Official · 02.10.2026Argentina announces South America's first Citizenship by Investment Programme→
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The Programme

A new kind of citizenship programme

For a decade, citizenship by investment meant small Caribbean islands and, briefly, Malta. Argentina is a different kind of country, and its arrival changes the market's shape.

Updated 7 min readSourced from official announcements

Key facts

  • AP calls Argentina's programme South America's first active CBI programme.
  • The EU Court of Justice ruled Malta's CBI programme unlawful in April 2025.
  • Caribbean donation minimums range from US$200,000 to US$250,000; Argentina starts at US$350,000.
  • US citizens were over 30% of Henley & Partners' investment migration applications in its May 2025 report.

The citizenship by investment market has long been small and concentrated. A handful of island states offered most of the supply. Europe’s only full programme, in Malta, was ruled unlawful in 2025. Into that gap steps a country of more than 46 million people, with broad passport reach.

This article looks at why Argentina’s entry matters for the market, and what it does not change.

A different kind of issuer

The Associated Press describes Argentina’s programme as South America’s first active citizenship by investment programme. It joins a market AP describes as about a dozen countries, mostly small Caribbean island states.

The difference is scale. Argentina has a population of over 46 million, 23 provinces plus the Autonomous City of Buenos Aires, and the world’s eighth-largest land area. Its passport gives access to about 170 destinations. Argentine nationals can use the Mercosur Residence Agreement to live in several South American countries, although naturalised citizens qualify only after five years of nationality.

For families who see a second citizenship as more than a travel document, a large country may carry weight. Kristin Surak, quoted by AP, made a related point: the value lies in where the passport lets you go, not only in Argentina itself.

The Malta gap

On 29 April 2025 the Court of Justice of the European Union ruled, in case C-181/23, that Malta’s citizenship by investment programme breached EU law. Malta amended its law on 24 July 2025 and replaced the programme with a discretionary “merit” route.

That ruling closed the only direct route to EU citizenship through investment. It also sent a message to other governments about the political risk of selling citizenship. Argentina is not an EU member, so the ruling does not apply to it. But families who once looked at Malta for a high-quality, non-Caribbean passport now have one fewer option. Argentina offers a different product: no EU rights, but a large, independent state.

Caribbean pricing and pressure

The five Eastern Caribbean programmes now share a minimum donation floor of US$200,000, agreed in 2024. Current minimums are:

Programme Minimum donation
Dominica US$200,000
Antigua and Barbuda US$230,000
Grenada US$235,000
St Lucia US$240,000
St Kitts and Nevis US$250,000
Argentina US$350,000

The Caribbean faces pressure. The United States began partial visa restrictions on nationals of Antigua and Barbuda and Dominica on 1 January 2026. The region’s programmes have agreed a 30-day physical presence rule, not yet in force. In Europe, Regulation (EU) 2025/2441, in force since 30 December 2025, makes an investor-citizenship scheme a ground to suspend visa-free travel to the Schengen area. The European Commission has reportedly asked the five Caribbean states to end their programmes by 1 June 2028.

Argentina enters above the Caribbean price band. That positions it as a premium alternative rather than a discount competitor. Whether investors pay the extra US$100,000 or more will depend on how they value Argentina’s size, its legal system and its mobility, against the programme’s legal uncertainty. See our comparison guide for a fuller view.

Demand from the United States

Demand for second citizenship among Americans has grown fast. In its USA Wealth Report, published on 20 May 2025, Henley & Partners said US citizens made up over 30% of all investment migration applications through the firm. That was nearly double the combined total of the next five nationalities. It also reported a 183% rise in enquiries from US nationals in the first quarter of 2025, compared with a year earlier.

For American families, Argentina’s appeal is not visa-free travel to the United States, which they already have. Argentina is not in the US Visa Waiver Program. The appeal is a backup: a second home, a second jurisdiction and a second passport in the same time zones as the Americas. US citizens remain taxable in the United States wherever they live. See tax residency and CBI.

The scale of the ambition

The advisory consortium told AP that the programme could raise up to US$2.5 billion. Tender documents from 2025 projected up to 5,000 approved applications in the initial contract period.

As a rough check, US$2.5 billion would equal about 7,100 single applicants on the US$350,000 contribution route. Families, the bond route and different timeframes change that arithmetic. The figure shows ambition, not a forecast we can verify.

What it does not change

  • Scrutiny. The FATF and the OECD have warned that investment citizenship can be misused for money laundering and tax evasion. AP cited those warnings in its coverage. Argentina has promised OECD- and FATF-aligned due diligence. See how Argentina will vet applicants.
  • Legal risk. The programme rests on DNU 366/2025, declared unconstitutional by the Cámara Nacional Electoral on 30 June 2026. The government has appealed to the Supreme Court. See legal status.
  • Schengen exposure. Argentines enter the Schengen area visa-free. The same EU regulation could, in principle, apply to any visa-free country that runs an investor-citizenship scheme. No EU step against Argentina had been reported as of 2 October 2026, but strong due diligence will matter for Argentina’s own visa-free status.
  • Politics. Deputy Agustín Rossi has said he plans a bill to ban the programme. AP noted that several countries have scrapped similar schemes, citing illicit money and housing pressures.

What to watch

The market will judge Argentina on three things: published regulations, the Supreme Court outcome, and the speed and fairness of the first decisions. If all three go well, Argentina may become a reference point for larger countries considering similar programmes. If not, it may become a warning.

For the programme’s history, see our timeline. For the “golden passport” debate, see Argentina’s golden passport.

Note. This article is market commentary, not investment or legal advice. Speak to a qualified adviser about your own position.

Sources

Frequently asked questions

Is Argentina the first South American country with citizenship by investment?

The Associated Press describes it as South America's first active citizenship by investment programme.

How does Argentina's price compare with the Caribbean?

Argentina's US$350,000 contribution is above the Caribbean donation minimums, which range from US$200,000 in Dominica to US$250,000 in St Kitts and Nevis.

Why are Americans interested in second citizenship?

Henley & Partners reported in May 2025 that US citizens made up over 30% of investment migration applications through the firm, and that US enquiries rose 183% year on year in the first quarter of 2025.

Does an Argentine passport give visa-free access to the US?

No. Argentina is not in the US Visa Waiver Program, so Argentine citizens need a B1/B2 visa. Canada also requires a visa.

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