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Argentina launches citizenship-by-investment program

Argentina launches citizenship-by-investment program

Rule Changes

First G20 country to sell passports: $350,000 contribution or $800,000 bond

4 days ago: Program announced at Argentina Week in Paris

Overview

Updated Yesterday

Argentina will sell citizenship to foreigners who pay $350,000 into the national treasury or buy an $800,000 government bond. Economy Minister Luis Caputo announced the program October 2 at Argentina Week in Paris, with applications opening in the fourth quarter of 2026.

The program is the first of its kind in South America and the first for a G20 country. It is also the first to recognize same-sex married couples. The government says the money will strengthen its fiscal position, but the program faces legal and reputational questions.

Why it matters

Argentina becomes the first G20 nation to sell citizenship, letting wealthy foreigners buy a passport while the government raises cash to shore up its finances.

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Key Indicators

$350,000
Minimum contribution to the National Treasury
Non-refundable payment for a single applicant; spouses add $100,000, children under 18 add $25,000.
$800,000
Government bond option
Seven-year, no-interest treasury bond created specifically for the program.
$500,000
Family of four total cost
Main applicant, spouse, and two minor children, per the Economy Ministry's example.
$2.5B
Potential revenue estimate
Projection from a consortium of five investment-migration advisory firms that consulted the government.
7 years
Bond holding period
Investors must hold the $800,000 bond for seven years with no interest.

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People Involved

Organizations Involved

Timeline

June 2025 October 2026

4 events Latest: 4 days ago
Tap a bar to jump to that date
  1. Program announced at Argentina Week in Paris

    Latest Policy

    Caputo and Santilli announced the program; applications open in Q4 2026.

Scenarios

1

Argentina grants first citizenship-by-investment passports

Likely Resolves by Q2 2027

Discussed by: Buenos Aires Herald, government officials

Applications open in Q4 2026 as planned. The National Directorate of Migration has 30 business days to rule on each application after the agency's recommendation. If the program survives legal challenges, the first citizenships could be granted by early 2027.

2

Court voids the program before it launches

Possible Resolves by Q2 2027

Discussed by: The Legation Times, legal analysts

A June 30, 2026 ruling by the National Electoral Chamber already declared Decree 366/2025 void in one case. If that ruling expands, or if Congress formally rejects the decree, the program could be suspended before accepting applications. The decree remains pending before the Senate's bicameral committee.

3

Program launches but draws few applicants

Possible Resolves by End of 2027

Discussed by: Financial Action Task Force warnings, Fortune

FATF has warned that citizenship-by-investment programs attract criminals seeking to launder money. Reputational concerns and the $350,000 price tag could deter applicants, leaving the program far short of the $2.5 billion estimate from the advisory consortium.

Historical Context

3 moments from history that rhyme with this story — and how they unfolded.

1984-present

St. Kitts and Nevis citizenship-by-investment (1984)

The Caribbean nation of St. Kitts and Nevis launched the world's first citizenship-by-investment program in 1984, allowing foreigners to buy a passport for a contribution to the government. The program became a major revenue source for the small island nation.

Then

The program attracted investors and became a model for other Caribbean states.

Now

It remains one of the longest-running such programs, though it has faced repeated criticism over due diligence and security.

Why this matters now

St. Kitts established the model Argentina is now adopting, showing that citizenship can be sold as a revenue-generating product.

2020

Cyprus golden passport scandal (2020)

Cyprus suspended its citizenship-by-investment program in 2020 after an Al Jazeera investigation showed that criminals and sanctioned individuals had obtained passports. The European Union pressured Cyprus to end the program.

Then

Cyprus revoked some citizenships and ended the program.

Now

The scandal became a cautionary tale for citizenship-by-investment programs worldwide.

Why this matters now

It illustrates the reputational and regulatory risks Argentina now faces, particularly with FATF scrutiny of such programs.

2012-2023

Portugal golden visa (2012-2023)

Portugal launched its golden visa program in 2012 during the European debt crisis, offering residency to foreigners who invested in real estate or other assets. It attracted billions in investment, mostly from Chinese and Brazilian buyers.

Then

The program raised significant funds and boosted the real estate market.

Now

Portugal ended the real estate route in 2023 amid housing affordability concerns.

Why this matters now

Portugal shows how a large program can raise substantial funds but also face political backlash over its side effects.

Sources

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