The Foreign Investment Law 21.382: rights, registration and what it does not give

Last verified: 27 Oct 2026 · Status: Changing

Law 21.382 is Argentina's general foreign investment statute. It dates from 1976 (BO 19 August 1976). Its current ordered text was approved by Decree 1853/1993 (signed 2 September 1993, BO 8 September 1993), incorporating Laws 23.697 and 23.760 (Decree 1853, art. 1). It is short: ten articles. It grants foreign investors the same rights and obligations as local investors (FIL art. 1), lets them transfer realised and liquid profits abroad and repatriate their investment (art. 5), use any legal form of organisation (art. 6) and use local credit on the same terms as local companies (art. 7). Decree 1853 adds that investments need no prior approval (art. 2) and that the right to repatriate and remit profits "may be exercised at any time" (art. 5).

That is the promise. The practice is set elsewhere:

Exchange controls override the "at any time" wording in practice. The FIL guarantees a right; the BCRA FX rules decide whether and when the investor can buy foreign currency in the official market to exercise it. Since the FX rules in force today, non residents need BCRA prior approval to repatriate investments, except in listed cases (FX rules, point 3.13.1). The main exception for an ordinary FDI contribution requires that the contribution was brought in and settled (ingresado y liquidado) through the FX market and that repatriation takes place at least 180 calendar days after settlement for contributions settled from 21 April 2025, or two years for contributions settled between 2 October 2020 and 20 April 2025 (point 3.13.1.7). How the FIL right and the FX rules fit together legally is not settled in any source we hold; the working assumption of every bank is that the FX rules govern access.
There is no investment registration that gives rights. Law 23.697 (1989) created a "Registry of Foreign Capital Investments" (art. 16) but no source in our files shows that it operates today (unconfirmed). Decree 1853 only gives the enforcement authority a statistical function (art. 10(a)). In practice, the de facto registry is the BCRA external assets and liabilities survey (Com. A 6401 and complementary rules), a sworn statistical return that the Argentine company must file. Banks check it before paying dividends (point 3.4.3) and before a capital reduction is repatriated (point 3.13.1, final paragraph). The evidence of the investment that matters later is the FX settlement record (boleto de cambio) of the inflow, plus the corporate filings showing the contribution was capitalised.
The FIL gives no stability, no tax benefit and no international arbitration. Those come, if at all, from bilateral investment treaties (see Bilateral investment treaties and ICSID) or from the RIGI for very large projects (see RIGI). The FIL can be changed by any later law.
Some sectors still restrict foreign ownership. Media (30% cap under Law 25.750, art. 2, and Law 26.522, art. 29), land in border security zones (prior consent under Decree Law 15.385/1944, art. 4, as replaced by Law 23.554, art. 42), and others listed below. The Rural Land Law 26.737 was repealed by DNU 70/2023, art. 154.
Decree 1225/1989 is no longer in force. It was the 1989 regulation of the foreign investment regime and was expressly repealed by Decree 1853, art. 12. some secondary summaries flagged it as a pointer to check: confirmed repealed.

Cost to do it. The FIL itself has no filing, no fee and no approval. The real costs are those of the vehicle and of each contribution: incorporating or increasing the capital of an SA (IGJ fees, notary, BO publication, accountant's report) (unconfirmed), the bank's FX commission (unconfirmed), survey filings (no official fee in the sources), and for contributions in kind, customs taxes (import duty, statistics fee and VAT, see Example 2). Time: the inflow can be settled the same day; registering a capital increase with the IGJ takes weeks to months (unconfirmed); repatriation of a cash FDI contribution cannot start until 180 days after settlement.

Who should read this page.

Foreign companies and individuals putting equity into an Argentine company, by cash, machinery or capitalisation of loans.
Argentine companies receiving FDI that must document it for later dividend payments and repatriation.
Argentines living abroad: under Decree 1853, art. 3, an Argentine national or company domiciled abroad is a "foreign investor".
Advisers who need to explain to a board why the "right to repatriate at any time" in the law is not the same as access to the FX market on a given day.

Peso amounts are converted at the dólar MEP (bolsa) selling rate of ARS 1,563.90 per US$ on 23 Oct 2026 (source: dolarapi.com, MEP quote). Conversions are indicative and move daily.

Key rules

1. Definitions (FIL art. 2; Decree 1853, arts. 3 and 4)

Term	Definition	Source
Foreign capital investment	(a) Any contribution of capital belonging to foreign investors applied to economic activities carried out in Argentina; (b) the acquisition of interests in the capital of an existing local company by foreign investors	FIL art. 2(1)
Foreign investor	Any individual or legal person domiciled outside Argentina who owns a foreign capital investment, and local companies of foreign capital when they invest in other local companies	FIL art. 2(2)
Argentines abroad	"The concept of foreign investor includes Argentine individuals or legal persons domiciled outside the national territory"	Decree 1853, art. 3
Local company of foreign capital	A company domiciled in Argentina in which persons domiciled abroad own, directly or indirectly, more than 49% of the capital, or have directly or indirectly the votes needed to prevail in shareholders' or partners' meetings	FIL art. 2(3)
Local company of national capital	A company domiciled in Argentina in which persons domiciled in Argentina own, directly or indirectly, not less than 51% of the capital and have the votes needed to prevail	FIL art. 2(4)
Domicile	As defined in arts. 89 and 90 of the Civil Code	FIL art. 2(5)
Economic or productive activities	All industrial, mining, agricultural, commercial, financial, service or other activities linked to the production or exchange of goods or services	Decree 1853, art. 4

Practical notes on the definitions:

The test is domicile, not nationality. A US citizen living in Buenos Aires who invests is not a "foreign investor" under the FIL; an Argentine living in Madrid is (Decree 1853, art. 3).
The Civil Code was replaced. The cross reference to Civil Code arts. 89 and 90 points to the old Civil Code, which was replaced by the Civil and Commercial Code (Law 26.994) from 1 August 2015. The FIL text was never updated (unconfirmed).
The FIL definitions are not the FX definitions. The FX rules and the survey use residence in the IMF Balance of Payments Manual sense: the territory with which the unit has its predominant centre of economic interest, normally based on an actual or intended location for one year or more (Com. A 6401, Annex, point 8). A person can be a "foreign investor" under the FIL and a "resident" for the BCRA, or the reverse. For FX access, residence is what counts.
The 49% threshold is not the same as other laws. Media law uses 30% (Law 25.750, art. 2); the former rural land law used 51% and 25% tests (Law 26.737, art. 3, repealed). Each sector law has its own definition of "foreign".

