Argentina CBI scheme traced to Milei friend, Perfil says

Patricio Fuks, a Miami-based hotelier and close friend of President Javier Milei, introduced executives of a foreign citizenship consultancy to the Argentine government in November 2024, Perfil reported on 17 October. Official records cited by the paper show meetings at the tax agency ARCA and with then Cabinet chief Guillermo Francos. Fuks told Perfil that he only brought the idea and then stepped aside, and that he never received any money from the state.

In December 2025, the Economy Ministry launched a tender for a firm to design and promote the citizenship-by-investment (CBI) programme. It set a ceiling of 5,000 approved citizenships over four years, extendable to five, worth US$1.75 billion at the announced price (as of 17 October 2026, per Perfil). The contract could be revoked if fewer than 200 applications were approved in two years. The evaluation committee recommended a consortium of international advisory firms, but after challenges from other bidders, Economy Minister Luis Caputo annulled the tender with Resolution 522/2026 on 14 April.

On 15 May, the programme agency signed an unpaid technical cooperation agreement with a group made up of that consortium and the consultancy whose bid had been rejected. Perfil says the agreement has not been published, and officials told the paper there is no contract. Opposition deputy Agustín Rossi has questioned the arrangement.

As of 17 October 2026, the announced terms are a non-refundable US$350,000 contribution or a US$800,000 government bond. The programme is not yet open.