Pay for passports: Milei government unveils citizen by investment scheme

President Javier Milei's government says Argentina will offer citizenship to foreigners who invest at least US$350,000 in the country, with applications to open during the fourth quarter of 2026.

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 Organisation for Economic Cooperation and Development (OECD).

The "Citizenship by Investment Programme" was unveiled in Paris by Cabinet Chief Diego Santilli and Economy Minister Luis Caputo at Argentina's Embassy in Paris during the 'Argentina Week' investment roadshow.

The programme proposes two "simple and transparent mechanisms" for obtaining Argentine citizenship. Investors can either make a "direct, non-refundable contribution of US$350,000 to the National Treasury" or "subscribe to an US$800,000 government bond created specifically" for the purpose, according to a government statement.

The scheme also covers spouses and children. Spouses and children aged between 18 and 25 can apply for citizenship in exchange for a US$100,000 contribution to the Treasury, provided they are single and have no children, while the contribution for children under 18 is US$25,000.

"The resources obtained will be used to continue strengthening the fiscal and financial position of the Argentine Republic," the government said.

All funds must be channelled through the formal financial system and comply with rules on money-laundering prevention, terrorist financing and financial transparency.

Writing on X, the Economy Ministry said the investments would be subject to a "rigorous evaluation process ... guaranteeing the traceability of funds, the prevention of money-laundering, and national security."

Caputo said the initiative would also guarantee "financial transparency and risk management, aligned with the recommendations of the OECD and the Financial Action Task Force,, the G7-backed body that works to combat money-laundering and terrorist financing.

Applications will be assessed by the Agency for Citizenship by Investment Programmes, with the involvement of specialised government bodies including the SIDE intelligence services, UIF money-laundering watchdog and the Security and Interior ministries.

The screening process will include identity checks, verification of the origin and legality of funds, financial and asset analysis, criminal and reputational background checks and a review of applicants' migration histories. The agency will then send its recommendation to the National Directorate of Migration, which will approve or reject each application.

The pay-for-passport scheme was announced during Milei's visit to France for 'Argentina Week' roadshow, during which French energy giant TotalEnergies announced a US$10-billion investment in the coming years.

The announcement comes days after a Supreme Court ruling cleared the way for the government to lift restrictions on the purchase of rural land by foreigners. 

The court on Tuesday overturned a lower-court ruling that had blocked a provision of Milei's sweeping 2023 emergency decree repealing the 2011 Ley de Tierras Rurales (Rural Land Law).

The law had limited foreign ownership to 15 percent of rural land nationally and at provincial and municipal level, while also imposing restrictions on individual foreign owners and the amount held by citizens of any one country.

The Supreme Court did not rule on the constitutionality of Milei's repeal, instead finding that a Malvinas War veterans' group which brought the case lacked legal standing. The decision nevertheless means the decree repealing the restrictions is once again in force.

A demonstration has been called for next week to condemn the measure, while the opposition will seek to block it in Congress.

According to the OECD, Argentina received US$3.134 billion in foreign direct investment last year, a fraction of the US$76.877 billion attracted by Brazil and the US$40.871 billion secured by Mexico.