2. National treatment and the Constitution (FIL art. 1; Law 23.697, art. 15; Constitution arts. 14, 16, 17 and 20)

Statutory national treatment. Foreign investors "shall have the same rights and obligations that the Constitution and the laws grant to national investors", subject to the FIL and to special or promotional regimes (FIL art. 1). Law 23.697, art. 15, second paragraph: "equality of treatment for national and foreign capital invested in productive activities in the country shall be guaranteed".
Constitutional equality. Foreigners enjoy in the territory "all the civil rights of the citizen"; they may "exercise their industry, trade and profession; own real estate, buy and sell it; navigate rivers and coasts" (Constitution, art. 20). All inhabitants have the right "to work and carry on any lawful industry" and "to navigate and trade" according to the laws that regulate their exercise (art. 14); all inhabitants are equal before the law and "equality is the basis of taxation" (art. 16); property is "inviolable" and expropriation requires a law declaring public utility and prior compensation (art. 17).
Limits. National treatment is "subject to" special regimes (FIL art. 1). Constitutional rights are exercised "according to the laws that regulate their exercise" (art. 14). Sector laws that cap foreign ownership (media, border zones) are such regulations. Whether a given restriction is a reasonable regulation or a breach of art. 20 is a constitutional question decided case by case (unconfirmed).
Treaties rank above the FIL. Treaties approved by Congress "have a higher rank than laws" (Constitution, art. 75(22)). A bilateral investment treaty can therefore give a protected investor rights that the FIL does not, and a later law cannot validly cut them back as against that investor. See the BIT page.

3. No prior approval (Decree 1853, art. 2; Law 23.697, arts. 15 and 18)

Law 23.697, art. 15, first paragraph, repealed "exclusively" the provisions of Law 21.382 (t.o. 1980) that required prior approval of the Executive or the enforcement authority for foreign capital investments. Pending applications for approval had to be returned to the applicants (art. 18).
Decree 1853, art. 2: "Foreign investors may make investments in the country without need of prior approval, on equal conditions with investors domiciled in the country."
What this does not mean: sector authorisations still apply to foreigners and locals alike (bank licences, broadcasting licences, mining concessions, border zone consent). The FIL removes a foreign investment screening layer; it does not remove licensing. There is no general national security or FDI screening regime in the sources (unconfirmed).

4. Forms of contribution (FIL art. 3)

The FIL lists six permitted forms:

#	Form	Practical channel	FX consequence
1	Freely convertible foreign currency	Wire to the Argentine company, settled in the FX market	Only a settled contribution qualifies for repatriation without BCRA approval under point 3.13.1.7 and for the 30% dividend rule of point 3.4.4.4
2	Capital goods, spare parts and accessories	Import for consumption without payment, then capitalised	No FX inflow; future repatriation of that capital needs BCRA approval unless another exception applies (see Example 2)
3	Profits or capital in pesos belonging to foreign investors, "provided they are legally in a position to be transferred abroad"	Capitalisation of dividends or of peso proceeds	Not "settled"; same consequence as row 2 (unconfirmed)
4	Capitalisation of external credits in freely convertible foreign currency	Debt to equity swap	The original loan may have been settled; whether the capitalised loan counts as a settled FDI contribution is not stated in point 3.13.1.7 (unconfirmed)
5	Intangible assets, according to specific legislation	Patents, trademarks, know how; corporate valuation rules apply	No FX inflow
6	Other forms in special or promotional regimes	For example RIGI in kind contributions of capital goods (FX rules, point 14.2.2(ii))	Per the regime

Corporate law adds its own rules. In an SA or SRL the contribution must be of determined assets capable of forced execution (LGS art. 39). Non cash contributions must be fully paid in at once (LGS art. 187). In an SA, cash must be at least 25% paid in at subscription (LGS art. 187) and in a single shareholder SA (SAU) the capital must be fully paid (LGS arts. 186(3) and 187). In kind contributions to an SA are valued at market value or by expert valuation, and the valuation must be approved by the registry (LGS art. 53). In the IGJ, non registrable movable goods need a signed inventory and a valuation by fiscal value, expert appraisal, official bank report or market quotation (IGJ Rules art. 63(II), as replaced by IGJ RG 11/2026, BO 22 September 2026).

Temporary contributions are outside the FIL. Temporary contributions of foreign capital made to perform lease, works or service contracts are not covered and are governed by the contracts, unless the owner opts in (FIL art. 8).

5. Right to remit profits and to repatriate (FIL art. 5; Decree 1853, arts. 5 and 6)

"Foreign investors may transfer abroad the liquid and realised profits from their investments, and repatriate their investment" (FIL art. 5).
That right "may be exercised at any time" (Decree 1853, art. 5).
Reserves. Except for the legal reserve, the foreign investors' share in voluntary or statutory reserves, or in reserves from revaluations or accounting adjustments, is not treated as reinvestment of foreign capital (Decree 1853, art. 6). The rule was written for a regime where "registered capital" mattered for remittance limits; today its practical effect is unclear (unconfirmed).
No minimum stay in the FIL. Neither the FIL nor Decree 1853 sets a minimum holding period. The 180 day and two year periods come from the FX rules (point 3.13.1.7).

How the FIL right and the FX rules interact. This is the core tension of the regime and the sources do not resolve it. On one side, the FIL is a law and the decree says "at any time". On the other, the BCRA regulates the FX market under its Charter and the exchange control decrees, and FX breaches are punished under the Exchange Criminal Regime Law (FX rules, point 1.5). Banks will not sell foreign currency outside the FX rules, whatever the FIL says. An investor who wants to enforce the FIL right against the FX rules would need to go to court or, if covered, to treaty arbitration (unconfirmed). Plan on the basis that the FX rules apply.

6. Legal forms, local credit and related party dealings (FIL arts. 6, 7 and 9)

Any legal form of organisation under national law may be used (art. 6): SA, SAU, SRL, SAS, branch (LGS art. 118), joint venture contracts, trusts.
Local companies of foreign capital may use domestic credit on the same terms as local companies of national capital (art. 7). Historical restrictions on bank credit to foreign owned companies are therefore excluded at the level of law. Banks still apply their own credit and AML rules.
Contracts between a local company of foreign capital and the company that controls it, or another affiliate, are treated "for all purposes" as made between independent parties when their terms match normal market practice between independent parties (art. 9). This is an arm's length rule. It does not replace transfer pricing rules under the Income Tax Law; see the transfer pricing page.

7. Technology and trademark contracts (Law 22.426; Decree 1853, arts. 7 and 8)

Law 22.426 (BO 23 March 1981) covers onerous contracts for the transfer, assignment or licence of technology or trademarks by persons domiciled abroad to persons domiciled in Argentina (art. 1). Its art. 2 required approval when the contract was between a local company of foreign capital and its parent or an affiliate.
Decree 1853, art. 7: art. 2 of Law 22.426 "has been left without effect" by Law 23.697, art. 15.
Decree 1853, art. 8: contracts under art. 3 of Law 22.426 must be registered for information purposes with the National Institute of Industrial Technology (INTI), both those between independent companies and those between a local company of foreign capital and its parent or affiliates.
Law 22.426 does not appear among the norms amended or repealed by DNU 70/2023 or Law 27.742 in the text searches made for this page (unconfirmed).

8. Enforcement authority (FIL art. 4; Decree 1853, arts. 9 to 11)

The FIL refers to an agency of the Ministry of Economy with rank not lower than Under Secretariat (art. 4).
Decree 1853 named the Secretariat of Commerce and Investment of the then Ministry of Economy and Public Works and Services (art. 9). Its functions are (a) to prepare statistical information on foreign investment and (b) to issue interpretative general resolutions and other acts needed to apply the FIL (art. 10). It may issue regulations and interpret the decree (art. 11).
Which body holds these functions in October 2026 is not stated in any source we hold (unconfirmed).

