{"id":57510,"date":"2026-06-30T10:19:44","date_gmt":"2026-06-30T10:19:44","guid":{"rendered":"https:\/\/my.legal500.com\/developments\/?post_type=legal_developments&p=57510"},"modified":"2026-06-30T10:19:44","modified_gmt":"2026-06-30T10:19:44","slug":"super-rigi-argentinas-new-investment-incentive-framework-for-future-industries","status":"publish","type":"legal_developments","link":"https:\/\/my.legal500.com\/developments\/thought-leadership\/super-rigi-argentinas-new-investment-incentive-framework-for-future-industries\/","title":{"rendered":"S\u00faper RIGI: Argentina\u2019s new investment incentive framework for future industries"},"content":{"rendered":"
\n
\n
<\/div>\n<\/div>\n<\/div>\n
\n
\n
\n
\n
\n


\nWritten by:<\/strong>Marcelo Etchebarne<\/a>Mart\u00edn Mittelman<\/a>Joaqu\u00edn Eppens Echag\u00fce<\/a>Augusto Nicol\u00e1s Mancinelli<\/a>Richard Chesley<\/a><\/p>\n

The Milei Administration recently submitted to Congress a bill titled\u00a0Ley de R\u00e9gimen de Incentivo para Grandes Inversiones en Nuevas Industrias<\/em>\u00a0(S\u00faper RIGI), which aims to promote investments exceeding USD1 billion. The S\u00faper RIGI expands on existing, similar legislation (RIGI), increasing investment size from USD200 million to USD1 billion, and granting tax, labor, foreign exchange (FX), and other benefits to both foreign and domestic investors.<\/strong><\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n

<\/p>\n

\n
\n
\n
\n
\n

This alert provides a snapshot of the original RIGI pipeline \u2013 approved projects, projects pending approval, and major investments announced but not yet formally filed \u2013 and a summary of key terms from the S\u00faper RIGI.<\/p>\n

    \n
  1. Original RIGI: Pipeline status as of May 2026<\/strong><\/li>\n<\/ol>\n

    The original RIGI (Law No. 27,742; regulated August 2024) offers a minimum USD200 million-investment threshold across strategic sectors with a 30-year tax, customs, and FX stability. The adhesion window was extended by Decree 105\/2026 to July 8, 2027. As of May 2026, 16 projects have been approved (approximately USD30 billion) and 22 projects are pending approval (approximately USD68 billion), for a total formal pipeline of approximately USD95 billion. Net FX inflows through March 2026 totaled USD762 million \u2013 a fraction of committed amounts, reflecting the long construction timelines. Minister Luis Caputo’s oft-cited figure of USD140 billion includes the formal pipeline plus major projects announced but not yet filed, principally YPF’s LNG project with ENI and XRG and Chevron’s Vaca Muerta expansion.<\/p>\n

      \n
    1. Approved projects: Sixteen projects totaling USD30 billion<\/strong><\/li>\n<\/ol>\n
        \n
      • YPF Luz \u2013 El Quemado Solar Park<\/strong>\u00a0(USD211 million; Mendoza). Photovoltaic park with 305 MW installed capacity.<\/li>\n<\/ul>\n

         <\/p>\n

          \n
        • Vaca Muerta Oleoducto Sur (VMOS)<\/strong>\u00a0(USD2.4\u20132.9 billion; Neuqu\u00e9n, R\u00edo Negro). Oil pipeline consortium: YPF, PAE, Vista, Pampa, Pluspetrol, Chevron, Shell. Capacity of up to 700,000 barrels per day.<\/li>\n<\/ul>\n

           <\/p>\n

            \n
          • Southern Energy \u2013 GNL Pampa del Castillo<\/strong>\u00a0(USD6.8\u201315.1 billion over 20 years, R\u00edo Negro). Floating LNG-export facility; PAE, Golar LNG, YPF, Pampa Energ\u00eda, and Harbour Energy. First export is expected by 2027.<\/li>\n<\/ul>\n

             <\/p>\n

              \n
            • Salar de Rinc\u00f3n<\/strong>\u00a0(USD2.7\u20132.74 billion; Salta). R\u00edo Tinto lithium project, estimated to produce 60,000 metric tons per year of battery-grade lithium.<\/li>\n<\/ul>\n

