Official · 02.10.2026Argentina announces South America's first Citizenship by Investment Programme→
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Global Wealth

The RIGI: Argentina's offer to large investors

Argentina's flagship incentive for big projects promises lower taxes, freedom to keep export dollars abroad and three decades of legal stability. It is built for companies, not individuals, but it shapes where Argentina's growth, and much of its stock market, is heading.

Updated 8 min readSourced from official announcements

Key facts

  • Created by Title VII of Ley 27.742 (the Ley Bases), in force since 8 July 2024.
  • Minimum investment: US$200 million per project, with 40% in the first two years.
  • 25% income tax, 7% dividend tax, and 30 years of tax, customs and currency stability.
  • 23 projects were approved and published in the Boletín Oficial by early October 2026, with 24 more under review.
  • The application window closes in July 2027.

The Régimen de Incentivo para Grandes Inversiones (RIGI) is the Milei government’s main tool to attract large, long-term investment. It was the centrepiece of the Ley Bases passed by Congress in 2024. Two years on, it covers copper mines, lithium plants, oil pipelines, LNG and a car factory.

Our briefing on Argentina’s economy under Milei gives the headline. This article goes further: how the regime works, what has been approved, the criticism, and what it means for a private investor. It reflects the position on 10 October 2026 and is not investment, legal or tax advice.

Who can apply

Only a Vehículo de Proyecto Único (VPU, single-project vehicle) can apply (Article 169). Its sole object must be the project. It cannot hold other assets or run other businesses, apart from short-term investment of its working capital. A VPU can be a corporation, a limited liability company, a dedicated branch or a joint venture.

The project must be in one of eight sectors: forestry, tourism, infrastructure, mining, technology, steel, energy, and oil and gas (Article 167).

Minimum investment

Rule Amount Source
General minimum per project US$200 million in computable assets Art. 173
Maximum sector minimum the government may set US$900 million Art. 173
Investment in the first two years At least 40% of the minimum Art. 173
Strategic long-term export project (PEELP) At least US$1 billion per stage Art. 172
New onshore oil and gas developments US$600 million Decreto 105/2026
Offshore exploration and production US$200 million Decreto 105/2026

The investment must also be long term. The law tests this with a ratio of early cash flow to early capital spending (Article 172).

The benefits

Income tax. A VPU pays corporate income tax at 25% (Article 183), against a top rate of 35% under the general scale. It can depreciate equipment over as little as two years, and mines and infrastructure over 60% of their useful life.

Dividends. Dividends from a VPU are taxed at 7%, falling to 3.5% after seven years from adhesion (Articles 184 and 185). For foreign shareholders, the VPU withholds this as a final tax.

Customs. Capital goods and certain inputs enter free of import duty. Exports are free of export duty after three years from adhesion, or two years for strategic export projects (Article 191).

Currency. This is the benefit investors watch most closely. Article 198 frees a growing share of export proceeds from the duty to bring them into Argentina and sell them in the official market:

Time from project start-up Export proceeds the VPU may keep abroad
After 2 years 20%
After 3 years 40%
After 4 years 100%

Strategic export projects reach each step one year earlier. Capital contributions and loans for the project are free of the conversion requirement from the start.

Stability. The tax, customs, currency and regulatory benefits are frozen for 30 years from adhesion. Neither the repeal of the law nor new, harsher rules can reduce them (Article 201).

Disputes. After 60 days of negotiation, a VPU can take a dispute with the state to international arbitration under PCA, ICC or ICSID rules, with the seat outside Argentina (Article 221).

The deadline

The law gave two years to apply and allowed one extension of up to a year (Article 168). Decreto 105/2026 used that extension: the window now runs to July 2027. The law does not allow a second extension.

What has been approved

Figures differ by source and by whether projects not yet published in the Boletín Oficial are counted:

  • Published approvals. 23 projects had been approved and published by 1 October 2026, with US$39.4 billion of announced investment, according to consultancy EcoGo, cited by Infobae. iProfesional counted the same 23 at almost US$50 billion, with mining (12 projects) and oil and gas (7) leading.
  • Pending publication. Further approvals announced around 2 October 2026 included Pluspetrol’s Bajo del Choique–La Invernada oil project (about US$12.2 billion), Glencore’s Agua Rica copper project in Catamarca (US$4 billion) and Toyota’s plant in Zárate (about US$1.3 billion), the first car maker in the regime.
  • Under review. 24 more projects, worth almost US$160 billion, according to iProfesional on 9 October 2026.