9. What the FIL does not give

Investors often expect	What the sources say
Registration that "locks in" the right to repatriate	No operative registry. Law 23.697, art. 16, created one but no implementation was found (unconfirmed). Evidence comes from the FX settlement and the survey
Guaranteed FX access	No. FX access depends on the BCRA FX rules (points 3.4 and 3.13)
Tax or regulatory stability	None in the FIL. Stability exists under RIGI (Law 27.742, Title VII) for adhered projects
Tax incentives	None. Promotional regimes are separate laws (FIL art. 1 refers to them)
International arbitration	None in the FIL. Only under BITs, ICSID (Law 24.353) and specific regimes such as RIGI
Exemption from sector restrictions	No. FIL art. 1 subjects national treatment to special regimes
Protection against later laws	The FIL is an ordinary law and can be amended or repealed by a later law. Treaties rank higher (Constitution, art. 75(22))

The BCRA external assets and liabilities survey: the de facto investment registry

1. Legal basis and nature

Com. A 6401 (26 December 2017) created the current Relevamiento de Activos y Pasivos Externos, replacing the surveys under Com. A 3602 and Com. A 4237 from data at 31 December 2017 (point 1).
The information is used for statistical purposes and is governed by Law 17.622 on national statistics (Com. A 6401, point 2, and Annex, point 1).
Com. A 6795 (27 September 2019) made the declaration a sworn statement (declaración jurada) (replacing point 2) and replaced the thresholds and deadlines (Annex, points 2 and 6).
The FX rules require all persons covered to file the survey "for the operations that must be declared, even when no funds entered the FX market and/or access to that market is not expected in the future" (FX rules, point 1.9). This is the hook that makes it the evidence record for in kind contributions, reinvested profits and debt capitalisations.

2. Who must file (Com. A 6401, Annex, point 1, as replaced by Com. A 6795)

Resident individuals and legal persons, estates and other universalities (trusts, joint ventures, collaboration groupings, consortia and other associative contracts) that are not "General Government" in the IMF Balance of Payments Manual (6th edition) sense. State controlled companies that sell at economically significant prices and keep full accounts may be filers.

The filer is the Argentine company, not the foreign investor. The survey records "equity participations in the reporting company" as one of its items (Com. A 6401, Annex, point 7(c)). A non resident shareholder files nothing with the BCRA under this survey; its Argentine subsidiary does.

3. Thresholds and frequency (Com. A 6795)

Period	Rule	Source
Declarations for 2017 to 2019	Three samples: main (flows or stock of USD 50 million or more: quarterly advances plus annual), secondary (USD 10 million to 50 million: annual), complementary (USD 1 million to 10 million: simplified annual); others with debt to non residents at end 2018 or 2019 filed simplified returns	Com. A 6795, replacing Annex point 2
From data for Q1 2020	All individuals and legal persons with external liabilities at the end of any calendar quarter, or that cancelled them during the quarter, must file the survey	Com. A 6795, Annex point 2(a)
From data for Q1 2020	Filers whose stock of external assets and liabilities at year end is USD 50 million or more must also file an annual return (complementing, ratifying or correcting the quarterly filings); any person may file it optionally	Com. A 6795, Annex point 2(b)

Does a foreign shareholding count as an external liability? The survey classifies "equity participations in the reporting company" among the external positions to declare (Com. A 6401, Annex, point 7(c)), and defines external assets or liabilities as those whose counterparty is a non resident (point 8). Read together, an Argentine company with a non resident shareholder has an external liability and must file every quarter (unconfirmed).

4. Deadlines (Com. A 6401, Annex, point 6, as replaced by Com. A 6795)

Return	Deadline to file and validate
Quarterly	45 calendar days from the end of the calendar quarter
Annual	180 calendar days from the end of the calendar year

Computed calendar for the next cycle (45 calendar days after quarter end):

Quarter	Quarter end	Deadline
Q3 2026	30 Sep 2026	14 Nov 2026
Q4 2026	31 Dec 2026	14 Feb 2027
Q1 2027	31 Mar 2027	15 May 2027
Q2 2027	30 Jun 2027	14 Aug 2027
Annual 2026 (stock of USD 50m or more)	31 Dec 2026	29 Jun 2027 (180 days)

(unconfirmed)

5. How it is filed

The form is electronic and is available on the AFIP (now ARCA) website (Com. A 6401, Annex, point 4). The five sections are: equity participations and investment funds; non tradable debt instruments; tradable debt instruments; financial derivatives; and land, structures and real estate (point 3). Identification is by CUIT (point 7(a)) (unconfirmed).

6. Why it matters in practice

Dividends. Before paying dividends to non resident shareholders, the bank must check that the client has filed the last due survey return for the operations involved (FX rules, point 3.4.3).
Capital reductions and refunds of irrevocable contributions. When a repatriation takes this form, the bank must verify that the peso liability to the non resident, created from the date of the capital reduction or of the non acceptance of the irrevocable contribution, is declared in the last due survey return (point 3.13.1, final paragraph).
Evidence. The survey is the only official, continuous record of the foreign shareholder's position that the BCRA holds. A company that never filed will find that its history must be rebuilt before any dividend or repatriation.
Sanctions. Com. A 6401 and 6795 contain no penalty clause. The statistics law 17.622 is cited as the framework, but its penalty provisions are not in our files (unconfirmed). The practical sanction is blocked FX access.

FX rules for FDI inflows and repatriation

The FX page covers these rules in full (see Exchange controls). This section covers only what an FDI investor needs.

1. The inflow

No obligation to settle FDI. The FX rules impose mandatory inflow and settlement for exports of goods and services and for foreign financial debt, but we found no general obligation to settle a cash capital contribution from abroad (FX rules, Section 2). The investor can wire foreign currency to a foreign currency account of the Argentine company and keep it there (unconfirmed).
Why settle anyway. Only a contribution "ingresado y liquidado por el mercado de cambios" qualifies for: (a) repatriation without BCRA approval under point 3.13.1.7; (b) the 30% dividend rule of point 3.4.4.4 for contributions settled from 17 January 2020; and (c) the export proceeds application route of point 7.9.1.2. An unsettled contribution keeps the company's foreign currency but gives the investor nothing under these rules.
The settlement record. Every FX operation must be documented in a boleto de cambio (point 1.4), which is a sworn statement of the client on all its data, including the concept (point 5.3). The bank must verify the genuine nature of the operation and its correct classification (point 1.2). Keep the boleto, the SWIFT message and the bank's settlement advice: they are the evidence of the FDI inflow (unconfirmed).
AML. Banks apply the BCRA and UIF rules on customer identification for the transfer (points 1.6 and 1.7). Expect requests for source of funds documents for the foreign investor and its beneficial owners.

