Pull to refresh
Logo
What Changed
Following Why Sign Up
Argentina launches citizenship-by-investment program

Argentina launches citizenship-by-investment program

Rule Changes

South America's first such program: $350,000 to the treasury or $800,000 in bonds

October 5th, 2026: Third opposition bill filed to ban the program

Overview

Updated Oct 26

Argentina plans to sell citizenship for a $350,000 payment to the national treasury, or $800,000 in a government bond held for seven years. Economy Minister Luis Caputo announced the program on October 2 in Paris. The government says applications will open in the fourth quarter of 2026.

The Economy Ministry confirmed in October that a consortium of four foreign firms, AMIGO, is helping design the program for free, after Caputo canceled the tender meant to pick an adviser. Opposition deputies have filed bills to ban the sale. The National Electoral Chamber has voided the decree behind it in two cases, and the government is appealing.

Why it matters

Argentina is selling citizenship to raise dollars, becoming the first South American country to do so.

Questions about this story

Free account needed to ask — your question is kept and asked for you right after sign-up. Answers are public.

No questions yet — be the first to ask.

Key Indicators

$350,000
Minimum contribution to the National Treasury
Non-refundable payment for a single applicant; spouses add $100,000, children under 18 add $25,000.
$800,000
Government bond option
Seven-year, no-interest treasury bond created specifically for the program.
$500,000
Family of four total cost
Main applicant, spouse, and two minor children, per the Economy Ministry's example.
$1.75B
Ceiling set in the annulled tender
5,000 approved citizenships over four years, extendable to five, at $350,000 each.
7 years
Bond holding period
Investors must hold the $800,000 bond for seven years with no interest.
0
Citizenships granted to date
The National Directorate of Migration has granted no citizenships by investment; the program is not yet receiving applications.

Voices

Curated perspectives — historical figures and your fellow readers.

Sign up to generate historical perspectives on this story.

Log in Sign Up

People Involved

Luis Caputo
Luis Caputo
Economy Minister of Argentina
Announced the program October 2; his ministry confirmed in October that AMIGO advises without a tender
 Diego Santilli
Diego Santilli
Cabinet Chief of Argentina
Co-announced the program October 2, 2026
 Javier Milei
Javier Milei
President of Argentina
His government introduced the program
PF
Patricio Fuks
Businessman described as a close friend of Javier Milei
Named in reports on the origin of the citizenship program
 Agustín Rossi
Agustín Rossi
National deputy and former defense minister
Filed a bill to ban the program; publicized AMIGO's Delaware incorporation

Organizations Involved

CI
Citizenship by Investment Programs Agency
Government Agency
Created by Decree 366/2025; advised by AMIGO without payment

New agency under the Economy Ministry that assesses citizenship applications and sends recommendations to the National Directorate of Migration.
Economy Ministry
Economy Ministry
Government ministry
Runs the program; confirmed AMIGO advises it without a tender

The ministry announced the program's terms on October 2, 2026, manages the funds raised, and confirmed a no-bid advisory arrangement.
ND
National Directorate of Migration
Government Agency
Approves or rejects citizenship applications

The final authority on citizenship applications, with 30 business days to rule after receiving the agency's recommendation.
AMIGO
AMIGO
Advisory consortium
Advising the program without a tender or payment

Consortium of four foreign investment-migration firms advising Argentina's citizenship program free of charge.

Timeline

June 2025 October 2026

11 events Latest: October 5th, 2026 · 1 month ago Showing 8 of 11
Tap a bar to jump to that date

  1. Third opposition bill filed to ban the program

    Latest Legal

    Deputies Florencia Carignano and Paula Penacca filed a bill to repeal the investment route from Citizenship Law 346. All three bills remain in committee.

  2. Program announced at Argentina Week in Paris

    Policy

    Caputo and Santilli announced the program; applications open in Q4 2026.

  3. Opposition deputies file bill to ban citizenship-by-investment

    Legal

    Deputies Agustín Rossi and Kelly Olmos filed File 5254-D-2026, the 'Law Prohibiting the Sale of Argentine Citizenship,' the same day the government announced pricing. It would delete the investment route from Citizenship Law 346 and dissolve the Citizenship by Investment Programs Agency.

  4. Economy Ministry confirms AMIGO advises without a tender

    Policy

    After Perfil reported Patricio Fuks's role in the origin of the business, the ministry said AMIGO provides technical advice on the program's design 'at no cost to the Argentine state'. The statement did not mention the canceled tender.

  5. Senator Capitanich files bill to ban the program

    Legal

    Senator Jorge Capitanich filed his own bill to ban citizenship by investment, ahead of the government's October 2 announcement.

  6. Court voids Decree 366/2025 in two cases

    Legal

    The National Electoral Chamber annulled Decree 366/2025 in two individual cases. The government said it would appeal.

