Argentina will launch a citizenship-by-investment program

Argentina’s Minister of Economy Luis Caputo announced the launch of the program, Radio Liberty reported.

To qualify for citizenship, a foreigner will need to make a nonrefundable contribution of $350,000 or buy government bonds worth $800,000.

Along with the investor, spouses and children will be eligible for citizenship. For spouses and unmarried childless children aged 18 to 25, the additional contribution will be $100,000; for minors, $25,000.

Before granting citizenship, the authorities will check the applicant’s identity, the source of funds, assets and financial status, criminal record, reputation, and immigration history.

So-called “golden passports” give foreigners citizenship in exchange for investment in the country’s economy. Argentina will become the first country in South America with such a program.

In June, Financial Times wrote that the authorities expect to attract tens of billions of dollars this way, including to meet the country’s debt obligations. An Argentine passport allows visa-free entry to nearly 170 countries.

Sources

• Radio Liberty