Argentina will become the first South American country to launch a "golden passport" program, granting citizenship to foreigners who pay a set amount of money.
The government said on the 2nd that it will introduce the program in the fourth quarter of this year as part of its efforts to attract foreign investment.
Smaller economies such as Montenegro have adopted similar schemes to shore up public finances and draw overseas capital, but Argentina is the first large economy to do so. It is the third-largest economy in Latin America.
Under the plan, foreigners can obtain citizenship either by making a contribution to the state worth hundreds of thousands of dollars or by purchasing government bonds.
The contribution has been set at $350,000 (about 470 million won) for the main applicant. Family members can apply at an additional cost of $100,000 for a spouse and $25,000 for each child under 18, bringing the total for a family of four to $500,000 (about 670 million won). The bond route is more expensive, requiring the purchase of $800,000 (about 1.08 billion won) in government debt per person.
The Economy Ministry said in a statement that applicants will undergo "a rigorous evaluation process designed to safeguard national security, the integrity of the financial system and the international standing of Argentine citizenship." It did not specify how long the review would take or how long the bonds must be held.
Since President Javier Milei took office in late 2023, his government has pursued fiscal austerity, deregulation and policies aimed at attracting foreign investment. The golden passport program is seen as part of that push.
It remains unclear, however, whether the proposal will clear the National Congress in its current form. Bloomberg said the plan could draw strong resistance from opposition parties amid a recent surge of nationalist sentiment tied to the territorial dispute over the Malvinas Islands, known as the Falkland Islands.
