Next-Gen Plan B: Why the Southern Cone Will Become the Next Major Hub for Investment Migration in 2025

The world is reassessing risk. Conflicts are intensifying, alliances are showing cracks, and clients from the Middle East, Europe, and North America are increasingly revisiting their plans—and their “entry points” into new jurisdictions.

Not long ago, the questions sounded different: which passport delivers more visa-free access, how to reduce tax exposure, which investment migration program is the best deal.

Today, the main question is different: where should you be if the situation suddenly worsens.

The answer is simple: go where there’s resilience.

That’s why the Southern Cone is increasingly showing up as a “backup runway”: a remote but comparatively stable, resource-rich region that is less entangled than others in military commitments and geopolitical vulnerabilities.

In February, IMI editor Ahmad Abbas outlined six reasons why Argentina will dominate the CBI market (citizenship by investment). I agree with his conclusions—and after a trip to Buenos Aires, my conviction only strengthened. But this story is bigger than one country: a region that has long been under the radar is now entering the spotlight. And that window is closing.

The Southern Cone hasn’t lacked arguments—it’s just that it needed a “flagship product,” something around which the market could build a clear narrative. Argentina’s CBI program fills that gap and puts the Southern Cone firmly in the center of attention.

Buenos Aires, March 2026

What the Southern Cone is—and why it’s becoming important

The Southern Cone refers to the southern countries of South America: Argentina, Chile, Uruguay, and Paraguay. Culturally and geographically, the region is sometimes also extended to include Brazil’s southern states: Santa Catarina, Rio Grande do Sul, and Paraná. This part of the world has been shaped by European immigration, a milder climate, and a distinct social model—so it feels noticeably different from the rest of Latin America.

Uruguay emerged in 1828 as a buffer zone between Argentina and Brazil—neutral territory originally oriented toward governance and the rule of law. That “political DNA” remains today: Uruguay consistently ranks among the most stable democracies, least corrupt countries, and most socially progressive nations in the region.

Paraguay sits between two major neighbors and has historically maintained a neutral stance. Today, it’s quietly turning into one of the most attractive “pillars” for residency. Chile has a geographic advantage: the Andes protect the eastern border, while the Pacific Ocean shields the west. In practice, this supports strong institutional performance and a solid economic trajectory—its passport is considered one of the best in Latin America.

At the same time, the reputations of Argentina and Brazil as high-uncertainty jurisdictions deserve a more nuanced read. Administrative reforms under Javier Milei are reshaping Argentina’s institutional and economic trajectory—while the market is only beginning to price that in. Brazil’s southern states, in contrast, show high levels of protection and wellbeing that remain underappreciated outside the region.

Tax advantages of the Southern Cone

Paraguay offers one of the “cleanest” territorial tax regimes: foreign-sourced income, capital gains, and overseas assets are excluded from the tax base. There’s also no strict requirement for a minimum number of days in-country. Residency procedures are straightforward and rank among the most accessible tax “anchors” for people who frequently move between countries.

Uruguay works in a more premium way: it has a non-dom regime where income from foreign sources is exempt during the first years of residency. The conditions are either 183 days in the country within a year, or an investment of USD 2 million in local real estate.

Another advantage in Uruguay is its network of double tax treaties, which adds legal clarity and helps reduce risk for residents with more complex international structures.

Argentina and Brazil are often viewed as “high-tax” jurisdictions, but the reality is more subtle. Tax residency in both countries is largely tied to actual time spent in-country. In typical scenarios, merely owning an apartment and spending around six months per year (which may be possible for many citizens under the right status—e.g., properly structured tourist travel) usually does not automatically trigger tax residency recognition.

As a result, a practical strategy emerges: partial living in Argentina or Brazil—and anchoring your tax position in Paraguay or Uruguay. For mobile investors, this is one of the most logical approaches.

Which Southern Cone passports you can obtain via investment and naturalization

Passport quality in the Southern Cone is genuinely high, and naturalization routes are among the most accessible globally.

An Argentine passport ranks around 16th globally and enables travel to the Schengen Area, the UK, Japan, South Korea, and Hong Kong. That’s exactly why it is one of the strongest options available through an investment track. After processing, citizenship becomes irrevocable in line with Decree 3213/84.

It also matters that Argentina isn’t a small island jurisdiction. It’s a G20-level economy with deep European roots, a population of about 46 million, and a passport whose overall travel value can outpace alternatives.

In addition, the reform direction is becoming more visible: Milei’s administration has explicitly stated a goal of aligning with US ESTA, and Chile already achieved this in 2014. The direction of travel is set.

Geopolitical “isolation”: a region built for resilience

The Southern Cone sits farther away from active conflict zones, allied commitments, and geopolitical fault lines than most other destinations.

