Argentina is preparing to launch South America's first citizenship-by-investment program. File Photo by Samuel Corum/UPI | License Photo
June 18 (UPI) -- Argentina is preparing to launch South America's first citizenship-by-investment program, an initiative that would allow foreign nationals to apply for Argentine citizenship in exchange for making significant investments in the country, as the government seeks to attract capital and promote projects considered strategic to the economy.
The proposal follows a model already used in other parts of the world. The United States, as well as several European and Caribbean nations, offer immigration benefits to foreign investors who make substantial economic contributions.
Paula Carello, president of the Migration Law Institute at the Rosario Bar Association, told UPI that the so-called "golden passport" would create a pathway for foreigners making significant investments in Argentina to obtain citizenship through naturalization without meeting the usual requirement of two years of residency.
Under the new program, said Carello, who also heads the law firm Lux Brumalis, the primary beneficiaries would be foreign investors with sufficient financial resources to undertake large-scale investments.