2. Repatriation: the general rule and its exceptions (point 3.13.1)

Access to the FX market "for the repatriation of investments of non residents and other purchases of foreign currency by non resident clients will require BCRA prior approval", except for the listed operations (point 3.13.1). The ones relevant to FDI:

Point	Case	Conditions
3.13.1.7(i)	FDI in a company that is not a controller of a local financial entity, contribution settled from 21 April 2025	Repatriation at least 180 calendar days after settlement of the contribution
3.13.1.7(ii)	Same, contribution settled 2 October 2020 to 20 April 2025	At least 2 years after settlement
3.13.1.8	FDI settled from 16 November 2020 to finance "Plan Gas" projects (Decree 892/20)	Up to contributions; bank holds proof of effective entry; at least 2 years
3.13.1.9	FDI in non financial controllers, with a Decree 277/22 oil and gas certification	Up to the certified amount
3.13.1.10	Sale to a resident buyer of an interest in a resident company (at least 10% of capital) or of 100% of a foreign holding whose only asset is the resident company	Buyer's access is simultaneous with settlement of new foreign financial debt or a local foreign currency loan funded by a foreign bank line, with average life of at least 4 years and 3 years grace; target not a financial entity; for foreign holdings, a sworn undertaking to redomicile within 12 months, no dividends to the foreign holding until then, and settlement within 15 business days of any later sale to a non resident
3.13.1.11	Sale to a resident of a non resident's interest in a natural resources concession (at least 10%)	Same financing test
3.13.1.12	FDI in a RIGI single project vehicle (VPU)	Per point 14.2.3: no prior approval and no minimum stay, up to contributions settled or made in kind with qualifying capital goods
Final paragraph	Repatriation by capital reduction or refund of irrevocable contributions	Proof the legal corporate steps were completed, and the peso liability to the non resident declared in the last due survey return

Other checks. For non resident clients that are not resident individuals, the bank needs a sworn statement that the client has not carried out, in the 90 calendar days before access, the listed securities and asset operations (point 3.16.3.1), and the general sworn statement on liquid external assets (point 3.16.2) (unconfirmed). There is an exception in point 3.16.3.6(iii)(b) for securities sales whose proceeds are used within 10 days to repatriate FDI received from 2 October 2023, at least one year after the contribution.

Inconsistency in the consolidated text. Point 3.16.3.5(iv) exempts "portfolio investment repatriations of non residents carried out under point 3.13.1.12", but in the 14 September 2026 text point 3.13.1.12 is the RIGI case and portfolio repatriations are point 3.13.1.13. This looks like a numbering error left over from an earlier renumbering (unconfirmed).

Repatriation with export proceeds. Exporters can apply export collections to repatriate FDI settled from 2 October 2020 to finance qualifying projects, after the project is completed and at least one year after the contribution entered (points 3.13.2 and 7.9.1.2).

3. Dividends to foreign shareholders (point 3.4)

Access is allowed without prior approval if all of these are met: profits from closed and audited financial statements (3.4.1); amounts within the shareholders' meeting distribution, with a sworn statement of the legal representative (3.4.2); survey compliance (3.4.3); and one of the cases in 3.4.4. The main case today is distributable profits from realised gains in regular audited annual statements for fiscal years beginning on or after 1 January 2025 (3.4.4.1). Another, for older profits, allows dividends up to 30% of new FDI contributions settled from 17 January 2020, at least 30 calendar days after the last contribution counted, with proof of the definitive capitalisation or of the start of its registration (and the capitalisation filed within 365 days) (3.4.4.4). For fiscal years before 2025, see the dividends page; BOPREAL routes also exist (3.4.4.2 and 3.13.1.14).

Restricted sectors and special rules

The FIL gives national treatment "subject to" special regimes (art. 1). The main restrictions found in the sources:

Sector	Rule	Source	Status October 2026
Rural land	Caps of 15% national, 30% per nationality, 1,000 ha in the core zone; habilitation certificate	Law 26.737, arts. 3 to 10, 14	Repealed by DNU 70/2023, art. 154 (BO 21 December 2023). Residual risk if Congress or a court reversed the repeal. See the real estate page
Land in border security zones	Prior consent for transfers, leases or any real or personal right giving possession, by the National Security Zones Commission (now the Vice Chief of Cabinet for the Interior)	DL 15.385/1944, art. 4, as replaced by Law 23.554, art. 42 (National Defence Law, BO 5 May 1988); Decree 253/2018 map; Res. 166/2009	In force. Corporate changes (share transfers giving control) of landowning companies also need consent (Res. 166/2009, art. 8). See the real estate page
Media (newspapers, magazines, publishers, broadcasting, audiovisual and digital content producers, internet access providers, outdoor advertising)	Ownership must be of national companies; foreign companies up to 30% of capital and votes, extendable by reciprocity	Law 25.750, arts. 2 to 4 (BO 7 July 2003)	In force on the text held (unconfirmed)
Audiovisual communication licences	Commercial company licensees must have national capital; foreign capital up to 30% of capital and votes without control (art. 29); legal persons must be incorporated in Argentina, not linked to foreign audiovisual companies, not be subsidiaries of foreign companies, unless a treaty provides effective reciprocity (art. 25(a) to (c)); individuals must be Argentine native, by option, or naturalised with 5 years of residence (art. 24(a))	Law 26.522 (BO 10 October 2009), arts. 24, 25, 29	In force as amended by Decree 267/2015 and DNU 70/2023 (which replaced art. 45 on multiple licences and repealed art. 46); arts. 24, 25(b) and (c) and 29 were not changed in the text held (unconfirmed)
Commercial aviation	Personnel performing aeronautical functions in commercial air services must be Argentine, with an Executive power to authorise a percentage of foreigners; aircraft must have Argentine registration, with an Executive power to allow foreign registered aircraft	Aeronautical Code (Law 17.285), arts. 106 and 107 as replaced by DNU 70/2023	Ownership requirements for aircraft and operators not reviewed for this page (unconfirmed)
Technology licences to related parties	Approval requirement removed; information registration with INTI	Law 22.426, arts. 2 and 3; Decree 1853, arts. 7 and 8	See key rule 7

Other sectors commonly cited as restricted (nuclear, defence industries, fishing licences, coastal shipping, security services, financial entities, insurance) were not checked against primary sources for this page (unconfirmed). Law 25.750, art. 1, sets a general policy of preserving the anthropological, historical, artistic and cultural heritage, companies in science and advanced research "fundamental for the development of the country", activities important for national defence, and the radio spectrum and media, "without prejudice to special laws protecting the strategic interests of the Nation". Only the media rule in its art. 2 has an operative cap.

Bilateral investment treaties and ICSID: overview

The detail is on the Bilateral investment treaties and ICSID page. For FIL purposes:

Argentina approved the ICSID Convention (Washington, 18 March 1965) by Law 24.353 (sanctioned 28 July 1994, BO 2 September 1994, per the Infoleg record).
An example of a BIT: the treaty with the United States on reciprocal promotion and protection of investments, signed in Washington on 14 November 1991, approved by Law 24.124 (sanctioned 26 August 1992, BO 25 September 1992, per the Infoleg record).
BITs typically add what the FIL lacks: fair and equitable treatment, protection against expropriation without compensation, free transfer clauses and investor State arbitration. Their exact content, the list of treaties in force and terminations are on the BIT page (unconfirmed).
Rural land and BITs. The former Law 26.737, art. 11, said that, for BITs in force, the acquisition of rural land was "not to be understood as an investment". With the repeal, that carve out no longer has a statutory basis.
Structuring. Investors sometimes hold their Argentine company through a treaty country to obtain BIT protection. Whether a given structure qualifies depends on the treaty's definitions of investor and investment and on timing (unconfirmed).