Argentina, Uruguay, Chile, Brazil, and Paraguay are outside the main theatres of geopolitical pressure—active or emerging. There are no NATO-level obligations, and no territorial disputes with major powers. Democratic societies at the far end of the world amplify the protective effect of geographic distance and reduce the risk of being pulled into someone else’s conflicts.

If you look for a comparable long-term security analogy in times of global tension, people often compare it to New Zealand: not a regional bloc, but a single country. However, there an investor visa costs roughly NZD 3 million. Against that backdrop, the case for the Southern Cone becomes harder to dismiss.

A resource “empire”: why the Southern Cone matters under pressure

The Southern Cone is not only about distance from conflicts. It’s also about access to resources the rest of the world needs.

Argentina has Vaca Muerta—one of the largest shale gas reserves (ranked second globally) and shale oil reserves (ranked fourth). In the “Lithium Triangle” (Argentina, Chile, Bolivia), the biggest available lithium deposits are concentrated. Argentina and Uruguay are among leading food-producing countries. Paraguay exports surplus hydropower. And the Guaraní Aquifer—a major groundwater reservoir—lies beneath the territories of Argentina, Paraguay, Brazil, and Uruguay.

In a “worst-case scenario,” the region could theoretically sustain itself in energy and food while remaining far from active hostilities. In essence, these are assets of a different class—and that changes how the investment case is perceived.

Investment opportunities in the Southern Cone—and how they connect to CBI

Beyond passports and taxes, there’s also a “clean” investment logic—and the timing really is favorable right now. Milei’s reforms (liberalizing capital controls, stabilizing the peso, and deregulating) are opening real estate and private capital markets for international investors that had effectively been closed for years.

In Buenos Aires, interest in residential real estate is rising again: prices are often benchmarked to the US dollar. In Mendoza, vineyards and winemaking projects offer a clear agri-industrial exposure in one of the strongest wine regions in the world. Energy infrastructure linked to Vaca Muerta is beginning to attract institutional capital for the first time in decades.

If you zoom out beyond Argentina, Florianópolis stands out—an almost mythical island city on Brazil’s southern coast. Here, one of the strongest short-term rental markets in South America has taken shape. Coastal properties have delivered both value growth and rental yields that are difficult to replicate in comparable European destinations, especially with a lower entry threshold.

The next frontier is Asunción in Paraguay. Real estate in Villa Morra and Carmelitas is becoming a magnet for digital nomads, entrepreneurs, and investors focused on sovereignty. Market sentiment suggests people are moving in before the main wave.

This isn’t “betting on luck.” It’s taking early positions in a region the world is only beginning to take seriously.

This isn’t just Plan B: for many, the Southern Cone becomes Plan A

My personal view: if you’re paying close attention to geopolitics, the “flag theory,” and you want to build a life with real optionality, you should at least consider the Southern Cone. As Plan C—and for many, as Ultimate Plan B. And for some of us, including me, it’s no longer a backup scenario but a primary choice.

Based on how many professionals from my industry I’ve met over the past six months, this trend will likely only intensify over the next decade.

Will the Southern Cone become the next big stage for investment migration?

Argentina became the first South American country to launch a citizenship by investment program after 1993, when Peru closed its short-term CBI project. Argentina is also the first major economy in the Southern Hemisphere to introduce an official CBI format.

When Portugal launched the Golden Visa in 2012, it wasn’t just the creation of a popular program. In practice, it legitimized a scenario other countries could adapt and replicate. Over a decade, Europe dominated the “golden visa” era. Portugal showed the model works—and neighbors took the lesson.

Argentina is at a similar inflection point right now. If the rollout succeeds, South America could reach a comparable turning point—creating a template and proof of concept for neighboring countries. With Chile offering one of the strongest passports in the region, Uruguay providing resilience and an institutional reputation, and Paraguay recording nearly 43,000 residency applications in 2025 (50% more than the year before), all of them will be watching closely.

As a rule, programs are most attractive at launch. Portugal’s Golden Visa remains interesting, but over time conditions change—and those who entered earlier often received better terms. Argentina is currently inside that “early window.”

Criteria may still be refined, but the region is already real, the foundation is in place, and the direction of travel is clear. The Plan B era has arrived—and the Southern Cone is becoming Ultimate Plan B.

Stay tuned: in the next publication, I’ll break down Southern Cone residency and citizenship paths in more detail—including lesser-known and undervalued routes that are available in the region today.

If you’re considering investment migration as a “Plan B” for sudden geopolitical shifts, take a close look at golden visa / investment residence permits and CBI options. The Southern Cone is increasingly viewed as a region with a more predictable risk profile and a clearer pathway for family-based decisions. Explore what’s available today, the current requirements, and how to shape a strategy for your goals at digital-nomad.gr/en/goldenvisa.

Our Telegram channel about various types of Greek residence permits, digital nomad programs, and the Greek Golden Visa: @digitalnomadgr