               <\/p>\n

                \n
              • Sidersa \u2013 Steel Plant<\/strong>\u00a0(USD286 million; San Nicol\u00e1s, Buenos Aires). Estimated to produce 360,000 metric tons per year of green long steel products.<\/li>\n<\/ul>\n

                 <\/p>\n

                  \n
                • Parque E\u00f3lico Olavarr\u00eda<\/strong>\u00a0(USD276 million; Buenos Aires). PCR\/ArcelorMittal Acindar.<\/li>\n<\/ul>\n

                   <\/p>\n

                    \n
                  • Hombre Muerto Oeste (HMW)<\/strong>\u00a0(USD292 million; Catamarca). Gal\u00e1n Lithium.<\/li>\n<\/ul>\n

                     <\/p>\n

                      \n
                    • Los Azules<\/strong>\u00a0(USD2.3 billion; San Juan). McEwen Copper; large-scale copper mining.<\/li>\n<\/ul>\n

                       <\/p>\n

                        \n
                      • Agua Rica (MARA)<\/strong>\u00a0(USD3.8\u20136.7 billion; Catamarca). Glencore; copper and gold mining.<\/li>\n<\/ul>\n

                         <\/p>\n

                          \n
                        • Carbonatos Profundos (DCP)<\/strong>\u00a0(USD519 million; San Juan). MASA-SD; gold and silver mining.<\/li>\n<\/ul>\n

                           <\/p>\n

                            \n
                          • Terminal Multiprop\u00f3sito Timb\u00faes<\/strong>\u00a0(USD277 million; Santa Fe). Port infrastructure expansion.<\/li>\n<\/ul>\n

                             <\/p>\n

                              \n
                            • PSJ Cobre Mendocino<\/strong>\u00a0(USD891 million; Mendoza). First copper export from Mendoza province.<\/li>\n<\/ul>\n

                               <\/p>\n

                                \n
                              • Veladero Expansion<\/strong>\u00a0(USD380 million; San Juan). Barrick\/Shandong Gold.<\/li>\n<\/ul>\n

                                 <\/p>\n

                                  \n
                                • Diablillos<\/strong>\u00a0(USD760 million; Salta). AbraSilver; gold and silver.<\/li>\n<\/ul>\n

                                   <\/p>\n

                                    \n
                                  • Cauchari-Olaroz Expansion<\/strong>\u00a0(USD1.2 billion; Jujuy). Lithium Americas\/JEMSE.<\/li>\n<\/ul>\n
                                      \n
                                    1. Projects pending approval: Twenty-two projects totaling USD68 billion<\/strong><\/li>\n<\/ol>\n

                                      The following projects have been formally filed and are currently under evaluation by the enforcement authority. Where investment figures have been publicly disclosed, they are included.<\/p>\n

                                      Mining<\/em><\/p>\n

                                        \n
                                      • Proyecto Vicu\u00f1a<\/strong>\u00a0(USD9.7 billion; San Juan). BHP\/Lundin; integrates the Josemar\u00eda and Filo del Sol copper deposits. 25-year mine lifespan.<\/li>\n<\/ul>\n

                                         <\/p>\n

                                          \n
                                        • El Pach\u00f3n<\/strong>\u00a0(USD11.6 billion; San Juan). Glencore; copper. Projected to create 12,000 jobs.<\/li>\n<\/ul>\n

                                           <\/p>\n

                                            \n
                                          • Plata Grande\/Bajo del Choique\u2013La Invernada<\/strong>\u00a0(USD12.2 billion; Neuqu\u00e9n). Pluspetrol; oil production of up to 100,000 barrels per day plateau.<\/li>\n<\/ul>\n

                                             <\/p>\n

                                              \n
                                            • Pozuelos Pastos Grandes<\/strong>\u00a0(USD4.2 billion; Salta). Lithea; lithium.<\/li>\n<\/ul>\n

                                               <\/p>\n

                                                \n
                                              • Sal de Oro II<\/strong>\u00a0(USD845 million; Salta\/Catamarca). Posco Argentina; lithium carbonate, hydroxide, and phosphate plant. Projected to create 2,335 jobs.<\/li>\n<\/ul>\n

                                                 <\/p>\n

                                                  \n
                                                • Sal de Vida<\/strong>\u00a0(USD1.3 billion; Catamarca). R\u00edo Tinto (second project); lithium. Expected to create 1,404 jobs.<\/li>\n<\/ul>\n

