Argentina offers citizenship for $350,000 investment

Argentina will offer citizenship to foreigners who invest at least $350,000 in the country, President Javier Milei's government said Friday.

The Citizenship by Investment Program offers two routes to an Argentine passport: a direct, non-refundable $350,000 contribution to the National Treasury or subscription to an $800,000 government bond created for the scheme.

The government said spouses and children of applicants could also secure citizenship with a $100,000 Treasury contribution, or $25,000 for those under 18.

It said the money would be used to strengthen Argentina's fiscal and financial position. The economy ministry said on X that investments would face a rigorous evaluation process covering traceability of funds, prevention of money laundering and national security.

Economist Pablo Tigani, a frequent critic of Milei, warned that the scheme could attract people of dubious origin, including drug traffickers.

The announcement came as Milei met investors during Argentina Week in Paris. The government said he received several investment pledges, including $10 billion from TotalEnergies for oil and gas exploration in Patagonia and $4 billion from Glencore for a copper project.

The programme is slated for implementation later this year. It follows a Supreme Court decision upholding Milei's repeal of a 15-percent cap on foreign ownership of rural land.

According to the OECD, Argentina received $3.134 billion in foreign direct investment last year, far below Brazil's $76.877 billion and Mexico's $40.871 billion.