Argentina’s bet: A citizenship-by-investment program for Latin America

Argentina is close to launching what would be Latin America’s only viable citizenship-by-investment (CBI) program. While Panama offers residency through investment and other small Caribbean countries have CBI programs, no major country in the region currently offers a structured path to citizenship in exchange for foreign capital.

If implemented as announced, Argentina would be the only mid-sized G20 economy to offer such a passport program. It could position the country as a new hub for investors seeking global citizenship alternatives.

Executive action signals policy shift

Through a recent executive order, President Javier Milei’s administration established the legal framework for a CBI pathway. A specialized office within the Ministry of Economy is being created to regulate the program and evaluate applicants. Although the final investment threshold has yet to be published, policy discussions suggest a minimum between US$250,000 and US$500,000.

Unlike other CBI programs, Argentina’s initiative would not offer a passive route. Qualifying investments must have a productive impact, such as creating jobs, generating exports, or supporting key sectors like agribusiness, clean energy, tech, and tourism.

Judicial reform to streamline Argentine citizenship

A significant accompanying reform is the transfer of jurisdiction over citizenship issuance from federal courts to Argentina’s National Immigration Service (Dirección Nacional de Migraciones), an executive branch agency.

Previously, applicants for naturalization—even after years of legal residency—had to file a case in federal court, often waiting years for adjudication. With this move, the government intends to eliminate backlogs and standardize processing, dramatically improving timelines and transparency.

A strategic economic play

Rather than a short-term cash grab, Argentina plans to position its CBI program as a pillar of its long-term economic strategy. The Milei government aims to attract qualified foreign investors to help sustain the country’s return to fiscal surplus—achieved after more than a decade of persistent deficits—and to direct capital toward productive sectors of the real economy.

However, taxation remains an issue. Argentina taxes residents on worldwide income. For high-net-worth individuals, this could be a disincentive. The government is reportedly evaluating models, such as Italy’s Golden Visa program, which offers an optional flat tax for new residents; however, no official exemption has been announced yet. This point could prove decisive for many potential applicants.

What is the power of the Argentine passport?

Argentina’s passport is a powerful travel document, consistently ranking around 16th in global passport-power indexes and affording visa-free or visa-on-arrival access to approximately 170 destinations. Holders can enter all 26 countries of the Schengen Area, enjoy visa-free travel to the United Kingdom, and visit key Asian hubs, such as Japan and South Korea, along with many other Asian nations, without prior visas. The passport also guarantees seamless movement throughout nearly the entire South American continent.

Moreover, as a full member of the South American commercial bloc MERCOSUR, Argentina grants its citizens the right to live and work freely in Brazil, Chile, Uruguay, Paraguay, and other associated countries in the bloc. This makes it especially attractive for foreign investors seeking a regional base with global access.

Argentina’s CBI vs. the U.S. EB-5 visa and Trump’s “Gold Card”

Among the most globally relevant investment migration programs is the U.S. EB-5 Immigrant Investor Program, which offers a pathway to a green card through investment. Foreign nationals may qualify by investing a minimum of US$800,000 in a certified project. The EB-5 visa enables the investor, their spouse, and children to reside, work, and study in the United States, with the option to apply for U.S. citizenship after five years. It is regulated, structured, and widely used, making it one of the most established routes to U.S. permanent residency through investment.

By contrast, the “Trump Gold Card” is a proposed initiative announced during Donald Trump’s administration and has been revived in recent policy discussions. The plan would offer a green card in exchange for a US$5 million contribution to the U.S. economy. However, this proposal has yet to be enacted into law. It is expected to be reintroduced or promoted again if political conditions align.

Despite being a relatively small market compared to countries like China, which accounts for over 6,000 EB-5 visas annually, Argentine investors have consistently demonstrated interest in the EB-5 program. In recent years, approximately 60 EB-5 petitions have been filed annually by Argentine nationals. One of Argentina’s key advantages is its current visa availability status. Unlike countries such as China, India, or Vietnam, there is no EB-5 visa backlog for Argentine citizens, which allows for faster processing and immediate access to visa numbers.

With the launch of Argentina’s own CBI program, investors will closely compare timelines, global mobility benefits, and tax implications. While the EB-5 offers access to the U.S. market and eventual citizenship, Argentina's CBI would present a lower-cost, faster path to a second passport, one that ranks among the top 20 globally.