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Argentina unveils passports-for-investment scheme
Confirmed
In Short: Argentina's government unveiled a citizenship-by-investment program, or 'golden passport,' aimed at boosting foreign direct investment.
Argentina's government unveiled a citizenship-by-investment program, or 'golden passport,' on Friday in Paris, as part of President Javier Milei's efforts to attract foreign investment. The program, which takes effect in the fourth quarter, offers two options for foreigners to secure citizenship.
According to the Organization for Economic Cooperation and Development (OECD), Argentina received $3.134 billion in foreign direct investment last year, a fraction of the $76.877 billion attracted by Brazil. The new program is the first of its kind in South America and the largest country to adopt such a scheme.
Veterans of Argentina's 1982 war with Britain over the Falkland Islands, known to Argentines as Las Malvinas, have opposed the decree, accusing Milei of 'putting the Republic of Argentina up for sale.' A demonstration is planned for next week to condemn the change in land ownership laws.
David Lincoln, chief executive of Lincoln Global Partners, an international immigration consulting firm, said Argentina's size, culture, and quality of living justify the higher price tag compared to other countries offering citizenship for investment.
Nuri Katz, president of Apex Capital Partners, which advised the Argentine government on the program, noted that Argentina is the first G20 country to realize the value of allowing investors to receive citizenship as a way to encourage direct foreign investment.
Applicants will undergo a rigorous evaluation process before being granted citizenship under the new program.
What this adds
The exact cost and requirements for the citizenship-by-investment program have not been disclosed.
The program's impact on Argentina's economy and political landscape remains to be seen.
What's confirmed
- 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 Get in touch to discover how AFP's content, services and global network can support your newsroom or organization.
- 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.
What's still developing
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- But a year out from Argentina’s presidential elections, the passport programme is bound to run into pushback from Milei’s political opponents amid a wave of nationalist sentiment in recent months.
- A bill to make it easier for foreigners to purchase farmland in Argentina had to be gutted before lawmakers passed it.