                                                   <\/p>\n

                                                    \n
                                                  • Cauchari-Olaroz Expansion II<\/strong>\u00a0(USD1.2 billion; Jujuy). Minera Exar.<\/li>\n<\/ul>\n

                                                     <\/p>\n

                                                      \n
                                                    • Litio \u00c1ngeles Argentina<\/strong>\u00a0(USD726 million; Salta). Potasio y Litio de Argentina S.A.<\/li>\n<\/ul>\n

                                                       <\/p>\n

                                                        \n
                                                      • Salterra Lithium<\/strong>\u00a0(USD710 million; Catamarca). LIEX S.A.<\/li>\n<\/ul>\n

                                                         <\/p>\n

                                                          \n
                                                        • Jama Solaroz<\/strong>\u00a0(USD1.1 billion; Jujuy). CNGR Advanced Material; lithium.<\/li>\n<\/ul>\n

                                                           <\/p>\n

                                                            \n
                                                          • San Jorge<\/strong>\u00a0(USD630 billion; Mendoza). Minera San Jorge; copper.<\/li>\n<\/ul>\n

                                                             <\/p>\n

                                                              \n
                                                            • Arenas de Cercan\u00edas<\/strong>\u00a0(USD233 million; R\u00edo Negro). Minera del Mojotoro\/Minera Orosmayo. Projected to create 2,050 jobs.<\/li>\n<\/ul>\n

                                                              Hydrocarbons and energy<\/em><\/p>\n

                                                                \n
                                                              • YPF LLL Oil \u2013 Vaca Muerta<\/strong>\u00a0(USD25 billion; Neuqu\u00e9n). Filed May 15, 2026 and announced simultaneously by YPF CEO Horacio Mar\u00edn. The project includes 1,152 wells; 240,000 barrels per day plateau by 2032; USD6 billion per year in exports; USD100 billion in exports over the project\u2019s lifespan. The largest RIGI filing to date.<\/li>\n<\/ul>\n

                                                                 <\/p>\n

                                                                  \n
                                                                • Proyecto RDA<\/strong>\u00a0(USD4.5 billion; Neuqu\u00e9n). Pampa Energ\u00eda; oil and gas development.<\/li>\n<\/ul>\n

                                                                   <\/p>\n

                                                                    \n
                                                                  • PAE \u2013 GNL Dedicated Pipeline<\/strong>\u00a0(USD1.3 billion; R\u00edo Negro\/Neuqu\u00e9n). Pan American Energy; dedicated gas export pipeline.<\/li>\n<\/ul>\n

                                                                     <\/p>\n

                                                                      \n
                                                                    • Los Toldos<\/strong>\u00a0(USD6.3 billion; Neuqu\u00e9n). Tecpetrol; upstream oil and gas development.<\/li>\n<\/ul>\n

                                                                       <\/p>\n

                                                                        \n
                                                                      • Duplicar Norte + MEGA Expansion<\/strong>\u00a0(jointly, USD740 million). Oldelval\/MEGA; midstream.<\/li>\n<\/ul>\n

                                                                         <\/p>\n

                                                                          \n
                                                                        • Gasoducto Perito Moreno Expansion<\/strong>\u00a0(USD550 million). Transportadora de Gas del Sur.<\/li>\n<\/ul>\n

                                                                          Infrastructure and industry<\/em><\/p>\n

                                                                            \n
                                                                          • Pampa F\u00e9rtil<\/strong>\u00a0(USD2.4 billion; Bah\u00eda Blanca). Pampa Energ\u00eda; largest fertilizer plant in Latin America. Gas industrialization project highlighted by Minister Caputo.<\/li>\n<\/ul>\n

                                                                             <\/p>\n

                                                                              \n
                                                                            • Parque E\u00f3lico La Rinconada<\/strong>\u00a0(USD219 million; Buenos Aires). Tenaris; wind energy to supply the SIDERCA steel plant. Projected to create 809 jobs.<\/li>\n<\/ul>\n

                                                                               <\/p>\n

                                                                                \n
                                                                              • NCA Railway Expansion<\/strong>\u00a0(USD200 million; multiple provinces). Nueva Central Argentino; freight rail infrastructure.<\/li>\n<\/ul>\n

                                                                                This list reflects projects publicly identified as pending as of mid-May 2026. Several additional projects may be in the pipeline but have not been individually named in official or press sources. The USD68 billion aggregate figure is according to official Ministry of Economy data.<\/p>\n

