Argentina is a popular South American country known for its rich cultural blend of old and new, Argentine and European. A cosmopolitan lifestyle defines the contemporary atmosphere, which makes it a lively country to live in. While its economy suffered a major setback last year with a reported contraction of 10 percent, growth forecasts project a recovery phase. The country will bounce back eventually and knows there is so much potential to tap on. So, how about you dip your fingers into a pool of friendly, rich, and modern experiences while investing a few of your resources?
Argentina already operates an investment by-citizenship program to attract investors, though not a direct one. Through its ‘golden visa’ program, any investor, so long as he satisfies certain conditions, can gain permanent residency and eventually citizenship. We will talk about this program in greater detail here.
What is it about in general
Typical citizenship by investment program does what its name suggests. An investor is required to make certain investments in select areas in return for benefits concomitant to residency and citizenship. The Argentine version of the program offers similarly. Under Act no 25.871, Dto. 616/2010, Dto. 70/2017, a foreign national may be granted an investor visa in consideration of certain investments of a minimum of ARS1,500,000 in the Argentine economy. The visa holder can renew the visa for only up to three years, after which he may apply for permanent residence in the country. Upon successful application, he/she must hold the permit for two years before he becomes eligible for citizenship. Note that a permanent residence permit does not automatically change to citizenship after two years.
Basic requirements
There is a host of eligibility requirements to be met under the program. The applicant must be at least 18 years old. The applicants should come with a clean criminal record for which they will have to submit a police clearance certificate along with an affidavit. Since the program relies primarily on the ability of the applicant to make investments, the conditions stipulated stress the need to show adequate financial health. The applicant is required to show that they have financial stability, derive their income from legal sources, and have an investment plan for the said program. Note that no restriction is placed based on the applicant’s nationality.
Regarding the investments to be made
The minimum requirement is an investment of ARS1,500,000 in a local project involved in commercial, productive, or service-related business. An investment plan will have to be mandatorily submitted, which is vetted by the Ministry of Industry and Tourism. It is their decision that determines the finality of your application. Once your plan is approved, you must be able to show that progress has been made towards investment to be able to apply for the visa.
Documents to be submitted
As part of the due diligence process, strong emphasis is made on documentary proofs. A slew of documents is to be submitted for the authorities’ perusal. These documents include a police clearance certificate from all the countries in which you resided for less than a year during the past three years, proof of residence, an original and certified copy of marriage (if any), an original and certified copy of the birth certificate, statement of income and source of funds, investment plan as required under the program, proof of business background, and curriculum vitae. If your family members are included, you will be required to submit related documents for the same.
Benefits under the program
A major benefit is, of course, the eventual citizenship that may be granted after two years of permanent residence. However, there are tons of others to consider as well. These include dual citizenship, including family members, visa-free or visa-on-arrival travel to as many as 154 countries, the right to live and work in the country, access to Argentina’s top-quality education and healthcare systems, and a generally stable political and cultural environment. Argentina is one of those countries with a solid reputation globally for many reasons. This program is an easy way to access benefits attributed to its reputation.
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