Latin American citizenship by investment: Argentina and other countries

Update, 23 October 2026. Since 16 September 2026 Panama has changed its qualified investor residence permit: a new-build home from $300,000, a resale home from $500,000, a deposit with a state bank from $500,000. Details in the report on Panama's new residence rules.

Latin American citizenship by investment: in brief

In brief: Latin American citizenship by investment without residence is available only in Argentina. In the other countries an investment gives a residence permit, and a passport comes after 2-5 years of living there. An Argentine passport opens the right to live in the MERCOSUR countries without a separate programme.

Latin America interests investors for three reasons: strong passports with visa-free Schengen access, the option of moving to countries with large cities and a mild climate, and tax regimes for new residents. Until 2026 the route to a passport in the region always went through residence. Argentina became the first country in South America to offer citizenship by investment with no requirement to live in the country.

At the same time, an Argentine passport gives more than access to a single country. Under the MERCOSUR Residence Agreement, an Argentine citizen has the right to live and work in Brazil, Uruguay, Paraguay, Chile, Bolivia, Peru, Ecuador and Colombia. So for many families the question "which Latin American citizenship to choose" comes down to "Argentine citizenship, and where to live in the region".

The table shows that only Argentina offers investment citizenship in the region. The other countries use investment and income as grounds for residence and grant citizenship for years lived there. These are different products: a passport without relocating, or relocating with a passport at the end of the road.

Argentina: the only citizenship-by-investment programme

In brief: the main applicant pays $350,000 to the Treasury or buys an $800,000 bond, and a spouse and children under 25 add $100,000 or $25,000 each. Applications open in Q4 2026, and the legal basis is being challenged.

The programme was announced in Paris by Economy Minister Luis Caputo and Cabinet Chief Diego Santilli. Applications are reviewed by the Citizenship by Investment Programmes Agency, vetting is carried out by the security and financial intelligence services, and the National Migration Directorate issues its decision within 30 working days of the recommendation. Living in Argentina is not required, but you must travel to Buenos Aires to collect the passport.

The programme rests on Decree 366/2025, which the National Electoral Chamber declared null and void on 30 June 2026. The government is appealing the ruling in the Supreme Court. Until there is clarity, BRIDGES recommends preparing the documents and not transferring the contribution. More in the articles the cost of Argentine citizenship and the programme's legal basis; the terms are on the programme page. The Argentina programme estimate shows the total for the contribution or bond for your family.

MERCOSUR: living in the region on an Argentine passport

In brief: an Argentine citizen obtains a two-year temporary residence permit in the countries of the Residence Agreement, then permanent residence. No employer, passive income or investment is required.

The Residence Agreement for Nationals of the MERCOSUR States was signed in 2002. A citizen of a member country applies for temporary residence in another country of the agreement with a passport, a criminal record certificate and a birth certificate. After two years the temporary residence is exchanged for permanent residence if the person proves means of subsistence. For citizens of other countries the same route requires a job, income or an investment.

For an investor family this changes the logic of the choice. There is no need to choose between Argentine citizenship and residence in Uruguay or Brazil: an Argentine passport gives the right to live in both. The family can obtain Argentine citizenship and live in Montevideo, São Paulo or Santiago, with residence arranged under the agreement. An Argentine citizen enters neighbouring agreement countries with a DNI identity card.

The filing procedure under the agreement is simple, but each country has its own details: where to file, which certificates are needed and from what date the temporary residence period runs. A criminal record certificate is usually required from the country of citizenship and from the countries where the person has lived in recent years, with an apostille and translation into Spanish or Portuguese. That is why documents for MERCOSUR residence are prepared together with the documents for Argentine citizenship.

Brazil

In brief: Brazil does not sell citizenship. An investor obtains a residence permit, naturalisation is possible after 4 years of residence, and a child born in Brazil is a citizen by birth.

Brazil issues residence permits to investors who put money into a Brazilian company and to people with income from abroad. The general naturalisation period is 4 years of residence, cut to one year for spouses of citizens and parents of Brazilian children. Brazil recognises citizenship by birth on its territory, and giving birth in the country is a popular route for families to a Brazilian passport for their child.

A Brazilian passport opens Schengen and the UK without visas, just like the Argentine one. A detailed comparison is in the article an Argentine or a Brazilian passport, and on giving birth in the region, see giving birth in Argentina, Brazil, Chile and Mexico.

