Argentina has unveiled a "golden passport" programme under which foreigners can obtain citizenship by investing in the country, the Buenos Aires Times reported.

The government of President Javier Milei announced the scheme on Friday in Paris. It takes effect in the fourth quarter, according to a statement from the Economy Ministry cited by the newspaper.

Applicants can choose between two routes. The first is a non-refundable payment of US$350,000 to the national treasury by the principal applicant. A spouse would pay an additional US$100,000 and each child under 18 US$25,000, so a family of four would pay US$500,000 in total. The second route is to purchase a US$800,000 government bond created specifically for the programme.

The ministry said all funds would go towards strengthening Argentina's fiscal and financial position. Applications will face a "rigorous evaluation process" to protect national security, the integrity of the financial system, and the international prestige of Argentine citizenship. The programme will also include anti-money laundering measures. The statement did not say how long an application would take.

The Buenos Aires Times described it as the first such programme in South America and the largest country in the world to adopt one. Montenegro, with a population of 628,000, was previously the largest.

Nuri Katz, president of Apex Capital Partners, which advised the government on the scheme, said Argentina was the first G20 country to allow investors to receive citizenship to encourage foreign direct investment. "It's the first, but I don't think it will be the last," he said. He expects US and European citizens to be the main buyers.

David Lincoln, chief executive of the immigration consultancy Lincoln Global Partners, said the higher price compared with some Caribbean programmes, which offer citizenship to families from US$250,000, was justified by Argentina's size, culture, and quality of living.

Globally, buyers of second citizenship have mainly been nationals of Asian, African, and Eastern European countries seeking visa-free travel to the European Union and elsewhere, the newspaper said. It noted that the programme could pose a challenge to five Caribbean nations that rely on citizenship sales for a large share of their revenue.

The newspaper said the scheme is likely to meet opposition from Milei's political opponents ahead of next year's presidential elections, amid a rise in nationalist sentiment. A bill easing foreign purchases of farmland had to be watered down before lawmakers passed it, and the arrival of billionaire investor Peter Thiel, who bought a house in Buenos Aires, has drawn protests, it said.

The programme is part of Milei's wider effort to attract foreign investors, which has included corporate tax breaks, legal guarantees for large companies, a labour reform and trade deregulation. Capital controls and political uncertainty have kept many companies on the sidelines, the report said.

Source: Buenos Aires Times