RIGI contrast

The RIGI (Law 27.742, Title VII; Decree 749/2024) is covered on the RIGI page. In one table:

Feature	FIL (general regime)	RIGI
Who	Any foreign investor, any amount	Single project vehicle with a qualifying project above the minimum investment
Approval	None (Decree 1853, art. 2)	Application and approval by the enforcement authority
Repatriation of cash FDI	180 days after settlement (point 3.13.1.7(i)) or BCRA approval	No prior approval and no minimum stay, up to qualifying contributions (point 14.2.3)
Repatriation of in kind FDI	Needs BCRA approval (not "settled")	Counts if capital goods meet point 14.5.4 (point 14.2.2(ii))
Dividends	Point 3.4 conditions	Point 14.2.2, in addition to 3.4
Tax and customs benefits	None	Yes (Law 27.742, arts. 183 to 193)
Stability	None	Yes (Law 27.742, arts. 201 to 206)
International arbitration	Only via BITs	Yes (Law 27.742, arts. 221 to 223)

Law 27.742 did not amend the FIL. The Infoleg record of Law 21.382 lists five complementing or modifying norms, the last being Decree 1853/1993; it does not list DNU 70/2023 or Law 27.742. A text search of DNU 70/2023 and Law 27.742 in the files found no reference to Law 21.382. The changes in 2023 to 2025 that matter to foreign investors came through other laws (rural land, media licences, aviation, foreign trade registry) and through BCRA communications.

Step by step

Decide the vehicle and the form. Capital increase by subscription of new shares, or irrevocable contribution on account of a future capital increase (aporte irrevocable). For cash, both are possible; for goods in kind, irrevocable contributions are not allowed in the IGJ (IGJ Rules art. 95).
Register the foreign shareholder in Argentina. A foreign company that will hold shares in an Argentine company must register under LGS art. 123. Under IGJ Rules art. 164(1), as replaced by IGJ RG 4/2026, it files: a certificate of good standing not older than 6 months; its constitutive documents and amendments certified by a notary or the home registry (or an ordered text); the board resolution deciding the registration and appointing a representative; the representative's acceptance with a special domicile (optionally an electronic domicile); and sworn statements on PEP status and beneficial owner (IGJ Rules arts. 414 and 421). When the foreign company participates in a new local company, both filings can be made together (art. 164, "Tramitación conjunta"). Companies from non cooperative or FATF high risk jurisdictions are reviewed with a restrictive criterion (art. 168). (unconfirmed)
Tax ID for the foreign shareholder. Foreign entities without a CUIT obligation request a CDI through ARCA's web service "Inscripción y Modificación de Personas Jurídicas", option "Alta nueva persona jurídica", via a representative with Clave Fiscal level 3 (ARCA RG 5803/2025, art. 19). Non resident individuals now request a CUIT through a representative domiciled in Argentina (art. 6).
Corporate approvals. Board meeting accepts the contribution (if irrevocable) stating the shares to be issued, the proportional equity value of existing shares, any share premium, that no compensatory interest accrues, any holding period, that refunds are subject to creditors' opposition (LGS arts. 204 and 83) and that the contributor's claim is subordinated in insolvency (IGJ Rules art. 94(4)). For a direct capital increase: extraordinary shareholders' meeting if beyond the statutory quintuple (LGS arts. 188 and 235(1)); pre emptive rights offered by 3 notices with at least 30 days to exercise (LGS art. 194), or waived by the shareholders.
Wire and settle. The foreign investor wires the funds to the SA's account at an Argentine bank. The SA instructs the bank to settle (sell) the foreign currency in the FX market under the direct investment concept. Obtain the boleto de cambio and settlement advice.
Capitalise and register. File the capital increase (or the capitalisation of the irrevocable contribution) with the IGJ: meeting minutes, attendance register, accountant's report on equity at the acceptance date and the information in Annex VI (IGJ Rules art. 94(1) to (3)), and the BO publication required by LGS art. 188.
Report. Include the non resident's equity in the quarterly survey (45 days after quarter end). Update the share register and the beneficial owner information (unconfirmed).
Keep the file. Boleto, SWIFT, board and meeting minutes, IGJ registration, survey acknowledgements. Every later dividend or repatriation will need them.
Repatriate when eligible. From day 180 after settlement (point 3.13.1.7(i)), through a capital reduction (steps in Example 1), a refund of an unaccepted irrevocable contribution, a share sale to a non resident (no FX access needed) or a sale to a resident under point 3.13.1.10.

Costs and timelines

Rates, thresholds and periods

Item	Figure	Source
Foreign capital threshold for "local company of foreign capital"	More than 49% of capital, or votes to prevail	FIL art. 2(3)
Minimum stay for repatriation of cash FDI settled from 21 April 2025	180 calendar days	FX rules, point 3.13.1.7(i)
Minimum stay for cash FDI settled 2 October 2020 to 20 April 2025	2 years	Point 3.13.1.7(ii)
Dividends under the FDI rule	Up to 30% of new FDI settled from 17 January 2020; at least 30 days after last contribution	Point 3.4.4.4
Capitalisation filing deadline for the 30% dividend rule	365 calendar days from start of registration	Point 3.4.4.4(iii)
Sale to resident: minimum interest transferred	10% of capital	Point 3.13.1.10(iii)
Sale to resident: financing	Average life 4 years; 3 years grace	Point 3.13.1.10(i)
Survey: quarterly filing trigger	Any external liabilities at quarter end, or cancelled in the quarter	Com. A 6795
Survey: annual filing trigger	Stock of external assets and liabilities of USD 50 million or more	Com. A 6795
SA minimum capital	ARS 30,000,000 (about US$19,183)	LGS art. 186; Decree 209/2024 (BO 1 March 2024)
SA minimum cash paid in at subscription	25% (100% in an SAU; 100% for non cash)	LGS art. 187
Capital increase by meeting without statute amendment	Up to five times the statutory capital, if the statute so provides	LGS art. 188
Media: foreign ownership cap	30% of capital and votes	Law 25.750, art. 2; Law 26.522, art. 29
Liquid external assets cap for FX access sworn statement	USD 100,000	FX rules, point 3.16.2.1
Import duty on listed capital goods	Mostly 2%	Decree 557/2023, Annex III, replaced by Decree 513/2025, Annex II
Used capital goods (NCM chapters 84 to 90)	Double the duty, capped at 35%	Res. 909/1994, art. 1, as replaced by Decree 273/2025
Statistics fee	3%, capped by value band, to 31 December 2027	Decree 1140/2024, art. 1
Import VAT on listed capital goods	10.5% (general 21%)	VAT Law, art. 28

