Deadline for adhesion: until 8 July 2027
What is the RIGI?
The Large Investment Incentive Regime (RIGI, for its Spanish acronym) is a strategic programme approved by the National Congress through Law No. 27,742 —the Bases and Starting Points for the Freedom of Argentinians Act— in July 2024, and subsequently regulated by Executive Decree No. 749/2024.
The regime aims to attract and promote large-scale investments in strategic sectors of the Argentine economy by establishing a framework that provides predictability, stability, and legal certainty for long-term projects.
It targets initiatives involving investments exceeding USD 200 million and offers significant tax, customs, and foreign exchange benefits designed to facilitate the development and execution of large-scale investment projects.
To date, ten projects have been approved under this regime, representing a total of USD 25,479 million in committed investment.
What sectors does the RIGI cover?
The RIGI applies to projects in eight strategic sectors:
- Forestry industry
- Tourism
- Infrastructure
- Mining
- Technology
- Steel
- Energy
- Oil and gas
The regime also contemplates Long-Term Strategic Export Projects, requiring a minimum investment of USD 2,000 million with benefits extended for up to 40 years.
Who can access the RIGI?
To access the RIGI, investors must establish a Single Project Vehicle (SPV), whose sole purpose is the execution of a project approved under the regime. The SPV may not carry out activities or hold assets unrelated to the project, except those necessary for the administration of the vehicle's funds.
The following corporate structures may qualify as an SPV:
- Corporations (including sole shareholder companies) and limited liability companies.
- Branches of companies incorporated abroad (Art. 118, Law 19,950).
- Dedicated branches (Art. 170, Law 27,742).
- Temporary joint ventures and other associative contracts.
What are the requirements to access the RIGI?
1. Minimum investment: USD 200 million, with the following exceptions:
USD 300 million for oil and/or gas transportation and storage projects.
USD 600 million for oil and/or gas exploitation and production destined for export.
USD 600 million for offshore oil and/or gas exploitation and production.
2. Initial disbursement: 40% of the minimum investment amount must be executed within the first two years of the project. The Executive Branch may reduce this requirement, but not below 20%.
3. Long-Term Strategic Export Projects: USD 2,000 million (if disbursement is made in stages, the minimum required per stage is USD 1,000 million).
4. Project maturity: The ratio between the present value of the expected net cash flow (excluding investments from the first three years) and the net present value of planned capital investments during that period must not exceed 30%.
What benefits does the RIGI offer?
The regime provides a comprehensive set of tax, customs, and foreign exchange benefits designed to facilitate the development of large-scale projects.
Tax benefits
With regard to Corporate Income Tax, the rate is reduced from 35% to 25%, accelerated depreciation of capital goods and infrastructure is permitted, and tax losses may be carried forward without time limitation, with the option to transfer them to third parties from the fifth year onwards. Dividends are taxed at a rate of 7%, reduced to 3.5% after seven years.
VAT on investments may be offset through Tax Credit Certificates, and the Tax on Banking Credits and Debits is fully creditable (100%) against Corporate Income Tax.
Customs benefits
Exemption from import duties applies to capital goods, spare parts, and components, as well as exemption from export duties from the third year of adhesion to the regime (second year for Long-Term Strategic Export Projects).
Foreign exchange benefits
Project holders are progressively exempt from the obligation to settle export proceeds in the foreign exchange market: 20% from the second year, 40% from the third, and 100% from the fourth year (for standard projects); or 20% from the first year, 40% from the second, and 100% from the third year (for Long-Term Strategic Export Projects).
There is no obligation to repatriate or settle foreign currency corresponding to capital contributions, loans, or services, and free access to the foreign exchange market is guaranteed for the payment of profits, dividends, and interest to non-residents, with no restrictions on the holding of foreign assets.
What legal guarantees apply to RIGI benefits?
Projects adhering to the RIGI enjoy regulatory stability in tax, customs, and foreign exchange matters for 30 years. Benefits cannot be affected by repeals or by the introduction of more burdensome or restrictive regulations.
For projects equal to or exceeding USD 2,000 million, the stability period may be extended to 40 years.
Extension of the adhesion period
The original deadline for joining the regime was 8 July 2025.
Under the provisions of the Bases Act, the National Government granted a one-time extension, extending the adhesion period until 8 July 2027, with the aim of accommodating the structuring and decision-making timelines of large-scale projects that require longer planning periods.
The regulation also incorporated adjustments to facilitate the implementation of the regime, including:
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the possibility of incorporating new onshore hydrocarbon developments,
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rules for investment expansions by companies already established in the country,
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clarifications for technology projects,
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and improvements to administrative evaluation procedures.
Further information