Argentine President Authorizes Citizenship For Investment

It is up to the country's Ministry of Economy to decide which investments will be considered significant.

The head of Argentina Javier Miley has signed a decree actually introducing the practice of selling the country's passports to wealthy foreigners.

According to the approved changes in the law, it will now be possible to obtain Argentine citizenship regardless of the period of residence for significant investments, the amount of which is not officially named.

The Ministry of Economy of the country will decide what investments will be considered significant. For this purpose, a special agency will be created within the ministry, whose tasks will include consideration of investment programs suitable for obtaining citizenship. According to the local media, it is about projects from 500 thousand dollars.

The signed decree changes the very procedure of obtaining citizenship. Previously, the issue was handled by Argentine courts, but now applications will be considered by the Migration Department. The document also specifies that obtaining citizenship on the basis of residency after two years of residence in Argentina is possible only if there is an approved residence permit for the entire period and in the absence of departures from the country.

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