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

Argentina on Friday announced plans to offer citizenship to wealthy foreigners in exchange for cash contributions or investments in government bonds, as libertarian President Javier Milei seeks new sources of dollars for the debt-burdened nation.

As an attempt to curb Argentina's debt, President Javier Milei announced a plan to give out passports to wealthy foreigners for cash or investments.

Economy Minister Luis Caputo unveiled the so-called "golden passport" scheme at an investor event in Paris, saying applications are expected to open before the end of the year.

Applicants have two options: make a nonrefundable €311,000 contribution to the Argentine Treasury or invest €711,000 in a new government bond that must be held for seven years. Contributions would increase depending on family size, with a family of four expected to pay €444,000, officials said.

Securing dollars is critical for Milei as he prepares to seek reelection next year. Argentina’s Treasury faces nearly €22 billion in foreign-currency debt payments coming due in 2027. But having narrowed its financing options by holding off on a return to international bond markets, the government is searching for alternative sources of revenue.

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