Argentina has launched a new citizenship-by-investment program aimed at attracting more foreign investment and strengthening the country’s economy. Under the initiative, eligible applicants can obtain citizenship by making a qualifying financial contribution.

The new Citizenship by Investment Program offers applicants two pathways. The first requires a non-refundable contribution of $350,000 to the national treasury. Alternatively, applicants can invest $800,000 in government bonds created specifically for the program.

The main investor’s spouse and children may also be eligible for citizenship by making a specified financial contribution.

The initiative comes as foreign investment in Argentina, South America’s second-largest economy, has fallen short of expectations in recent years. The country’s Economy Ministry said funds raised through the program will be used to strengthen government revenue and the country’s financial position.

However, applicants will undergo strict screening to protect national security and prevent money laundering before citizenship is granted.

Last week, Argentina’s Supreme Court also decided to lift restrictions on foreigners purchasing rural land. The citizenship-by-investment program was announced shortly afterward. The decision to ease restrictions on land purchases has sparked political debate in the country, with opposition parties announcing protests against it.

Source: Gulf News