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## Argentina – 'Golden Passport' Citizenship-by-Investment Scheme (2026) ### Overview Argentina, under President Javier Milei, is reportedly plotting/planning a 'golden passport' scheme — a citizenship-by-investment program designed to help pay down the country's sovereign debts, according to the Financial Times (FT, June 27, 2026; FT, 2026). If implemented, Argentina would become one of the world's largest countries to offer citizenship-by-investment (FT, June 27; FT, 2026). The scheme is described as part of a broader strategy to pay down sovereign debts. ### Program Structure Specific investment thresholds and qualifying asset classes have not been publicly confirmed. Argentina would join a global market of golden passport schemes that typically require real estate, business, or fund investments in exchange for citizenship or residency rights. Citizenship-by-investment programs are used by countries like Malta, Portugal, and various Caribbean nations, and typically generate direct foreign currency inflows. ### Strategic Context / Why It Matters - **Debt reduction**: The Milei administration has aggressively pursued heterodox fiscal tools; citizenship-by-investment revenue would provide a non-debt capital inflow, potentially helping Argentina reduce its debt burden without additional borrowing, amid the country's chronic debt and currency crises. - **Scale**: Argentina's population and geographic size would make it one of the largest sovereign issuers of investment-linked citizenship, potentially attracting significant capital from Latin American, Chinese, and Middle Eastern high-net-worth individuals. Argentina becoming "one of the world's largest" providers of this citizenship pathway would be a significant departure for a G20 economy — most golden passport programs are run by small states. - **Investor demand**: The plan could attract wealthy individuals seeking alternatives amid instability elsewhere, similar to trends like Gulf wealth migration to Switzerland. - **Milei administration track record**: The government has pursued rapid deregulation (Ley Hojarasca), labor reform, and privatization alongside this scheme. ### Key Players - **Javier Milei**: President driving the reform agenda. - **Argentine government**: Implementing agency, likely tied to broader Ley Hojarasca deregulation push. ### Legal & Reputational Risks - EU and US authorities have historically scrutinized golden passport programs for money laundering, sanctions evasion, and tax avoidance (e.g., EU scrutiny of Malta's program). - Argentina's IRGC terrorist designation and Iran foreign policy shift may complicate vetting of applicants from certain jurisdictions. - FATF and OECD may flag the program depending on design. - Argentina's program could attract scrutiny especially given ongoing corruption allegations within Milei's government. - The scheme may face domestic legal or political challenges, given the pattern of litigation against other Milei reforms (labour reform, glacier law). ### Watch - Legislative or executive action implementing the program. - Formal program details: investment minimums, qualifying categories, vetting standards, and citizenship timelines. - International regulatory reactions, particularly from FATF, EU, and US regarding security/AML concerns. - Whether the scheme faces domestic legal or political challenges. - Actual fiscal impact on Argentina's debt metrics.