Uruguay and Paraguay

In brief: Uruguay grants citizenship after 3 years of residence for married people and after 5 years for unmarried people, Paraguay after 3 years. Both countries are known for mild taxes for new residents.

Uruguay attracts people with its stability, safety and tax regime: new tax residents can exempt foreign income from tax for a number of years. Residence is obtained on the basis of income, investment or employment, and citizenship after several years of actually living in the country. Paraguay is known for its simple permanent residence and territorial tax system, under which foreign income is in most cases not taxed.

An Argentine citizen obtains residence in both countries under the MERCOSUR agreement, without separate income conditions. That is why Argentine citizenship often turns out to be a shortcut to living in Uruguay or Paraguay. A comparison is in the article Argentina, Uruguay or Paraguay.

Mexico, Chile and Panama

In brief: Mexico and Chile grant citizenship after 5 years of residence. Chile is the only Latin American country in the US Visa Waiver Program. Panama offers residence to citizens of a number of countries, followed by naturalisation.

Mexico issues temporary and permanent residence on the basis of income or savings and is attractive for its proximity to the USA. Chile gives its citizens visa-free entry to the USA via ESTA, a rare advantage in the region: a Chilean citizen travels to the USA without a visa. But the route to a Chilean passport is five years of residence. Panama offers residence under several programmes and naturalisation after several years of living in the country, with terms that depend on the applicant's nationality.

None of these countries sells citizenship. If the family is prepared to live in the country, they are a good fit. If a passport is needed without relocating, Argentina is what remains in the region.

El Salvador

In brief: El Salvador offers investors residence, but immediate citizenship by investment had not been confirmed by official acts as of the date of review. The terms are checked on the date of enquiry.

There are many publications about El Salvador's "passport for investment", but the official route that can be verified through documents is an investor visa or residence, and naturalisation requires separate legal grounds. BRIDGES checks the terms against official documents on the date of enquiry and does not include in its calculations terms that exist only in announcements. More on the El Salvador programme page.

Time to a passport

In brief: without residence, only Argentina's investment route gives a passport in the region. Through residence it takes from 2 years in Argentina to 5 years in Mexico and Chile.

The chart below shows the general rules. In most countries the period is shorter for spouses of citizens and parents of children born in the country. How the years are counted also matters: some countries count lawful residence from the first temporary permit, others only from permanent residence. Trips abroad also affect the count. So a family's real timeline is determined by its travel plans, not by the figure in the law.

Argentina also stands out for ordinary naturalisation: the law requires two years of residence. In 2025 Decree 366/2025 tightened the condition to two years without trips abroad, but courts that follow the National Electoral Chamber's ruling apply the law as previously worded. More in the article how to obtain Argentine citizenship.

The region's passports

In brief: the passports of Argentina, Brazil, Chile, Uruguay and Mexico open Schengen and the UK. Only Chile has visa-free entry to the USA.

For an investor from Russia, the main value of a Latin American passport is Europe: the Schengen area without a visa and the UK without a visa or with an electronic travel authorisation. According to the BRIDGES index, the Argentine passport opens 168 destinations without a consular visa. The passports of Brazil, Chile, Uruguay and Mexico are comparable in strength. The differences are in the details: Chile is in the US Visa Waiver Program, Mexico is a close US trading partner, and Argentina and Brazil are the largest economies in South America.

A detailed look at the Argentine passport is in the articles the Argentine passport, visa-free countries for the Argentine passport and the Argentine passport and the USA.

Taxes for new residents

In brief: a passport by itself creates no tax liability. Taxes arise on relocation, and the countries of the region differ: Uruguay and Paraguay are milder towards foreign income, while Argentina and Brazil tax residents' worldwide income.

An Argentine citizen who lives abroad and holds a permanent status there is not considered an Argentine tax resident under the rules of the ARCA tax authority. If the family moves to Argentina, it pays income tax on worldwide income at progressive rates and the personal assets tax. Brazil taxes the worldwide income of its tax residents. More on Argentina in the article taxes in Argentina.

