Argentina completely cancelled the international tender to select a master agent for the Citizenship by Investment (CBI) programme on 14/04/2026, and appointed the first Director of the implementing agency two weeks later. The programme is not yet operational despite the legal framework being established in 2025.
According to IMI Daily, Minister of Economy Luis Caputo signed Resolution 522/2026 (RESOL-2026-522-APN-MEC) on 14/04/2026, completely cancelling Tender 34-0001-CPU25. No contracts were awarded, no compensation was paid to bidders, and bid bonds were refunded.
The tender was announced by the Ministry of Economy on 05/12/2025, inviting integrated advisory services to design, implement, launch and promote the Argentina CBI programme with a 4-year contract or until 5,000 approvals are granted. Eleven companies expressed interest and six companies submitted official applications before the deadline of 20/01/2026.
At the evaluation stage in March 2026, four entities were disqualified due to procedural errors: Hong Kong Qian Cheng Business Co., Ltd. and Salzburg International for Law LLC due to deficiencies in bid bonds, Latitude Consultancy for failing financial capability indices, and Ancova Associates FZCO for modifying applications during the supplementation process. The remaining two entities were Henley & Partners (submitting independently) and a consortium of four companies registered under the Chilean legal entity Asesorías Legal Advisor Limitada.
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On 05/03/2026, the evaluation committee proposed awarding the contract to the Asesorías Legal Advisor Limitada consortium. However, this proposal was not formalised before both Henley & Partners (ranked 2nd) and Latitude Consultancy submitted complaints (impugnaciones) within the 3-day deadline under Article 73 of Decree 1030/2016.
According to IMI Daily, the Legal and Administrative Department of the Ministry of Economy reviewed the proposal after receiving the complaints. The official text of Resolution 522/2026 stated that “continuing the procedure under current conditions cannot ensure the level of consistency, comprehensiveness and strategic coordination required to implement the programme satisfactorily”.
According to La Nación, the price discrepancy in the economic proposals of the two final bidders was significant and served as a decisive factor in the financial evaluation phase (accounting for 40% of the total score). The technical evaluations of both parties were approximately equal.
On 27/04/2026, President Javier Milei signed Decree 285/2026 appointing Aixa Granara as Executive Director of the Citizenship by Investment Programme Agency (Agencia de Programas de Ciudadanía por Inversión – APCI). The position was appointed on an “ad honorem” (unpaid) basis, and the Decree was published in the Official Gazette of Argentina (Boletín Oficial) on 28/04/2026.
APCI is an agency under the Ministry of Economy, established by Decree 524/2025 signed on 30/07/2025, tasked with overseeing programme design, coordinating inter-agency supervision, and issuing recommendation reports on investment naturalisation applications.
The cancellation of the tender does not cancel the Argentina CBI programme. According to legal sources, the two foundational documents remain in force:
Additionally, according to an announcement on 27/02/2026, the Government of Argentina clarified that naturalisation through the investment programme does not automatically trigger tax residency. Tax residency in Argentina continues to be determined by physical presence of over 183 days per year, not by citizenship.
However, key operational parameters remain unpublished, including: minimum investment thresholds, eligible industries, application procedures, agent approval systems, and the international registration portal.
According to analysis in La Nación and Argentine newspapers, several factors influenced the decision to cancel the tender. Inflation in March 2026 reached 3.4% and real wages dropped significantly, meaning the launch of a “golden passport” programme for foreigners could provoke negative domestic political reactions.
Minister Caputo is simultaneously negotiating debt restructuring with the International Monetary Fund (IMF) — an organisation that typically does not support CBI programmes due to money laundering risk concerns.
The Argentina passport currently ranks 15th on the Henley Passport Index and grants visa-free or visa-on-arrival entry to over 165 countries. Argentine citizenship also grants free residence and work rights within Mercosur member states (Brazil, Uruguay, Paraguay) and associated nations.
According to industry experts cited on IMI Daily and International Investment, the launch schedule for the Argentina CBI is likely to be pushed back to late 2026 or early 2027.
The Ministry of Economy has not announced a new implementation approach, but options may include: issuing a new tender with revised technical terms, or building a completely in-house programme through APCI without external master agents.
Until implementing regulations, investment thresholds and application procedures are published, there is no way to submit an Argentina CBI application. Websites inviting investors to “pre-register” or “reserve spots” do not represent any official channel of the Government of Argentina.
Argentina has announced the results of its first citizenship-by-investment programme tender, with a consortium of four companies proposed…
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