Argentina Delays Launch of Citizenship by Investment Program
The Argentine government has halted the launch of the Citizenship by Investment program, abandoning the international tender for designing and implementing its framework. The decision was taken by the Ministry of Economy and is linked to internal disagreements over the project’s concept and the complexity of its implementation, according to LA NACION.
How Argentina’s Citizenship by Investment Program Operator Was Selected
By the time the bidding process closed in January 2026, 11 proposals had been submitted by international consulting firms. Four companies were excluded during the evaluation stage due to procedural and financial non-compliance.
Two bidders advanced to the final stage: one of the world’s largest citizenship-by-investment operators, Henley and Partners Immigration Services FZCO, and a consortium of four companies operating through the Chilean legal entity Asesorias Legal Advisor Limitada.
Both bids received identical scores on technical criteria. The final decision was effectively determined by price, which accounted for 40% of the total score. The consortium proposed a fixed model: $10,000 per package of 1,000 applications across five stages, totaling $50,000 for the entire four-year contract. Henley proposed a significantly more expensive structure, ranging from $2 million for the first stage up to $8 million for the final one, resulting in a total cost of approximately $25 million. The consortium scored 88.00 points versus 48.09 for Henley.
Cancellation of the Decision and Withdrawal from the Project Contract
After the preliminary winner was announced, Henley and Partners filed an official legal complaint challenging the tender results. Latitude Consultancy Malta Limited, previously disqualified at an earlier stage, also submitted an appeal.
In response, the Ministry of Economy’s legal and administrative department conducted an additional review of the entire procedure. The final technical report stated that, despite formal admissibility of both final bids, significant divergences remained in their approaches to project implementation and alignment with public policy objectives. The report noted that continuing the tender in its current form would not ensure the required level of coherence, integrity, and strategic design of the program.
The government was effectively faced with a choice between formally awarding the contract and risking the launch of a system inadequate for the scale of the task, or fully cancelling the procedure and redesigning the model. The latter option was chosen.
As a result, Argentina’s Ministry of Economy officially annulled the international tender intended to select a consultant for designing and launching the citizenship-by-investment program for foreign investors. The act was signed by Economy Minister Luis Caputo.
What Was Planned for Argentina’s Citizenship by Investment Program
The initiative had been under development since mid-last year and involved amendments to migration and citizenship legislation. Under Decrees 524/2025 and 366/2025, Law No. 346 on citizenship was amended to allow foreign nationals to obtain an Argentine passport through “significant investment” in the country’s economy, without requiring long-term residence.
A key component of the project was the creation of the Citizenship by Investment Programs Agency — a decentralized body within the Ministry of Economy. This agency was expected to assess investments and issue recommendations to the National Directorate of Migration, which would retain final decision-making authority. President Javier Milei emphasized that the mechanism was intended to stimulate capital inflows and strengthen Argentina’s international integration.
Focus on Business Investment in Argentina
In autumn 2025, EC Holdings founder and CEO Philippe May explained that preference would be given to “more active forms of investment than real estate.” This referred to investments in the real economy — business structures, operating companies, equity participation — although the exact model had not yet been defined.
He also highlighted risks that could affect the program’s outcome. He identified two key scenarios: delays in application processing and potential schemes involving fictitious investments. He further noted that many parameters — from investment structure to intermediary commissions — were still under development, while the market was awaiting final government decisions.
May also pointed out that El Salvador already operates a similar program, but described it as “too expensive, too small, and mainly focused on the Bitcoin community.” In contrast, he stated that Argentina’s program would attract attention and receive strong promotion, helping to expand its regional impact.
Prospects for Obtaining Argentine Citizenship by Investment
Legal experts note that the cancellation of the tender does not mean the cancellation of the citizenship-by-investment program itself. Decree 524/2025, which established the Citizenship by Investment Programs Agency (APCI) and the CBI mechanism, remains in force. Decree 366/2025, which amended citizenship law to allow naturalization through investment without residency requirements, also remains in force.
The February 2026 clarification that citizenship obtained through the investment program does not automatically trigger Argentine tax residency also remains valid. However, the operational framework of the program is still missing. Key parameters such as investment thresholds, eligible sectors, application procedures, agent approval systems, and international promotion infrastructure have not yet been defined.
What Comes Next: Possible Scenarios
The Ministry of Economy has not officially announced its next steps following the cancellation of the tender. Several likely directions are currently being considered:
- launching a new tender with revised requirements, including stricter minimum operational budgets and stronger obligations for global marketing and investor due diligence;
- splitting responsibilities among multiple contractors, with different firms handling application processing, marketing, and compliance separately;
- developing the program internally through the APCI agency without a master operator, relying on government-led infrastructure supported by specialized contractors.
None of these scenarios has been officially confirmed, and the timeline remains uncertain. Under current conditions, a program launch in the first half of 2026 appears unlikely. A more realistic timeframe, assuming a rapid redesign, shifts toward December 2026.
How This Affects Investors in Argentina
Analysts at International Investment note that the cancellation of the tender does not mean the abandonment of Argentina’s citizenship-by-investment program. The legal framework remains in place, and the government’s political course toward attracting investment has not been publicly reversed. However, the coordination process may be delayed, as the operational framework is still missing, postponing the actual launch.
Visa mobility and rights under MERCOSUR, considered key advantages of Argentine citizenship, remain embedded in the concept. However, their practical implementation depends on the final structure of the program and its relaunch timeline. For investors, this represents an indefinite pause with no clear deadlines.
An additional factor is the potential adjustment of conditions in the next stage, which reduces predictability and complicates investment planning and return assessment. Against a backdrop of economic and political instability, this increases market caution and makes participation less straightforward. As a result, some investors may consider alternative programs in other countries where rules are already established and operational.
FAQ: Citizenship by Investment in Argentina
Is the citizenship by investment program in Argentina cancelled?
No. The international tender to select the program operator has been cancelled, not the program itself. The legal framework remains in force.
Why did the government cancel the tender?
The Ministry of Economy cited a lack of alignment between bidders’ approaches and insufficient development of an implementable model. Authorities decided to redesign the program’s structure.
Does this mean a complete abandonment of the program?
Officially, the policy of attracting investment through citizenship has not been reversed, although implementation has been postponed.
Which legal instruments remain in force?
Decree 524/2025, which created the APCI agency and the CBI mechanism, and Decree 366/2025, which allows citizenship through investment without residency requirements, remain in force.
Was an operational model already ready?
No. At the time of cancellation, key parameters had not been defined, including investment thresholds, eligible sectors, application procedures, and operational infrastructure.
Who was supposed to implement the program?
An external operator selected through an international tender was planned. The final bidders were Henley and Partners and the Asesorias Legal Advisor consortium.
What led to the cancellation of the tender?
Reasons included legal disputes following bidder appeals and the conclusion that proposed models did not ensure sufficient coherence and sustainability of the program.
When could the program launch?
There is no official timeline. Experts suggest a launch would not be possible before late 2026, assuming the model is redesigned efficiently.
What does this mean for investors?
For investors, this represents a pause of uncertain duration. The legal framework remains, but the operational system is not yet in place, so applications cannot be submitted.
Are there alternative programs in the region?
Yes. Several countries already offer citizenship or residency by investment programs, making the global market more competitive for Argentina.