Uruguay offers new tax residents a multi-year exemption of foreign passive income from tax, which is one reason entrepreneurs from Argentina and Brazil move there. Paraguay applies a territorial system: tax is levied mainly on income from Paraguayan sources. For an investor family from Russia this means the country to live in is chosen with taxes in mind too, and an Argentine passport gives the right to live in Uruguay and Paraguay under the MERCOSUR agreement.

Where to live in the region

In brief: Buenos Aires is a large city in the European style with universities and culture, Montevideo a calm capital with a high level of safety, São Paulo the region's business centre, and Santiago a stable city at the foot of the Andes.

Families from Russia choose a city on three criteria: safety, schools and connections with Europe. Buenos Aires offers a large city with European architecture, strong public universities and direct flights to Europe. Montevideo is smaller and calmer, with good healthcare and one of the highest levels of safety in the region. São Paulo suits those doing business in Brazil. Santiago has a stable economy and mountains close to the city.

Argentine citizenship does not tie the family to Argentina: it can obtain residence in any MERCOSUR agreement country. So the decision on the city can be taken after the passport is issued, based on personal experience of visiting. More in the articles living in Argentina and moving to Argentina.

Banks and money in the region

In brief: banks in the region open accounts for residents with an identity card and a tax number. Large transfers from Russia to the region go through third countries.

In Argentina an account is opened with a DNI identity card and a CUIT tax number, and in Uruguay and Paraguay with residence documents. Banks check the source of funds, especially for incoming payments from abroad. Argentina has a dual currency system with peso and dollar accounts, and the exchange rules have changed often, so families keep large sums in dollars. More in the articles a bank account in Argentina and the peso and Argentina's economy.

To pay the contribution under Argentina's programme, money arrives only through the banking system with checks on its origin. If the transfer comes from a country with restrictions on international payments, the family prepares an account in a third country and documents on the funds in advance. BRIDGES does this part of the work before filing, because it takes the most time.

How to choose a country

In brief: if a passport is needed without relocating, Argentina. If the family is relocating, a country to live in, while an Argentine passport can give the right to residence under MERCOSUR.

• A passport without relocating. Argentina by investment, once the regulations are published and the court situation is clear.
• Relocation and taxes. Uruguay or Paraguay: incentives for new residents, citizenship after years of living there.
• A large market and business. Brazil or Mexico.
• Visa-free USA in the future. Chile, but only after five years of living in the country.
• The region as a whole. Argentine citizenship and living in any MERCOSUR country under the agreement.

For citizens of Russia and the CIS

In brief: Latin American countries are open to Russian citizens without visas or with simplified entry, and Argentina had not restricted the programme by nationality as of the announcement. Country risk will be taken into account in the vetting.

Russian citizens enter Argentina, Brazil, Uruguay, Paraguay, Chile and most countries in the region without a visa. This makes both preparatory trips and personal visits to collect documents easier. For Argentine citizenship by investment, the government has announced vetting under OECD and FATF standards, including an assessment of the applicant's country risk, so nationality and place of residence are taken into account. The specifics are in the articles Argentine citizenship for Russians, for citizens of Kazakhstan and for citizens of Ukraine.

Where people go wrong when choosing

In brief: they look for a "passport for investment" where there is none, confuse residence with citizenship and forget about MERCOSUR.

1. They look for citizenship by investment in Brazil, Uruguay or Mexico. There an investment gives residence.
2. They trust offers of a "fast passport" with no paperwork. The official route is verified against laws and regulations.
3. They arrange separate residence in Uruguay while holding an Argentine passport. The MERCOSUR agreement route is simpler.
4. They do not count trips abroad. Long absences interrupt the years counted towards naturalisation.
5. They ignore Argentina's legal risk. The programme's basis is before the Supreme Court.

What to check before deciding

In brief: whether relocation is needed, which country to live in, how many years the family is prepared to wait for a passport and what the budget is.

• Whether the family plans to live in Latin America or needs only a passport.
• Which country is comfortable to live in: climate, schools, taxes, distance to relatives.
• How many years the family is prepared to wait for a passport.
• The budget: a contribution in Argentina from $350,000, or the cost of living in a country for several years.
• Whether the family is prepared to wait for Argentina's regulations and the Supreme Court's ruling.

If the family is prepared to live in the region, compare Argentina with its neighbours: Argentina or Brazil and Argentina, Uruguay or Paraguay. What we do and what remains for you is shown on the page an Argentine passport by investment.