                                                                                  \n
                                                                                1. Announced but not formally filed<\/strong><\/li>\n<\/ol>\n
                                                                                    \n
                                                                                  • Argentina GNL (YPF \/ ENI \/ XRG)<\/strong>\u00a0(approximately USD20 billion). YPF has stated it plans to file a RIGI application for the Argentina GNL project in partnership with Italian ENI and Abu Dhabi’s XRG (formerly ADNOC) in the coming weeks. The project involves USD20 billion in infrastructure investment and USD10 billion in upstream well development, estimated to create up to 50,000 jobs at peak.<\/li>\n<\/ul>\n

                                                                                     <\/p>\n

                                                                                      \n
                                                                                    • Chevron \u2013 Vaca Muerta Expansion<\/strong>\u00a0(over USD10 billion; Neuqu\u00e9n). Announced at the Milken Conference meeting with President Javier Milei and Minister Caputo (May 7, 2026). Formal RIGI filing is expected imminently.<\/li>\n<\/ul>\n

                                                                                      These two projects account for the bulk of the difference between the formal USD95-billion pipeline and Minister Caputo’s projection of USD140 billion in total committed RIGI investment.<\/p>\n

                                                                                        \n
                                                                                      1. The S\u00faper RIGI: Key Terms<\/strong><\/li>\n<\/ol>\n

                                                                                        The S\u00faper RIGI is a separate, complementary regime \u2013 not a replacement for the original RIGI \u2013 designed exclusively for projects in industries that do not currently exist in Argentina or exist only at a pilot or experimental scale. The bill (Mensaje<\/em>\u00a0No. 181\/2026, signed by President Milei, Minister Caputo, and Chief of Staff Manuel Adorni) was sent to Congress on May 23, 2026.<\/p>\n

                                                                                        Eligible activities<\/strong><\/p>\n

                                                                                        Projects must involve new industrial, technological, or strategic digital\/technological infrastructure activities that are not currently developed or produced in Argentina. Target sectors include artificial intelligence, semiconductors, copper refining, lithium batteries, electric vehicles, data centers, solar and wind manufacturing, uranium processing, fertilizers, and advanced biotechnology. Expansions or modernizations of existing facilities are expressly excluded from the scope of the S\u00faper RIGI.<\/p>\n

                                                                                        Eligible vehicles<\/strong><\/p>\n

                                                                                        Projects must be structured through a Single Project Vehicle (VPU) with exclusive object and ring-fenced assets. Permitted structures include local stock corporations and limited liability companies (S.A.; S.A.U.; and S.R.L.), foreign branches registered locally under Art. 118 of the General Companies Law, joint ventures (UTEs), and other partnership agreements.<\/p>\n

                                                                                        Minimum investment and commitment schedule<\/strong><\/p>\n

                                                                                        The minimum investment is USD1 billion minimum per project (compared to USD200 million under the original RIGI). At least 20 percent of the minimum must be invested within the first two years from the adhesion date (compared to 40 percent under the original RIGI). The application window is five years from regulation, extendable once by one year.<\/p>\n

                                                                                        Income tax<\/strong><\/p>\n

                                                                                        VPUs pay a flat rate income tax of 15% (compared to 25% under the original RIGI and the 35-percent standard rate). Accelerated depreciation is available and includes movable assets in a minimum of two annual installments and infrastructure at 60 percent in the commissioning year, plus 40 percent over two subsequent years. Net operating losses may be carried forward indefinitely and transferred to third parties after 5 years. All tax losses and adjustments are indexed to CPI.<\/p>\n

                                                                                        Debit and credit tax<\/strong><\/p>\n

                                                                                        100% of bank debit and credit tax is creditable against a VPU\u2019s income tax.<\/p>\n

                                                                                        Dividend withholding tax<\/strong><\/p>\n

                                                                                        The dividend withholding tax is 7% during the first four years from adhesion; 3.5% from year four onwards (compared to year seven under the original RIGI).<\/p>\n

                                                                                        Social security<\/strong><\/p>\n

                                                                                        New employment relationships from the adhesion date are subject to a flat employer contribution rate of 10% (vs. 20.4%\u201326.4% standard). This benefit is not available under the original RIGI.<\/p>\n

                                                                                        Value-added tax<\/strong><\/p>\n

                                                                                        Value-added tax on computable asset purchases is offset through Tax Credit Certificates (Certificados de Cr\u00e9dito Fiscal<\/em>), freely transferable if the Customs Collection and Control Agency (ARCA) fails to process refunds within 3 months.<\/p>\n

