Want to be Argentine citizen? There are 2 routes: ₹3.37 crore payment or ₹7.71 crore bond | ‘Golden Passport’ Explained

Argentina has introduced a citizenship-by-investment programme, popularly known as a “golden passport”, as President Javier Milei’s government seeks to bring more foreign capital into the country.The programme was unveiled in Paris on Friday and is expected to come into effect in the fourth quarter. Argentina will become the first South American country to offer citizenship through an investment programme and, by population and size, the largest country in the world to introduce such a scheme.Under the new programme, foreign applicants will have two investment routes to obtain Argentine citizenship.Two investment options for applicantsThe first option requires the main applicant to make a non-refundable payment of $350,000 ( ₹3.37 crore) to Argentina’s national treasury.Applicants can include their families by paying an additional $100,000 ( ₹96.33 lakh) for a spouse and $25,000 ( ₹24.08 lakh) for each child below the age of 18.

This means a family of four would need to invest a total of $500,000 ( ₹4.82 crore), according to a statement issued by Argentina’s Economy Ministry on Friday.The second route involves purchasing an $800,000 ( ₹7.71 crore) government bond that will be specially issued for the citizenship programme.According to the government, money raised through either option will be used “to continue strengthening the fiscal and financial position of the Argentine Republic.”

Citizenship applications to undergo security checksApplicants will not automatically receive citizenship after making the investment.The government said every application will go through a “rigorous evaluation process designed to preserve national security, the integrity of the financial system and the international prestige of Argentine citizenship”. The authorities have not yet said how long the approval process will take.

The programme will also include safeguards aimed at preventing money laundering.Milei could face political oppositionThe new citizenship scheme could face criticism from Milei’s political opponents, particularly with Argentina’s presidential election due next year and nationalist sentiment growing in the country.The government recently faced resistance over a proposal aimed at making it easier for foreigners to buy farmland in Argentina.

The bill had to be significantly diluted before it was passed by lawmakers.The arrival of billionaire tech investor Peter Thiel has also triggered protests and speculation. Thiel, who bought a home in Buenos Aires, has faced questions over whether wealthy foreign residents could gain influence over the president’s policy agenda.Part of wider push to attract investorsThe citizenship programme is the latest step in Milei’s broader effort to make Argentina more attractive to foreign businesses and investors.His government has introduced corporate tax incentives and legal protections for large companies, while also passing major labour reforms and moving towards greater trade and deregulation.However, capital controls and political uncertainty remain concerns for businesses considering investment in the country, particularly ahead of next year’s elections.(

With inputs from news agency Bloomberg)