Partial Approval for Super RIGI: 30 Years of Benefits for Investments of US$1 Billion!

In a session that extended into Wednesday night, the ruling party managed to approve in the Chamber of Deputies the project known as «Super RIGI,» a regime that grants tax, customs, exchange, and regulatory benefits for 30 years to investments exceeding US$1 billion. The initiative obtained 130 votes in favor, 106 against, and 7 abstentions, with support from Pro, the UCR, MID, and provincial blocs aligned with the official agenda, such as Independence, Federal Innovation, and Production and Labor. The two Catamarcan deputies aligned with Raúl Jalil and five deputies from United Provinces abstained.

The project, defended by libertarian Alberto «Bertie» Benegas Lynch as the reporting member of the Budget and Finance Committee, establishes a reduced rate of 15% on income tax — compared to 25% for the original RIGI and the general 35% — tax and exchange stability for 30 years, exemptions from import and export duties, accelerated depreciation of investments, reduction of employer contributions, and a progressive release of foreign currency reaching 100% from the third year of exports. It also allows investors to resort to international tribunals, such as ICSID, the International Chamber of Commerce, or the Permanent Court of Arbitration, in case of disputes with the Argentine state. The text also provides that the rights granted under the regime will be considered «protected investments» under international treaties.

The opposition did not remain silent. Martín Lousteau, from United Provinces, recalled that not even the Secretary of Energy, Daniel González, knew who the law was intended for. «This is an unprecedented regime, the most generous of all, with a renunciation of sovereignty, with monumental fiscal loss, but we don’t know who will come. This is the difference with the RIGI, which was for eight sectors, we knew which ones. We don’t know who to compare it to,» he shot. From the Civic Coalition, Maximiliano Ferraro warned that the project creates «an exceptional regime perhaps never seen» and argued that it is an initiative «with a name and surname,» referring to Peter Thiel and other tech entrepreneurs. He also warned that the new scheme could grant large corporations the ability to «condition political decisions within the state,» a phenomenon he defined as «a clear plutocracy.»

Mario Manrique, from Union for the Homeland, was more direct: «This is a private deal.» Juan Marino argued that the economic package promoted by the ruling party seeks to «install a regime change» and linked the Super RIGI to a «technofascist» agenda associated with large tech corporations. Juan Grabois questioned the creation of «true liberated zones» for large economic groups. «They do not plan a future with true freedoms, but the free will for the powerful,» he stated. Romina Del Plá, from the Left Front, summarized: «They will pay 171 million dollars to vulture funds while condemning retirees and workers to misery.»

The Super RIGI replicates and expands the scheme defined by the RIGI, the Large Investment Incentive Regime approved in 2024 within the Bases Law and whose validity will expire in July next year. According to the message sent by the Executive Branch, the objective is «to create a comprehensive regime of incentives, legal certainty, and regulatory stability aimed at attracting large-scale investment projects.» However, the text does not specify which companies it targets, something the opposition criticizes. It mentions attracting «future» industries that the government defines as «genuinely new» for Argentina, such as strategic technological and digital infrastructure, activities still «experimental or pilot» in the country, and sectors that require «anticipated macroeconomic solutions» to develop.

During the debate in committees, modifications promoted by allied blocs were incorporated. Among them, benefits for projects that make investments in research and development, the obligation to present local supplier integration plans with a minimum of 20% contracting, an expansion of objectives related to technological development, and the creation of a public registry of approved projects. Additionally, some environmental and social requirements were reinforced. Investors must prove that the initiatives will not compromise natural resources or essential infrastructure, and a new ground for rejection was incorporated for projects with significant negative impacts in their areas of influence.

The vote was attended by Secretary General Karina Milei, accompanied by Sharif Menem, director of the Private Secretariat of the Presidency of the Chamber of Deputies. The initiative will be sent to the Senate for final approval. It will have an initial validity of five years, with the possibility of being extended for one year only once. The ruling party seeks to attract large-scale industrial projects that are not currently developed in the country and that add value to natural resources promoted under the RIGI. Meanwhile, Argentines wonder whether this exceptional regime will end up benefiting a few at the expense of all.