                                                                                        Customs duties<\/strong><\/p>\n

                                                                                        There is full exemption from import duties; statistics tax; and all national, provincial, and municipal levies on plan-of-investment assets (including components physically integrated into fixed assets). In addition, there is full exemption from export duties on project products. A VPU may import and export freely without quotas, prior authorizations, or price measures.<\/p>\n

                                                                                        FX: Export proceeds<\/strong><\/p>\n

                                                                                        20% of foreign currency generated by VPU\u2019s exports freely available from year 1; 40% from year 2; 100% from year 3 (vs. 100% from year 4 under the original RIGI). Capital contributions, external financings, and service payments are exempt from settlement requirements from the beginning.<\/p>\n

                                                                                        Legal stability<\/strong><\/p>\n

                                                                                        Thirty years from the adhesion date in tax, customs, social security, and FX matters. Taxes in force at adhesion are frozen; future increases do not apply. Future decreases in the general regime apply. The burden of proving that a new measure does not increase the investor’s tax burden falls on ARCA, not the investor.<\/p>\n

                                                                                        Guarantees<\/strong><\/p>\n

                                                                                        The national government guarantees full availability of project outputs without mandatory domestic commercialization (under other local regimes guaranteeing supply to domestic market was mandatory; for example, gas exports), protection against confiscation or expropriation, uninterrupted project operation (absent prior judicial order with due process), and unrestricted access to justice.<\/p>\n

                                                                                        Provincial adherence<\/strong><\/p>\n

                                                                                        National incentives only apply to projects in provinces (and municipalities) that expressly adhere. Adhering jurisdictions must 1) cap gross turnover tax (ingresos brutos<\/em>) at 0.50% \u00a0(the single most distortive local tax is up to 5% of gross sales, not including income and applicable at each stage of the local supply chain), 2) exempt all VPU transactions from stamp tax (sellos<\/em>), 3) waive all royalties and administrative canons, and 4) waive the pay-to-play requirement for VPU legal challenges. Once a province adheres, subsequent withdrawal does not affect previously approved VPUs.<\/p>\n

                                                                                        Arbitration<\/strong><\/p>\n

                                                                                        Similar to the original RIGI, disputes are subject to a 60-day amicable negotiation period, after which the VPU may elect the Permanent Court of Arbitration, the International Chamber of Commerce (no abbreviated procedure), or International Centre for Settlement of Investment Disputes\/Additional Facility arbitration. The seat must be outside Argentina in a country that is party to the New York Convention. Proceedings require three-member tribunals, none of which can be nationals of Argentina or of a VPU-controlling shareholder. No exhaustion of administrative remedies is required and there are no limitation periods on arbitral claims. Project rights are treated as protected investments under applicable bilateral investment treaties.<\/p>\n

                                                                                        Mutual exclusion with the original RIGI<\/strong><\/p>\n

                                                                                        A VPU may not adhere to the S\u00faper RIGI if it, or a controlled-group entity, has already filed under the original RIGI with a substantially overlapping project. Overlap is defined as sharing 50% \u00a0or more of capital expenditure, principal physical assets, or projected production capacity, or having the same value chain or final product. Importantly, the bill provides that corporate reorganizations, spin-offs, transfers, or other restructurings cannot be used to circumvent this exclusion; the enforcement authority may look through any such transaction and apply the overlap test to the economic reality of the project.<\/p>\n

                                                                                        OECD Pillar Two<\/strong><\/p>\n

                                                                                        Art. 45 contains a self-limiting clause by which income tax incentives will not apply to the extent that their use would result in a transfer of Argentine fiscal revenues to foreign governments through any global minimum tax mechanism, including GloBE Income Inclusion Rules, Undertaxed Profits Rule, or analogues implementing Organisation for Economic Co-operation and Development (OECD)\/G-20 Pillar Two. In practice, this means investors whose parent entities are subject to Pillar Two top-up taxes in their home jurisdiction will not receive the full economic benefit of the 15-percent rate \u2013 the Argentine incentive will simply be clawed back abroad. Each investor will need to model the net after-Pillar Two benefit of the S\u00faper RIGI based on its specific global tax profile.<\/p>\n

                                                                                         <\/p>\n

                                                                                        III. Key issues to monitor<\/strong><\/p>\n