Deadlines

Event	Deadline	Source
Survey quarterly return	45 calendar days after quarter end	Com. A 6795
Survey annual return	180 calendar days after year end	Com. A 6795
Pre emptive rights in a capital increase	At least 30 days after the last of 3 notices	LGS art. 194
Creditors' opposition to a voluntary capital reduction	15 days from the last of 3 notices; definitive act not before 20 days after that	LGS arts. 204 and 83
Proof of possession of shares acquired by a resident (point 3.13.1.10)	60 calendar days after FX access	FX rules, point 3.13.1.10
Redomicile foreign holding acquired by a resident	12 months	Point 3.13.1.10(a)
Settle proceeds of resale of that holding to a non resident	15 business days	Point 3.13.1.10(c)
Branch financial statements to the IGJ	120 calendar days after year end	IGJ Rules art. 175, as replaced by IGJ RG 4/2026
Certificate of good standing of a foreign shareholder for IGJ art. 123 filing	Issued not more than 6 months before filing	IGJ Rules art. 164(1)(a), as replaced by IGJ RG 4/2026

Timeline of norms

Date (BO unless stated)	Norm	Content
19 Aug 1976	Law 21.382 (signed 13 Aug 1976)	Foreign Investment Law; repeals Laws 20.557, 20.575, 21.037 (art. 10)
25 Apr 1980	Law 22.208	Amends Law 21.382 (t.o. 1980)
23 Mar 1981	Law 22.426	Technology transfer; approval for related party contracts (art. 2)
25 Sep 1989	Law 23.697 (sanctioned 1 Sep 1989)	Economic Emergency; art. 15 removes prior approval and guarantees equal treatment; art. 16 creates registry
14 Nov 1989 (signed)	Decree 1225/1989	Earlier regulation of the regime
18 Dec 1989	Law 23.760	Repeals the special tax on additional profits of foreign investment (FIL t.o. 1980 art. 16) from 1 January 1990 (per Decree 1853 recitals)
25 Sep 1992	Law 24.124	Approves the Argentina United States BIT
8 Sep 1993	Decree 1853/1993 (signed 2 Sep 1993)	Ordered text of the FIL; no prior approval; repatriation "at any time"; repeals Decree 1225/1989 (art. 12)
2 Sep 1994	Law 24.353	Approves the ICSID Convention
7 Jul 2003	Law 25.750	Media: 30% foreign ownership cap
10 Oct 2009	Law 26.522	Audiovisual services; foreign capital rules (arts. 24, 25, 29)
28 Dec 2011	Law 26.737	Rural land caps
4 Jan 2016	Decree 267/2015	Amends Law 26.522
26 Dec 2017 (BCRA date)	Com. A 6401	New external assets and liabilities survey
27 Sep 2019 (BCRA date)	Com. A 6795	Survey becomes a sworn statement; all companies with external liabilities file quarterly from Q1 2020
21 Dec 2023	DNU 70/2023	Repeals Law 26.737 (art. 154); amends Law 26.522 and the Aeronautical Code
1 Mar 2024	Decree 209/2024	SA minimum capital ARS 30,000,000
8 Jul 2024	Law 27.742	Title VII: RIGI
15 Jul 2024 (signed)	IGJ RG 15/2024	Current IGJ Rules
16 Apr 2025 (BCRA date)	Com. A 8230	From 21 April 2025: FDI repatriation after 180 days
18 Sep 2025 (BCRA date)	Com. A 8331	Repatriation through acquisitions by residents, all sectors; concession interests
24 Dec 2025	ARCA RG 5803/2025	New tax registration regime; CDI kept for foreign entities without CUIT (art. 19)
26 May 2026	IGJ RG 4/2026 (signed 22 May 2026)	Simplified registration of foreign companies under LGS arts. 118 and 123
14 Sep 2026 (BCRA date)	Com. A 8481	Consolidated FX text in force for this page
22 Sep 2026	IGJ RG 11/2026	New IGJ Rules art. 63 on non cash contributions

BCRA communications are dated by the BCRA; their BO dates are not in the files (unconfirmed).

Worked examples

Example 1: USD 2,000,000 cash capital contribution into an SA, and later repatriation

Facts. Parent Inc. (a US company, non resident) owns 95% of Argentina SA; a local individual owns 5%. Argentina SA has capital of ARS 100,000,000 in 100,000 shares of ARS 1,000, equity (patrimonio neto) of ARS 400,000,000 and no retained earnings. Its statute has no quintuple clause. It is not a controller of a financial entity. On 3 November 2026 Parent Inc. wires USD 2,000,000 and Argentina SA settles it in the FX market. For the illustration the settlement rate is taken as ARS 1,563.90.

Step 1. Inflow and settlement.

Item	Calculation	ARS	USD
Contribution wired			2,000,000.00
Settled in FX market	2,000,000 × 1,563.90	3,127,800,000.00	2,000,000.00

Evidence kept: boleto de cambio (FX rules, points 1.4 and 5.3), SWIFT, bank advice.

Step 2. Share issue at proportional equity value (IGJ Rules art. 94(4)(b)).

Item	Calculation	Result
Proportional equity value per existing share	400,000,000 / 100,000	ARS 4,000
New shares issued to Parent Inc.	3,127,800,000 / 4,000	781,950 shares
Increase in nominal capital	781,950 × 1,000	ARS 781,950,000 (US$500,000)
Share premium	3,127,800,000 less 781,950,000	ARS 2,345,850,000 (US$1,500,000)
New total shares	100,000 + 781,950	881,950
Parent Inc. holding	(95,000 + 781,950) / 881,950	876,950 shares = 99.43%
Local individual	5,000 / 881,950	0.57%

Issuing at nominal value with no premium would have diluted the 5% holder for no value. That is why the IGJ requires the board to state the proportional equity value and the premium. The minority holder had pre emptive rights for at least 30 days after notice (LGS art. 194) and here waived them. Because new capital (ARS 881,950,000) exceeds five times the old capital (ARS 500,000,000), an extraordinary meeting amends the statute (LGS arts. 188 and 235(1)).

Step 3. Registration. File with the IGJ the meeting minutes, attendance register and the accountant's report (IGJ Rules art. 94). Parent Inc. must already be registered under LGS art. 123 (IGJ Rules art. 164(1)).

Step 4. Survey. Argentina SA has non resident equity and must file the Q4 2026 quarterly return by 14 February 2027 (45 days after 31 December 2026), showing the increase in the non resident's equity (Com. A 6795). Its stock of external assets and liabilities is below USD 50 million, so no annual return is required.

Step 5. Earliest repatriation date. Settlement on 3 November 2026 + 180 calendar days = 2 May 2027 (FX rules, point 3.13.1.7(i)). Before then, the bank cannot give FX access for repatriation without BCRA prior approval.

Step 6. Repatriation of half the contribution by capital reduction in 2028. Assume equity is still ARS 3,527,800,000 with no retained earnings, and 881,950 shares outstanding.

