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

Who is advising Argentina?

Argentina tried to hire a single firm to design and run its programme, then changed course. Here is what happened, who is involved now, and why it matters to applicants.

Updated 6 min readSourced from official announcements

Key facts

  • Late 2025: the Ministry of Economy tendered for a firm to design and run the programme. Bids were opened on 20 January 2026.
  • March 2026: a four-firm consortium was recommended with 88 points.
  • 14 April 2026: the tender was cancelled by Resolution 522/2026.
  • AP says a consortium of investment firms still advises the government.
  • Henley & Partners held workshops with the government but is not a consortium member.

Citizenship by investment programmes are rarely built by governments alone. Most rely on outside firms to design the rules, market the programme and handle applicant flows. Argentina followed this path, then stepped back from it. Understanding who advises the government helps you judge what the programme may look like, and who to trust when it opens.

The master-agent tender

In late 2025 Argentina’s Ministry of Economy launched an international tender, numbered 34-0001-CPU25, for a firm to design and operate the programme. Bids were opened on 20 January 2026. According to trade press, eleven companies took part at first and six submitted formal offers. Bidders reportedly included Henley & Partners, Latitude Consultancy, and a four-firm consortium.

The contract was reported to run for four years, with an option for a fifth, or until 5,000 citizenship approval recommendations had been issued. The tender documents projected “up to 5,000 approved applications” in the initial period.

On 6 March 2026 IMI Daily reported the evaluation result. The recommended bidder was a joint venture of four firms: Apex Capital Partners, AIM Global, Passport Legacy and Arton Capital. It scored 88 points. Henley & Partners scored about 48.

The reported pricing drew attention. One analysis said the winning bid offered about US$50,000 in total compensation from the government for the first 5,000 approvals, with the operator earning mainly from applicant fees. The same analysis reported a competing bid of about US$25 million. These figures come from procurement records as reported by trade sources, not from an official summary.

The cancellation

On 14 April 2026 the Ministry of Economy cancelled the tender by Resolution 522/2026. The resolution said that relevant differences remained between the approaches proposed and the programme’s public-policy objectives. It added that continuing under those conditions could not give the coherence and strategic alignment the programme needed.

No contract was signed. The government did not name a replacement operator.

After the cancellation

Industry sources have described a later agreement: in May 2026, a company grouping several firms from the earlier bids is said to have signed a non-onerous (unpaid) technical collaboration agreement with the Agency. We could not confirm this from any published source, including the page usually cited for it. Treat it as unconfirmed until the government or the firms publish it.

At the Paris launch, AP described “the consortium of investment firms that advises the government”, which estimated that the programme could raise up to US$2.5 billion. AP did not name the firms.

Henley & Partners

Henley & Partners issued a statement on 2 October 2026. It said it had worked with the government through workshops and discussions on the programme’s framework. It is not a member of the consortium. Its leaders welcomed the programme and stressed governance, due diligence and transparency.

Other advisers

Infobae reported that Juan Pazo, a former director of ARCA, Argentina’s tax and customs agency, is an adviser to the programme. The Agency itself, set up under Decreto 524/2025, evaluates applications. The Dirección Nacional de Migraciones gives final approval.

Why this matters to applicants

  • Rules may reflect industry practice. Firms with Caribbean and European experience have shaped CBI design elsewhere. Expect familiar features, such as licensed agents, due diligence fees and staged payments. None of these is confirmed for Argentina yet.
  • No one has official exclusivity. As of 2 October 2026, no firm had been publicly appointed as the programme’s sole operator. Be wary of anyone who claims exclusive or official status.
  • Conflicts of interest. A firm that advises a government and also sells to applicants may have competing incentives. Ask any adviser to disclose its relationship with the programme.
  • The legal challenge remains. DNU 366/2025 was declared unconstitutional by the Cámara Nacional Electoral on 30 June 2026, and the government has appealed. See legal status.

Questions to ask any adviser now

Many firms will market Argentina’s programme before the rules are final. Before you sign an engagement letter, ask these questions and get the answers in writing:

  1. What is your relationship with the Argentine government or the Agency? Did you bid in the tender, sign any agreement, or take part in workshops? Is that relationship paid?
  2. What exactly will you do before the portal opens? Document preparation is useful now. Submitting an application is not yet possible.
  3. How are you paid? A fixed fee, a success fee, or a commission from a third party? Who pays if the programme is suspended?
  4. Will you hold any of my money? The government says all funds must move through the formal financial system. You should not need to send the investment amount to an agent.
  5. What happens if the Supreme Court rules against the decree? A good adviser will have a clear answer, including on refunds of its own fees.

An adviser who cannot answer these questions plainly is not ready to handle a file worth US$350,000 or more.

For a dated history of these events, see our timeline. For the programme as announced, see the announcement explained. For wider market context, read what Argentina means for the CBI industry. We publish new developments on our news page.

Note. ArgentinaCitizen.com is independent and is not part of any tender consortium. This article is general information, not legal advice.

Sources

Frequently asked questions

Did Argentina appoint a master agent for its CBI programme?

No. A four-firm consortium was recommended in March 2026, but the Ministry of Economy cancelled the tender on 14 April 2026 before any contract was signed.

Has Argentina signed a new agreement with private firms?

Industry sources have described an unpaid technical collaboration agreement between the Agency and a group of firms in May 2026. We could not confirm it from any published source, so treat it as unconfirmed.

Is Henley & Partners running Argentina's programme?

No. Henley & Partners says it held workshops and discussions with the government, but it is not a member of the consortium.

Do I need to use a licensed agent to apply?

The government has not yet published rules on agents or the application channel. Be cautious of anyone who claims official or exclusive status before those rules exist.

Next stepPrivate Briefing

Be first when the doors open.

Applications open in Q4 2026. Join the priority list for a confidential briefing, early access to the official regulations, and a file prepared before the first day.

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