President Javier Milei's administration has embarked on an ambitious economic reform agenda aimed at transforming Argentina into a more investment-friendly, market-oriented economy. Shortly after assuming office, his government enacted a series of reforms designed to stimulate both domestic and foreign productive investment.
Among these reforms, the "Law of Bases and Starting Points for the Freedom of Argentines" (Law 27.742) stands out as one of the most significant. At the heart of this legislation is the Large Investment Incentive Regime (RIGI), a framework intended to attract major investments into strategic sectors of the Argentine economy.
The Large Investment Incentive Regime (RIGI) was officially enacted on July 8, 2024, as part of Argentina's broader economic reform package.
The initiative seeks to encourage large-scale investments by offering investors substantial tax, customs, and foreign exchange incentives while ensuring long-term legal certainty.
The key features of RIGI include:
Minimum investment threshold of USD 200 million.
Up to 30 years of regulatory stability.
Enhanced benefits for large export-oriented projects.
A dedicated legal framework to facilitate long-term investment execution.
RIGI focuses on sectors considered strategic for Argentina's economic development. These include:
Mining
Energy
Oil and Gas
Technology
Steel
Industrial Forestry
Tourism
Infrastructure
Additionally, the regime supports Long-Term Strategic Export Projects, aiming to establish Argentina as a reliable supplier in global markets where it currently has limited participation.
Investors wishing to benefit from RIGI must establish a Single Project Vehicle (SPV) dedicated exclusively to implementing an approved project.
The SPV cannot engage in activities unrelated to the approved investment project, except for activities necessary to administer project funds.
Eligible SPV structures include:
Corporations and sole-shareholder corporations;
Limited liability companies;
Branches of foreign companies;
Dedicated branches established under Law 27.742;
Temporary unions and other associative contractual arrangements.
The general minimum investment requirement is USD 200 million.
However, certain sectors require higher thresholds:
USD 300 million: Oil and gas transportation and storage projects.
USD 600 million: Gas and oil export production projects.
USD 600 million: Onshore and offshore oil and gas exploitation projects.
Investors must execute 40% of the minimum investment within the first two years of the project.
The Executive Branch may reduce this requirement, although not below 20%.
These projects require investments of at least:
USD 2 billion, or
USD 1 billion per stage when investments are made progressively.
Projects must demonstrate genuine productive intent. The ratio between expected net cash flows and planned investments during the initial years cannot exceed specified limits established by the law.
Reduction of the corporate income tax rate from 35% to 25%.
Accelerated depreciation allowances.
Unlimited carryforward of tax losses.
Tax losses may be transferred to third parties starting from the fifth year.
Dividend taxation reduced to 7%, declining to 3.5% after seven years.
Investments may use Tax Credit Certificates to settle VAT obligations.
100% of the tax paid can be credited against income tax liabilities.
Investors receive:
Exemption from import duties on capital goods.
Exemption on spare parts, components, and related equipment.
Elimination of export duties after:
Three years for regular projects.
Two years for strategic export projects.
RIGI significantly liberalizes foreign exchange rules.
For standard projects:
20% exemption after two years;
40% after three years;
100% after four years.
For strategic export projects:
20% after one year;
40% after two years;
100% after three years.
Additional benefits include:
No obligation to repatriate capital contributions, loans, or service-related foreign currency.
Freedom to hold foreign assets abroad.
Unrestricted access to foreign exchange for the payment of dividends, profits, and interest to non-residents.
One of RIGI's strongest attractions is its guarantee of 30 years of regulatory stability.
Projects approved under the regime are protected from future regulatory changes that could impose more burdensome tax, customs, or exchange restrictions.
This legal certainty is designed to provide investors with confidence when undertaking long-term, capital-intensive projects.
The RIGI framework is currently in force, and eligible projects may apply for approval until July 8, 2027.
As of March 2026, the Argentine government had approved 11 projects, representing approximately USD 16.9 billion in investments.
Major approved projects include:
Vaca Muerta Sur Pipeline Project – USD 2.486 billion.
PAE-Golar LNG Project – USD 6.878 billion.
El Quemado Solar Park – USD 211 million.
Rio Tinto's Rincón Lithium Project – USD 2.744 billion.
Sidersa Steel Plant – USD 286 million.
Los Azules Copper Project – USD 2.672 billion.
Timbúes Multipurpose Port Terminal – USD 290 million.
Veladero Gold Project – USD 380 million.
Meanwhile, 11 additional projects worth USD 20.3 billion remain under government evaluation, spanning lithium, copper, oil, renewable energy, and precious metals.
Argentina's reform efforts have attracted increasing global attention.
During Argentina Week in New York (March 2026), President Javier Milei personally promoted investment opportunities to international investors. More than 50 global business leaders participated in discussions covering sectors such as energy, mining, technology, pharmaceuticals, agribusiness, and infrastructure.
Several major investment announcements followed:
First Quantum Minerals announced a USD 5.25 billion investment in the Taca-Taca copper project.
Mercado Libre committed USD 3.4 billion to expand logistics operations and create approximately 1,900 direct jobs.
Transportadora de Gas del Sur announced a USD 3 billion investment in Vaca Muerta.
Pampa Energía submitted an RIGI application involving investments exceeding USD 4.5 billion.
Argentina's Large Investment Incentive Regime (RIGI) represents one of the country's most ambitious efforts to attract large-scale domestic and foreign investment. Through a combination of tax incentives, customs exemptions, exchange flexibility, and an unprecedented 30-year guarantee of regulatory stability, the program seeks to reposition Argentina as a competitive destination for global capital.
While the long-term outcomes remain to be seen, the early results suggest that RIGI has already begun mobilizing billions of dollars in strategic investments. For other developing economies seeking to attract productive foreign investment, Argentina's experience may offer valuable policy lessons on the importance of legal certainty, targeted incentives, and institutional commitment to economic reform.