Item	Calculation	ARS	USD at 1,563.90
Computable cost per share (equity less retained earnings / shares)	3,527,800,000 / 881,950	4,000.00	2.56
Shares redeemed from Parent Inc.		390,975 shares
Redemption amount	390,975 × 4,000	1,563,900,000.00	1,000,000.00
Deemed dividend (redemption amount less computable cost)	1,563,900,000 less 1,563,900,000	0.00	0.00

Under the Income Tax Law, in a total or partial redemption of shares the excess of the redemption amount over the computable cost of the shares is treated as a dividend (ITL art. 49). Computable cost is equity in the last closed balance sheet less retained liquid and realised profits and reserves from such profits, divided by shares outstanding (ITL art. 49). With no retained earnings, there is no deemed dividend. If there had been retained earnings, the excess would be a dividend taxed under the dividend rules.

Corporate steps for the reduction. Extraordinary meeting (LGS arts. 203 and 235(2)); 3 day publication and creditors' right of opposition for 15 days after the last notice, with the definitive act not before 20 days later (LGS arts. 204 and 83); registration with the IGJ; recording the peso liability to Parent Inc. from the reduction date in the survey (FX rules, point 3.13.1, final paragraph).

FX access. Parent Inc. (the non resident) buys USD with the ARS 1,563,900,000 under point 3.13.1.7(i), with the bank holding: the boleto of the 2026 inflow; proof that the corporate steps were completed; the survey return showing the peso liability; and sworn statements under point 3.16.3.

Peso risk. The capital reduction fixes a peso amount. If the peso has weakened to ARS 2,000 per US$ by the payment date, ARS 1,563,900,000 buys only USD 781,950. The FIL right to "repatriate the investment" (art. 5) protects the right to transfer, not the dollar value. This is the single most misunderstood point of the regime.

Cost to do it. Capital: USD 2,000,000. Fees: IGJ registration of the increase and of the later reduction, notary, BO notices, accountant's reports (unconfirmed). Time: settlement same day; IGJ registration weeks to months (unconfirmed); minimum 180 days to first repatriation; a capital reduction adds at least 3 days of notices plus 15 days of opposition plus 20 days before the definitive act (about 6 weeks) plus IGJ registration.

Example 2: contribution in kind of machinery

Facts. Parent Inc. contributes a new CNC machining centre to Argentina SA as a capital increase. Agreed value and customs value (CIF) USD 500,000. Argentina SA is the importer, registered for VAT, and the machine is a fixed asset (bien de uso) for its own production. Assume the tariff position is in the capital goods list at 2% import duty and in the VAT Law schedule at 10.5% (unconfirmed). Origin outside Mercosur, no preferential agreement. Conversion at ARS 1,563.90.

Step 1. Customs. The machine is imported for consumption. There is no payment abroad: the consideration is shares, not money.

Step	Calculation	USD	ARS
1. Customs value	CIF	500,000.00	781,950,000.00
2. Import duty	2% × 500,000	10,000.00	15,639,000.00
3. Statistics fee	3% × 500,000 = 15,000; cap for the USD 100,000 to 1,000,000 band is 30,000 (Decree 1140/2024, art. 1)	15,000.00	23,458,500.00
4. VAT base	500,000 + 10,000 + 15,000 (VAT Law art. 25)	525,000.00	821,047,500.00
5. Import VAT	10.5% × 525,000	55,125.00	86,209,987.50
6. Additional VAT perception	Excluded: capital good for the importer (RG 2937, art. 2(c))	0.00	0.00
7. Income tax perception	Excluded: capital good, destination code "BDEUSO" (RG 2281, art. 3, point 3, and art. 10)	0.00	0.00
8. Provincial gross income perception	(unconfirmed)	not computed	not computed
Total cash paid at customs	2 + 3 + 5	80,125.00	125,307,487.50
Of which recoverable as input VAT	Step 5	55,125.00	86,209,987.50
Non recoverable cost (duty and fee)	2 + 3	25,000.00	39,097,500.00

If the machine were used: under the used goods regime the duty doubles to 4%, capped at 35% (Res. 909/1994, art. 1, as replaced by Decree 273/2025): duty USD 20,000; VAT base USD 535,000; VAT USD 56,175; total at customs USD 91,175 (ARS 142,588,582.50) (unconfirmed).

Trap: the subsidiary needs pesos to clear the machine. The machine brings no cash. Argentina SA must pay ARS 125.3 million at clearance. Many groups make a small cash contribution first (settled through the FX market, which then also counts under point 3.13.1.7).

Step 2. Valuation and corporate filing. In an SA the in kind contribution is valued at market value or by expert valuation, approved by the registry (LGS art. 53). It must be fully paid in at once (LGS art. 187). It cannot be made as an irrevocable contribution (IGJ Rules art. 95) and must follow the ordinary capital increase rules. The IGJ requires an inventory signed by the contributor and the administrator showing where each item is, and the value proved by fiscal valuation, expert appraisal, official bank report or market quotation (IGJ Rules art. 63(II)). Shares are issued at proportional equity value, as in Example 1. Shareholders can limit pre emptive rights for in kind contributions by extraordinary meeting with the majorities of LGS art. 244 (LGS art. 197(2)).

Consistency check. Keep the customs value, the corporate valuation and the accounting value consistent. A corporate value well above the customs value invites questions from customs (undervaluation) or from the IGJ and creditors (overvaluation of capital). The sources do not provide a rule that forces them to be equal (unconfirmed).

Step 3. Reporting. The increase in non resident equity goes in the next quarterly survey: no FX inflow occurred, but the FX rules require reporting "even when no funds entered the FX market" (point 1.9).

Step 4. Consequences for later repatriation and dividends.

Repatriation: point 3.13.1.7 covers only contributions "ingresado y liquidado por el mercado de cambios". An in kind contribution is not settled, so repatriating the capital represented by the machine needs BCRA prior approval (point 3.13.1), unless the exit is a sale of shares to a non resident (no FX access) or to a resident under point 3.13.1.10.
Dividends: dividends from fiscal years beginning on or after 1 January 2025 are accessible under point 3.4.4.1 regardless of how the capital was contributed. But the in kind contribution does not count for the 30% rule of point 3.4.4.4.
Contrast with RIGI: in a RIGI VPU, in kind contributions of capital goods that meet point 14.5.4 count for dividends and repatriation (points 14.2.2(ii) and 14.2.3).

Cost to do it. Capital: the machine (USD 500,000) plus cash for customs taxes (USD 80,125, of which USD 55,125 recoverable as input VAT). Fees: customs broker, port and freight (unconfirmed), appraisal, IGJ, notary, BO (unconfirmed). Time: customs clearance depends on the channel (unconfirmed); IGJ registration weeks to months (unconfirmed).