  7. AMIGO signs a no-cost advisory agreement

    Policy

    A month after the tender was annulled, the four firms, incorporated in Delaware as AMIGO, signed an agreement to advise the Citizenship by Investment Programs Agency without payment.

  8. Caputo annuls the advisory tender

    Policy

    Latitude was disqualified for failing to prove solvency, and the evaluation committee recommended a consortium of Apex, AIM Global, Passport Legacy and Arton Capital. After challenges from Latitude and Henley & Partners, Caputo canceled the contest.

  9. Law 27802 passed

    Legal

    Labor reform law added tax provisions: naturalized investors don't become tax residents by naturalization alone.

  10. Economy Ministry opens tender for a program adviser

    Policy

    The ministry sought a consultant for the citizenship program, with a ceiling of 5,000 approved citizenships over four years at $350,000 each, or $1.75 billion in contributions.

  11. Decree 366/2025 referred to Senate committee

    Legal

    Decree creating the citizenship agency referred to Senate's bicameral committee; still pending.

Scenarios

1

Argentina grants first citizenship-by-investment passports

Likely Resolves by Q2 2027

Discussed by: Buenos Aires Herald, government officials

Applications open in Q4 2026 as planned. The National Directorate of Migration has 30 business days to rule on each application after the agency's recommendation. If the program survives legal challenges, the first citizenships could be granted by early 2027.

2

Court voids the program before it launches

Possible Resolves by Q2 2027

Discussed by: The Legation Times, legal analysts

A June 30, 2026 ruling by the National Electoral Chamber already declared Decree 366/2025 void in one case. If that ruling expands, or if Congress formally rejects the decree, the program could be suspended before accepting applications. The decree remains pending before the Senate's bicameral committee.

3

Program launches but draws few applicants

Possible Resolves by End of 2027

Discussed by: Financial Action Task Force warnings, Fortune

FATF has warned that citizenship-by-investment programs attract criminals seeking to launder money. Reputational concerns and the $350,000 price tag could deter applicants, leaving the program far short of the $2.5 billion estimate from the advisory consortium.

4

Congress passes a law banning citizenship-by-investment

Possible Resolves by End of 2027

Discussed by: IMI Daily, opposition lawmakers

Three opposition bills are before Congress. If any passes both chambers, the program would lose its legal basis. A presidential veto could be overridden only by a two-thirds vote in each chamber.

5

The no-bid advisory deal ends up in court

Possible Resolves by Q1 2027

Discussed by: Perfil

The Economy Ministry confirmed that AMIGO advises the program at no charge, with no tender, after Caputo canceled the contest that was meant to pick an adviser. If a court finds the arrangement broke public contracting rules, the design work could be suspended or redone.

Historical Context

3 moments from history that rhyme with this story — and how they unfolded.

1984-present

St. Kitts and Nevis citizenship-by-investment (1984)

The Caribbean nation of St. Kitts and Nevis launched the world's first citizenship-by-investment program in 1984, allowing foreigners to buy a passport for a contribution to the government. The program became a major revenue source for the small island nation.

Then

The program attracted investors and became a model for other Caribbean states.

Now

It remains one of the longest-running such programs, though it has faced repeated criticism over due diligence and security.

Why this matters now

St. Kitts established the model Argentina is now adopting, showing that citizenship can be sold as a revenue-generating product.

2020

Cyprus golden passport scandal (2020)

Cyprus suspended its citizenship-by-investment program in 2020 after an Al Jazeera investigation showed that criminals and sanctioned individuals had obtained passports. The European Union pressured Cyprus to end the program.

Then

Cyprus revoked some citizenships and ended the program.

Now

The scandal became a cautionary tale for citizenship-by-investment programs worldwide.

Why this matters now

It illustrates the reputational and regulatory risks Argentina now faces, particularly with FATF scrutiny of such programs.

2012-2023

Portugal golden visa (2012-2023)

Portugal launched its golden visa program in 2012 during the European debt crisis, offering residency to foreigners who invested in real estate or other assets. It attracted billions in investment, mostly from Chinese and Brazilian buyers.

Then

The program raised significant funds and boosted the real estate market.

Now

Portugal ended the real estate route in 2023 amid housing affordability concerns.

Why this matters now

Portugal shows how a large program can raise substantial funds but also face political backlash over its side effects.

Sources

(23)
+17
Deutsche Welle Fortune Buenos Aires Herald Euronews ABC News La Nación Forbes Gulf News The Legation Times Buenos Aires Times Agence France-Presse IMI Daily UPI Al Arabiya Perfil Presidencia de la Nación Infobae CEOWORLD Magazine AP News El País El Cronista (via FDI) Henley & Partners The Legation Times