Argentina unveils passports-for-investment scheme

Argentina's President Javier Milei announced on Friday a citizenship-by-investment scheme, offering citizenship to foreigners investing at least $350,000 in the country. This move follows Argentina lagging behind Brazil and Mexico in foreign direct investment last year, according to the OECD. Milei, a free-market radical, has implemented various economic reforms to boost Argentina's competitiveness, including slashing public spending and deregulating the economy.

However, some economists doubt the scheme's ability to attract quality investors, fearing it might attract individuals with dubious backgrounds. The government proposed two investment options: either a $350,000 direct contribution to the National Treasury or a $800,000 government bond for investors and their spouses and children.

The funds would be used to strengthen Argentina's fiscal and financial position. Milei visited Paris to meet with investors and signed investment agreements, including a $10 billion commitment from TotalEnergies for oil and gas exploration in Patagonia and a $4 billion investment from Glencore in a copper project. The scheme comes after the Supreme Court removed limits on foreign land purchases, reigniting protests from veterans of Argentina's 1982 Falklands War.