Argentina wants foreign cash — and is offering citizenship in return

BUENOS AIRES, Oct 3 — Argentine President Javier Milei’s government said yesterday that the country would offer citizenship to foreigners who invest at least US$350,000 (RM1.5 million) in the country.

Latin America’s third-largest economy lagged far behind Brazil and Mexico in the foreign direct investment stakes last year, according to the Organisation for Economic Cooperation and Development (OECD).

Milei, a free-market radical, has slashed public spending, deregulated the economy and dismantled trade barriers in a bid to make Argentina more competitive and boost the Treasury’s dwindling dollar reserves.

But investors are still waiting for Argentina’s roller-coaster economy to “prove that what it’s doing will actually be sustainable over time,” economist Marcelo Elizondo told AFP.