Practical traps

Not settling the inflow. Keeping the contribution in a foreign currency account forfeits the repatriation route of point 3.13.1.7 and the 30% dividend rule. Decide before the money arrives.
Wrong FX concept on the boleto. If the bank books the inflow under another concept (for example a loan or a service), it will not count as FDI. Check the boleto the same day.
Counting 180 days from the wrong date. The clock starts on settlement of the funds, not on the board resolution or IGJ registration (point 3.13.1.7(i)).
Assuming the FIL beats the FX rules. "At any time" in Decree 1853, art. 5, is not applied by banks against the FX rules.
Peso denomination of the exit. Capital reductions and refunds create peso liabilities. Devaluation between the corporate decision and payment hits the investor.
Missing survey filings. One missed quarter can block the next dividend (point 3.4.3) or repatriation (point 3.13.1, final paragraph). Filing is required even if the company never accesses the FX market (point 1.9).
In kind and capitalised contributions are "dead" for repatriation. Machinery, intangibles, capitalised dividends and possibly capitalised loans do not count as settled contributions (unconfirmed).
Irrevocable contributions in kind. Not allowed in the IGJ (IGJ Rules art. 95).
Dilution and pre emptive rights. Issuing new shares below proportional equity value, or skipping pre emptive rights (LGS art. 194), exposes the board to minority claims.
Foreign shareholder not registered under LGS art. 123. The local company's filings with the IGJ will be held up. IGJ RG 4/2026 simplified, but did not remove, the requirement.
Holding company sales. Selling the foreign holding of an Argentine company to a resident buyer only gives FX access under point 3.13.1.10 if the buyer redomiciles the holding within 12 months, among other conditions.
Border zone land through a company. A share transfer giving control of a company that owns land in a border security zone needs prior consent (Res. 166/2009, art. 8).
Media targets. Law 25.750 applies to internet access providers and content producers, not only broadcasters (art. 3). Check before acquiring a tech company that provides internet access.
Using the 1976 Civil Code domicile test. Domicile now follows the Civil and Commercial Code (unconfirmed).
Bank controllers. Point 3.13.1.7 does not apply to companies that control local financial entities.
Cross reference error in point 3.16.3.5(iv). Do not rely on it for portfolio repatriations without checking with the bank.

Recent changes

21 December 2023: DNU 70/2023 repeals the Rural Land Law 26.737 (art. 154), changes Law 26.522 multiple licence rules (arts. 326 and 327) and amends the Aeronautical Code (arts. 181 and following). It did not amend Law 21.382.
1 March 2024: Decree 209/2024 raises the SA minimum capital to ARS 30,000,000.
8 July 2024: Law 27.742 creates the RIGI (Title VII), a parallel regime for large projects. It did not amend Law 21.382.
21 April 2025: FDI contributions settled from this date can be repatriated after 180 days instead of two years (Com. A 8230; FX rules, point 3.13.1.7(i)).
14 April 2025 onward: dividends for fiscal years beginning on or after 1 January 2025 accessible without BCRA approval (Com. A 8226; point 3.4.4.1).
18 September 2025: repatriation via acquisitions by residents extended to all sectors, including natural resources concessions (Com. A 8331; points 3.13.1.10 and 3.13.1.11).
24 December 2025: ARCA RG 5803/2025: new tax registration regime; CUIT via representative for non resident individuals (art. 6); CDI kept for foreign entities (art. 19).
26 May 2026: IGJ RG 4/2026 unifies and simplifies registration of foreign companies under LGS arts. 118 and 123 (new art. 164 and others of the IGJ Rules).
14 September 2026: consolidated FX text updated with Com. A 8481.
22 September 2026: IGJ RG 11/2026 replaces IGJ Rules art. 63 on non cash contributions (including virtual assets).

Pending changes

Status of Law 23.697, art. 16 registry. Created by law, apparently never operative (unconfirmed).
Current enforcement authority of the FIL under the current ministries structure (unconfirmed).
Interaction of FIL art. 5 with the FX rules: no case law or official interpretation in the files (unconfirmed).
Further FX liberalisation. The FX rules change frequently; the 180 day period could be shortened or removed, or new restrictions added. Check the consolidated text at the date of each operation.
DNU 70/2023 congressional review under Law 26.122, and any judicial challenge to art. 154 (rural land) (unconfirmed).
Survey instructions and possible updates to Com. A 6401 after Com. A 6795 (unconfirmed).
Sector restrictions not reviewed: nuclear, defence, fishing, shipping, security services, financial entities, insurance (unconfirmed).

FAQ

1. Do I need government approval to invest in Argentina as a foreigner? No general approval. Decree 1853/1993, art. 2, says foreign investors may invest "without need of prior approval". Sector licences (banking, broadcasting, mining, border zone land) still apply.

2. Do I need to register my investment? There is no operative foreign investment registry in the sources (unconfirmed). What you need is (a) the FX settlement record of the inflow and (b) your Argentine company's filings in the BCRA external assets and liabilities survey, which must be filed quarterly if the company has non resident equity or other external liabilities (Com. A 6795). Plus, a foreign company shareholder registers with the IGJ under LGS art. 123.

3. Can I take my capital out whenever I want? The law says yes (FIL art. 5; Decree 1853, art. 5). The FX rules say: with BCRA prior approval, unless an exception applies (point 3.13.1). For a cash contribution settled from 21 April 2025, the exception applies 180 days after settlement (point 3.13.1.7(i)).

4. Can I pay dividends to my foreign parent? Yes, without BCRA approval, for profits from audited annual statements for fiscal years beginning on or after 1 January 2025, if the company meets the other conditions of point 3.4, including filing the survey (points 3.4.1 to 3.4.4.1).

5. I contributed machinery instead of cash. What changes? Customs taxes are payable by the Argentine company (Example 2). The contribution must be valued under LGS art. 53 and IGJ Rules art. 63, cannot be an irrevocable contribution (IGJ Rules art. 95), and does not count as a settled contribution for repatriation under point 3.13.1.7 or for the 30% dividend rule.

6. I am an Argentine citizen living abroad. Am I a foreign investor? Yes, for the FIL, if you are domiciled abroad (Decree 1853, art. 3). For FX purposes what matters is whether you are a resident under the BCRA criteria.

7. Does the FIL protect me against future changes? No. It is an ordinary law with no stability clause. Protection against changes comes from treaties (Constitution, art. 75(22); see the BIT page) or from RIGI stability (Law 27.742, arts. 201 to 206).

8. Can a foreign company own a newspaper, radio or internet provider? Only up to 30% of capital and votes, unless reciprocity allows more (Law 25.750, art. 2; Law 26.522, art. 29). Internet access providers are included in the definition of media (Law 25.750, art. 3(d)).

9. Can a foreigner buy farmland now? The national caps of Law 26.737 were repealed by DNU 70/2023, art. 154. Land in border security zones still needs prior consent (DL 15.385/1944, art. 4, as replaced by Law 23.554, art. 42). See the real estate page.

10. Is Decree 1225/1989 still relevant? No. It was repealed by Decree 1853/1993, art. 12.

11. What happens if my company did not file the survey? The bank will refuse dividend payments (point 3.4.3) and repatriations by capital reduction (point 3.13.1, final paragraph) until the filings are up to date. Penalties under the statistics law are not in our sources (unconfirmed).

12. Can I exit by selling my shares instead of reducing capital? Yes. A sale to another non resident needs no FX access in Argentina. A sale to a resident buyer gives the buyer FX access only under point 3.13.1.10 (new long term financing, at least 10% of capital).

Published 27 Oct 2026 from our research draft. Points marked (unconfirmed) have not yet been checked line by line against the official text; rely on the primary sources linked below before acting, and expect this page to change as we verify it.