A consultant who helped design Argentina’s new citizenship-by-investment program predicts it will become a status symbol for wealthy Americans.
“I expect that the Argentina program will become so popular with the American [high-net-worth individuals] that really wealthy Americans will be embarrassed if they do not have an Argentina passport,” said Nuri Katz, founder of Apex Capital Partners, told Fortune on Friday.
Economy Minister Luis Caputo announced the program in Paris, saying applications will open in the fourth quarter of 2026. It is billed as South America’s first. AP described it as the kind of “golden passport” scheme common in other markets, as Argentine President Javier Milei looks for ways to secure dollars for his debt-saddled country.
The design
The program has two routes. The first is a non-refundable $350,000 contribution for a single applicant, with a family of four expected to pay $500,000. The second is an $800,000 investment in a government security created for the program. The announcement gives no maturity, yield or repayment terms for the bond.
The Agency for Citizenship by Investment Programs will assess each application, working with the State Intelligence Secretariat, the Financial Information Unit and the Ministry of Security. Checks cover identity, source of funds, criminal and reputational records, and immigration history. Funds must go through the formal financial system, and the National Directorate of Migration makes the final decision.
Katz’s firm belongs to Argentina Mobility for Investment and Global Opportunity Limited, a group of five investment-migration firms that has advised the government on the program. Apex advises individual clients on second citizenship, and Katz helped create Antigua and Barbuda’s program in 2013 and draft Cyprus’s investor legislation in 2011.
In June, he told Fortune that Argentina was developing South America’s first citizenship-by-investment program and that it would draw “significant American interest.”
The pitch
“Argentina, as the first G20 country, offers American HNWI the first opportunity to quickly and easily acquire a citizenship of a country that is both a safe haven and a huge business opportunity,” Katz told Fortune on Friday.
He pointed to demand. “The desire for jurisdictional diversification amongst wealthy Americans, as can be seen by our survey, is overwhelming. The question is where to go, and until now the choices were not really that great.”
Apex released a survey in June that polled 1,733 Americans with household incomes above $200,000, and 61% said they would consider leaving the U.S. within five years, Fortune reported. Cost of living and taxes ranked first, cited by 68%, ahead of political climate at 54%. Europe was the top destination at 42%, followed by Canada at 18% and the Caribbean at 16%. The survey measured intent, not actual moves.
Katz, who was born in the U.S. and largely grew up in Montreal before moving to Moscow in 1990, has a wider argument about the U.S. itself, though he now lives in Antigua. He expects the national debt to force a choice between inflation and default, and that wealthy Americans are too concentrated in dollar assets.
“I lived through hyperinflation,” he told Fortune in June. “I don’t think people understand how dangerous that is, once the lid comes off and they have to start printing money.”
For this story, Fortune journalists used generative AI as a research tool. An editor verified the accuracy of the information before publishing.
A consultant who played a pivotal role in shaping Argentina’s upcoming citizenship-by-investment program has suggested that it could soon become a prestigious status symbol among affluent Americans. Nuri Katz, founder of Apex Capital Partners, conveyed this perspective to Fortune, predicting that wealthy individuals might feel a sense of embarrassment if they do not possess an Argentine passport.
The announcement of the program was made by Economy Minister Luis Caputo in Paris, with applications set to open in the fourth quarter of 2026. This initiative is being promoted as the first of its kind in South America, akin to “golden passport” schemes widely seen in other regions. It comes as Argentine President Javier Milei seeks innovative solutions to attract dollars to alleviate the financial burdens of the country’s significant debt.
Structure of the Program
The citizenship program offers two investment pathways. The first option involves a non-refundable contribution of $350,000 for a single applicant, with families of four expected to pay $500,000. The second option allows for an $800,000 investment in a government bond specifically created for the program. However, the announcement did not detail any terms regarding maturity, yield, or repayment for the bond.
To ensure a thorough vetting process, the Agency for Citizenship by Investment Programs will collaborate with various government bodies, including the State Intelligence Secretariat, the Financial Information Unit, and the Ministry of Security. Each application will undergo checks for identity verification, source of funds, criminal and reputational history, and immigration background. Importantly, all funds must be processed through the formal financial system, with the National Directorate of Migration having the final say on application approvals.
Katz’s firm is part of a consortium of five investment migration companies known as Argentina Mobility for Investment and Global Opportunity Limited, which has advised the government on the program. Katz himself has a notable history in this field, having helped establish Antigua and Barbuda’s citizenship program in 2013 and contributing to the drafting of Cyprus’s investor legislation in 2011.
Market Appeal and Demand
Katz has expressed confidence that Argentina’s citizenship-by-investment program will generate substantial interest from affluent Americans. He emphasized that the program presents a unique opportunity for high-net-worth individuals (HNWIs) in the U.S. to quickly and easily secure citizenship in a nation that offers both a safe haven and significant business potential.
The demand for alternative jurisdictions among wealthy Americans is evident, as highlighted by a survey conducted by Apex. The survey, which included responses from 1,733 Americans with household incomes exceeding $200,000, revealed that 61% of participants would contemplate leaving the U.S. within the next five years. The primary motivations cited for this potential relocation were high costs of living and taxation concerns, mentioned by 68% of respondents, followed by political issues at 54%. Europe emerged as the most favored destination, attracting 42% of those surveyed, with Canada and the Caribbean following at 18% and 16%, respectively.
Economic Context and Future Concerns
Katz’s insights are shaped by his broader concerns about the U.S. economy. Having experienced hyperinflation firsthand, he articulated worries about the implications of the U.S. national debt. He foresees a looming choice between inflation and default, cautioning that the concentration of wealth among Americans in dollar-denominated assets poses significant risks.
With a background that spans various countries—he was born in the U.S. but grew up in Montreal before relocating to Moscow in 1990, and now lives in Antigua—Katz brings a global perspective to the conversation about citizenship and investment. He believes that many Americans may not fully grasp the potential dangers of hyperinflation, particularly if it leads to extensive money printing.
Conclusion
As Argentina prepares to launch its citizenship-by-investment program, the anticipation surrounding it is palpable. With its dual investment paths and the promise of a more secure and profitable future for applicants, it is poised to attract significant interest from wealthy individuals in the U.S. In a climate where many high-net-worth Americans are seeking alternatives due to economic and political concerns, Argentina’s initiative could redefine notions of citizenship and investment in South America. The blending of identity, status, and financial opportunity may make the Argentine passport increasingly desirable among the affluent, positioning it as a coveted asset in the global landscape.
