on the way to anywhere strategically important and is a region that stays out of global armed conflict, and is self-sufficient in food and energy.Argentina, with a history of military coups, debt defaults and runaway inflation, 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 programme emerged during Milei’s July 2024 visit to Sun Valley, Idaho, when tech executives expressed interest in obtaining Argentine citizenship.Milei, a self-proclaimed anarcho-capitalist, has cultivated close ties with libertarian-minded tech billionaires such as Elon Musk, a vocal supporter of Milei's drive to shrink government. 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 $13.5 million mansion in the city’s upscale Barrio Parque neighbourhood. Thiel also secured New Zealand citizenship in 2011, receiving a special exemption from the usual residency requirements.