Debt-saddled Argentina pitches 'golden passport' scheme to woo wealthy foreigners

Key Points:

• Argentina's President Javier Milei announced a "golden passport" program to attract wealthy foreigners by offering citizenship in exchange for a nonrefundable contribution of €311,000 or a €711,000 investment in government bonds, aiming to raise up to €2.2 billion to address the country's debt crisis.
• The program, expected to launch by the end of 2025, targets investors seeking global mobility and a stable "Plan B" destination, capitalizing on Argentina's visa-free access to over 140 countries and its appeal amid geopolitical uncertainties.
• Argentina will be the first South American country to offer such a citizenship-for-investment scheme, joining a limited group of nations with similar programs, while the government emphasizes strict vetting processes to prevent corruption and protect the integrity of Argentine citizenship.
• The initiative aligns with Milei's broader economic reforms focused on reducing public spending and attracting foreign investment, supported by libertarian tech billionaires like Elon Musk and Peter Thiel, who have shown interest in Argentina as a destination for wealth and innovation.
• Despite criticisms of golden passport programs globally due to risks of money laundering and fraud, Argentina's government pledges rigorous oversight to ensure transparency and uphold the country's international reputation.