Buenos Aires (Argentina) (AFP) – Argentine President Javier Milei’s government said Friday that the country would offer citizenship to foreigners who invest at least $350,000 in the country. South America’s second-largest economy attracted the lowest level of foreign direct investment of any major Latin American economy in 2025, according to the Organization for Economic Cooperation and Development (OECD).
The Citizenship by Investment Program announced by the government proposes two “simple and transparent mechanisms” for obtaining an Argentine passport. Investors can either make a “direct, non-refundable contribution of $350,000 to the National Treasury” or “subscribe to an $800,000 government bond created specifically” for the purpose. The spouses and children of applicants can also secure citizenship, in exchange for a contribution of $100,000 to the Treasury, or $25,000 if they are under 18 years of age.
“The resources obtained will be used to continue strengthening the fiscal and financial position of the Argentine Republic,” the government said. Writing on X, the economy ministry said that the investments would be subject to a “rigorous evaluation process (…) guaranteeing the traceability of funds, the prevention of money laundering, and national security.”
The program comes days after the Supreme Court abolished limits on the purchase of rural land by foreigners. The court on Tuesday upheld a 2023 decree by Milei repealing a 15-percent cap on foreign ownership of such land in place since 2011. Veterans of Argentina’s 1982 war with Britain over the Falkland Islands — known to Argentines as Las Malvinas — had bitterly opposed the decree, accusing Milei of “putting the Republic of Argentina up for sale.”
A demonstration has been called for next week to condemn the change in the land ownership law, which the opposition will seek to block in Parliament. According to the OECD, Argentina received $3.134 billion in foreign direct investment last year, a fraction of $76.877 billion attracted by Brazil and the $40.871 billion secured by Mexico.
© 2024 AFP
