Argentina is offering citizenship for investment starting at the end of the year

From the end of the year, Argentina plans to offer Argentine citizenship to foreigners who invest at least $350,000 (around €311,000) in the country. The program to acquire citizenship in return for an “investment” provides for “two simple and transparent mechanisms,” the government of right-wing President Javier Milei announced on Saturday.

Investors would have to make a “direct and non-refundable payment of $350,000 to the state treasury” or purchase a “state security of $800,000” created specifically for this purpose, according to an official statement.

In order to extend the offer to spouses and children of the applicants, an additional $100,000 must be invested each - $25,000 for minors. According to the information, the program should start at the end of the year. The government explained that the income generated should further strengthen the country's budget and finances.

Milei, a radical free-market advocate, has cut government spending, deregulated the economy and reduced trade barriers to make Argentina more competitive. Investors are still taking a wait-and-see approach given the volatile economy, economist Marcelo Elizondo told the AFP news agency.

Economist and Milei critic Pablo Tigani fears that the new program could attract “drug traffickers and people of dubious origins” who are unwanted in other countries.