Argentina to Sell Citizenship for 470 Million Won... First in South America to Introduce 'Golden Passport'

The Argentine government, currently backed by the International Monetary Fund (IMF), is becoming the first South American nation to introduce a citizenship-by-investment program, commonly known as a "golden passport" scheme.

During the "Paris Argentina Week" event in Paris, France, the Argentine government announced on the 2nd local time that it will launch the golden passport system starting in the fourth quarter of this year as part of its foreign investment attraction program.

A golden passport is a system that issues citizenship to foreigners in exchange for a specific financial contribution. While smaller countries with limited populations and economies like Montenegro have previously introduced golden passport schemes to secure fiscal expansion and attract foreign investment, it is unprecedented for a major G20 nation and the third-largest economy in Latin America, such as Argentina, to adopt the system.

According to the government's announcement, foreigners can obtain Argentine citizenship through two methods: paying a non-refundable national contribution of hundreds of thousands of dollars or purchasing government bonds.

The national contribution is set at 350,000 dollars (approximately 470 million won) for the primary applicant.

If family members apply together, additional fees apply: 100,000 dollars for a spouse and 25,000 dollars for children under the age of 18.

For a family of four applying for golden passports, the total cost amounts to 500,000 dollars (approximately 670 million won).

Citizenship can also be acquired by purchasing government bonds, but this option requires a higher investment of 800,000 dollars (1.08 billion won) per person, making it more expensive than the contribution route.

The Argentine Ministry of Economy stated that applicants for the golden passport will undergo "a rigorous vetting process designed to protect national security, the integrity of the financial system, and the international prestige of Argentine citizenship."

The specific timeline for review and the mandatory holding period for government bonds were not separately specified.

However, it remains uncertain whether the government's proposal will pass congressional review.

Previously, government legislation aimed at easing restrictions on foreign land purchases was heavily amended and passed in Congress.

Bloomberg reported that amid the recent nationalistic atmosphere intertwined with the territorial dispute over the Malvinas Islands (Falklands), the introduction of the golden passport could face fierce backlash from the opposition parties.

(Photo: Yonhap News)
※ Please note: This article was translated by AI and may contain errors.