Economy Minister Luis Caputo announced at the "Argentina Week" event in Paris on Friday, October 2, that Argentina will launch South America's first citizenship-by-investment program, with applications opening in the fourth quarter of 2026. The legal framework was established in 2025; Caputo's announcement answered the two biggest outstanding questions — how much, and when. Chief of Cabinet Diego Santilli appeared alongside him, and Nuri Katz, founder of Apex Capital Partners, attended as a representative of the international group advising Argentina on the program's development.
Option one: a non-refundable $350,000 contribution to the National Treasury (about €311,000). Option two: purchase of an $800,000 government bond created specifically for the program — expected to carry a seven-year term and pay no interest. Both routes channel capital through Argentina's formal financial system, and the government says the money raised will support the country's fiscal and financial position.
A spouse and each qualifying child aged 18 to 25 who is single and childless add $100,000 each; children under 18 add $25,000 each. The government's example: a principal applicant with a spouse and two children under 18 would pay $500,000 total under the donation route. All funds must pass through the formal financial system, and applicants face vetting by intelligence and financial-oversight agencies to verify identities and the source of funds and to guard against money laundering.
The timing is telling. Advisers told the government the scheme could raise up to $2.5 billion if uptake meets targets — while Argentina faces nearly $25 billion in foreign-currency payments due in 2027, the same year President Javier Milei is likely to seek reelection. Monthly inflation has fallen from 25.5% when Milei took office in December 2023 to 1.7% in August, thanks to deep austerity and the generous RIGI large-investment incentive regime. But investors are watching for signs Milei may struggle to sustain the fiscal tightening, which could pressure the peso and unsettle markets. The government needs dollars, urgently.
The criticism is loud. Critics and international watchdogs warn the plan risks attracting illicit money and damaging Argentina's reputation — the EU court's ruling against Malta's similar program is the ready-made counterexample. Domestic opposition to Milei's pro-foreign-investment moves was already simmering; selling passports will pour fuel on it.
Whether an Argentine passport is worth $350,000 is a matter of opinion. For the Milei government, though, this is first and foremost emergency dollars — the passport is just the packaging.