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

Argentina's President Javier Milei unveiled a new "golden passport" scheme at a Paris investor event to attract wealthy foreigners and alleviate the country's debt burden. The scheme, dubbed "golden passport," offers two options for applicants: a €311,000 contribution to the Argentine Treasury or an €711,000 investment in a new government bond that must be held for seven years.

For families of four, the contribution would be €444,000. The scheme aims to raise up to €2.2 billion for the government if it receives the expected number of applicants. Argentina currently faces nearly €22 billion in foreign currency debt payments due in 2027. The idea for the citizenship-for-investment program emerged during Milei's July 2024 visit to Sun Valley, Idaho, where tech executives expressed interest in obtaining Argentine citizenship.

Milei has sought to recast Argentina as a destination for foreign wealth by slashing public spending, dismantling regulations, and courting investment in the country's vast oil and mineral resources. Critics have raised concerns about the vulnerability of golden passport programs to corruption, with the Financial Action Task Force warning that criminals exploit such programs to conceal illicit wealth.