Some landmark approvals:

Project Sector Investment (approx.)
Vicuña (BHP and Lundin), San Juan Copper; first PEELP, approved July 2026 US$9.7 billion
Southern Energy floating LNG Gas export US$6.9 billion at approval
Rincón (Rio Tinto), Salta Lithium US$2.7 billion
Los Azules (McEwen), San Juan Copper US$2.7 billion
VMOS oil pipeline to Punta Colorada Oil transport US$2.5 billion

For the energy and mining projects behind these numbers, see Vaca Muerta and lithium: investing in Argentina’s resources.

The criticism

Cost to the state. EcoGo estimated in October 2026 that the 23 published projects will cost about US$8.5 billion in forgone tax revenue in present value, about 25% of computable investment. The government disputes the estimate, arguing that the projects would not happen without the regime.

Money committed versus money spent. No official figure for actual inflows has been published. A deputy governor of the central bank cited net RIGI inflows of about US$760 million from October 2025 to March 2026, according to iProfesional.

Durability. The RIGI was passed by Congress, which gives it a stronger legal base than a decree. It also promises investors international arbitration. But the 2027 presidential election will test whether a future government respects 30-year promises in practice.

The “Super RIGI” and a regime for medium investments

A second regime for new industries, the so-called Super RIGI, passed the Chamber of Deputies on 24 June 2026. It targets projects of at least US$1 billion in areas such as semiconductors, data centres and batteries, with a 15% income tax rate. It also offers freedom to keep export proceeds abroad in steps from the first year, according to iProfesional. On 2 September 2026 the Senate committees could not agree a report, after allied senators asked for a preference for local suppliers, according to Infobae. We found no Senate vote by 10 October 2026.

For smaller businesses, the RIMI (Régimen de Incentivo para Medianas Inversiones), created by Ley 27.802 and regulated by Decreto 242/2026, offers accelerated depreciation and VAT refunds. Minimum investments range from US$150,000 for micro-companies to US$9 million for medium companies, according to Tavarone Rovelli Salim Miani.

What it means for an individual investor

The RIGI is not a personal tax regime. An individual benefits only through a company that holds a qualifying project. In practice, private investors gain exposure in three ways:

  1. Listed sponsors. Several RIGI projects belong to companies listed in New York or Buenos Aires, such as YPF, Vista Energy and Pampa Energía, or to global miners such as Rio Tinto and BHP. A sponsor’s share price reflects much more than its RIGI project.
  2. Funds. Country and sector funds hold some of these companies. Check holdings and costs yourself.
  3. Direct participation. Families with very large capital can co-invest in a VPU, usually alongside an industrial partner. This needs specialist legal and tax structuring.

None of this is a recommendation. Commodity prices, the peso, politics and project execution all drive returns. Speak to a qualified, regulated adviser.

And citizenship?

The Argentina citizenship by investment programme is a separate track. Its announced routes are a US$350,000 non-refundable contribution or a US$800,000 bond; see the cost guide. The government has not said that a RIGI investment qualifies. The programme’s legal basis, DNU 366/2025, was declared unconstitutional by the Cámara Nacional Electoral in June 2026, and the government’s appeal is now with the Supreme Court. See legal status and our latest news.

Note. This article is general information, not investment, legal or tax advice. RIGI rules are technical and project-specific. Speak to an Argentine lawyer and a regulated investment adviser before you act.

Sources

Frequently asked questions

What is the minimum investment for the RIGI?

Ley 27.742 sets a general minimum of US$200 million in computable assets per project. The government can set higher sector minimums, up to US$900 million, and strategic long-term export projects need at least US$1 billion per stage under the law.

What are the main RIGI benefits?

A 25% corporate income tax rate, accelerated depreciation, a 7% tax on dividends falling to 3.5% after seven years, no export duties after three years, gradual freedom from the duty to bring export proceeds into Argentina, and 30 years of tax, customs and currency stability.

When does the RIGI application window close?

The original two-year window was extended once, by Decreto 105/2026, for one year from 8 July 2026. Applications therefore close in July 2027, and the law allows no further extension.

Can an individual investor use the RIGI?

Only through a company. Applicants must be single-project vehicles (VPUs) with at least US$200 million of investment. Individuals usually gain exposure through listed companies that sponsor RIGI projects, which is not a recommendation.

Does a RIGI investment give Argentine citizenship?

No such link has been announced. The citizenship routes announced on 2 October 2026 are a US$350,000 contribution or an US$800,000 bond.

Next stepPrivate Briefing

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