Argentina unveils passports-for-investment scheme

Argentina's President Javier Milei's government plans to launch a citizenship-by-investment scheme later this year, offering passports to foreigners who invest at least $350,000 in the country. The move aims to boost foreign direct investment, as Argentina's economy trailed behind Brazil and Mexico in this area last year, according to the OECD.

The government announced two transparent mechanisms for obtaining an Argentine passport: a direct, non-refundable contribution of $350,000 to the National Treasury or a subscription to an $800,000 government bond. Spouses and children of applicants can also secure citizenship by contributing $100,000 or $25,000, respectively. The funds obtained will be used to strengthen the fiscal and financial position of the Argentine Republic.

However, some analysts have raised concerns about the potential attraction of dubious investors to the scheme. This plan comes after the Supreme Court removed limits on foreign ownership of rural land in Argentina, a move that sparked protests from veterans of Argentina's 1982 war with Britain over the Falkland Islands.