The attention of the High-Net-Worth Individuals or HNWIs who are looking for a second passport has quickly attracted by the Argentina's Citizenship by Investment program (CBI). The announcced investment amount of this program, which starts at around $350,000, seems to be the biggest number that the people might need to worry about, but that figure is only a part of the overall cost.
⚠ Disclaimer
Immigration laws and financial requirements change frequently. This article is for informational purposes only and does not constitute legal or financial advice. Before making any decisions, please consult a qualified professional or reach out to the High Net Worth Immigration team for a free, up-to-date consultation.
Several expenses can come up during the application process, that is why, if you are putting together a budget for the Argentina CBI program, it's important to account for these costs from the beginning.
Here are some of the fees and other expenses that you must know about before you apply for the CBI program.
1. Government, Processing, and Administrative Fees
Some people think that the main investment will likely take up most of their budget, but government and administrative fees can add up, too.
Depending on your application, you may have to pay fees for the initial visa application, temporary residency, and final citizenship process. Once the application is approved, there are separate costs for getting your Argentine National Identity Document or DNI, and passport, and the cost of which could go around $1,000 to $2,500.
2. Legal and Professional Advisory Fees
If you have investments, businesses, or assets in different countries, the immigration and financial requirements can be complicated. These complicated requirements might slow down your application, that's why it is important for you to work with highly experienced Argentine immigration lawyer.
The fees for these lawyers are not inexpensive and they can cost anywhere from $5,000 to $25,000 depending on your circumstances and the family members included in the application.
There are also some investors who choose to work with local financial advisers that help them organize their investment and having these advisers could add up additional $2,000 to $5,000 to the total cost, which you may also consider doing.
3. Due Diligence and Background Check Costs
As part of the process, you will go through some background and financial checks. Argentina follows international Anti-Money Laundering (AML) and Know Your Customer (KYC) standards and these due diligence checking help the authorities to make sure that your background is legitimate and your funds are clean.
Generally, these background and financial checks are being handled by third-party agencies and are typically non-refundable. The cost of these due diligences could fall somewhere between $2,000 to $5,000 per person, depending on your country of origin and your personal history.
4. Document Translation, Apostille, and Legalization
One of the things that you may also overlook is the cost that will be incurred for the paperworks. There are documents such as birth and marriage certificates, police clearance certificates, and financial records that may need to be translated into Spanish by an authorized translator in Argentina. Depending on where the original documents were issued, there might also be a need for these to be apostilled or legalized before they can be used.
Typically, if you are a family of four, the translation, apostille, and legalization would cost approximately $1,500 to $3,000, but it would still depend on how many documents will be required.
5. Source of Funds and Financial Audits
Another important thing that you must prepare for when you are applying is the proof of income. You need to show where your investment money is coming from and it is important that you can prove the legitimacy of it, especially if you have several different income streams.
For instance, there may be a need to provide records showing income from a business, proceeds from selling property, investments, or dividends.
One thing that you can do as an applicant is to hire an independent auditor or a certified public accountant or CPA to prepare a Source of Funds or SOF report for you. They can also help you organize the supporting documentation that you might need for your application. Hiring these professionals can cost another additional $1,500 to $4,000, depending on how complicated your finances are.
6. Travel and Relocation Costs for Biometrics
When you are applying for a second citizenship, you might be required to travel back and forth to the country where you are applying to. That is why you might also consider the additional expenses that you might incur in traveling to Argentina since there may be steps in the application process that requires to be completed within the country.
For instance, you may be required to travel for biometric registration, interview, or other formalities like an oath taking ceremony. If several family members are also applying with you, the additional expense for traveling would be a lot more since you might also consider the additional expenses for flights, hotels, meals, and other local transportations.
The additional expense that you might incur could go roughly around $3,000 to $6,000 for these travel-related costs, and it could go lower or higher depending on your country of origin and length of stay.
7. Post-Approval and Maintenance Expenses
After getting the citizenship, there are still other costs that need to be considered.
You still have expenses related to tax compliance, maintaining a local bank account, document renewals, and other administrative requirements. You may also need to travel to Argentine every now and then for certain procedures.
It is sensible to budget at $1,000 annually for ongoing administrative and maintenance expenses, however, the actual amount will depend on each applicant's personal situation.
Before you commit to the program, you might want to consider discussing with a qualified Argentine immigration lawyer or other registered professionals, so they can give you a detailed breakdown of all expected fees. This way, you will know exactly what you are paying for so you can plan your budget for your application.
