Argentina’s government is preparing to launch a citizenship-by-investment programme this year, the Financial Times reported on Saturday, citing officials and consultants involved in the design. The plan would grant an Argentine passport in exchange for a non-refundable contribution of roughly $500,000 or the purchase of zero-coupon sovereign bonds worth about $1 million. No residency or tax-residency requirement is expected, making the offer one of the cheapest and most mobile among existing schemes: the Argentine passport provides visa-free access to nearly 170 countries.

The mechanism is calibrated to attract hard currency for debt servicing. Buenos Aires faces tens of billions of dollars in repayments in the coming years and has been shut out of global capital markets since its 2020 default, leaving it reliant on bilateral and multilateral channels. Viewed from Buenos Aires, the programme is a pragmatic alternative to high-interest external borrowing. Consultants advising the government, including Arton Capital and Latitud Group, told the FT that wealthy Americans and Europeans unsettled by political polarisation and rising tax burdens are the primary target market. The tech billionaire Peter Thiel, who has been in Argentina since April, is described by one adviser as “a great ambassador for the programme even before its launch.”

The initiative lands in a global landscape that has turned sharply against investment migration. The European Union declared such schemes illegal in 2022, and the UK scrapped its own investor visa the same year over money-laundering risks, later revoking visa-free access for several Caribbean nations that sell passports. London is now debating a revived “golden visa” requiring £5 million in investment, but the proposal faces resistance from the Home Office and Treasury. In Brussels, the concern is that citizenship-by-investment turns nationality into a tradable commodity and creates security vulnerabilities. Argentine critics echo those fears, warning of reputational damage and an influx of illicit funds.

The programme remains in the design phase and is subject to change, with the economy ministry declining to comment. The next concrete milestone will be a formal announcement or the submission of enabling legislation to Congress, which would clarify the final investment thresholds, vetting procedures, and whether any nationality-based restrictions will apply.