Restricted sectors and limits on foreign investment in Argentina

Key rules

1. Baseline: national treatment, no prior approval, no screening

• Constitution, art. 20. Foreigners have all civil rights of citizens, may "ejercer su industria, comercio y profesión; poseer bienes raíces, comprarlos y enajenarlos; navegar los ríos y costas".
• FIL art. 1. Foreign investors have "los mismos derechos y obligaciones que la Constitución y las leyes acuerdan a los inversores nacionales, sujetos a las disposiciones de la presente ley y de las que se contemplen en regímenes especiales o de promoción". The words "special regimes" are what allow the sector rules below.
• Decree 1853/1993, art. 2. Foreign investors may invest "sin necesidad de aprobación previa, en iguales condiciones que los inversores domiciliados en el país". The recitals recall that Law 23.697, art. 15, repealed the FIL provisions that had required prior Executive approval.
• FIL definitions that matter for sector rules. A "local company of foreign capital" is one in which persons domiciled abroad own more than 49% of the capital or have the votes to prevail (FIL art. 2(3)); a "local company of national capital" needs at least 51% held by persons domiciled in Argentina (art. 2(4)). The sector laws do not all use this test. Some look at nationality of the ultimate individuals (Law 25.750, art. 4; Law 12.988, art. 1), others at domicile (Aeronautical Code, arts. 48 and 99; Law 24.922, art. 24; Law 20.094, art. 52), others at control under LGS art. 33 (Res. 166/2009, art. 7(c); Law 27.078, art. 13; Law 27.742, art. 8(c)). A structure can pass one test and fail another.
• National security review. The only security driven ownership filter in the sources is the border security zone regime (section 3). There is no general rule allowing the Executive to block a foreign acquisition of a company on security grounds (unconfirmed). Merger control under the competition law is separate and nationality neutral; see the antitrust page of this guide (/guide/regulation/antitrust/).

2. Rural land: Law 26.737 and its repeal

• What the law did. Law 26.737 (BO 28 December 2011) capped foreign ownership of rural land at 15% of national, provincial and municipal rural land, 30% of that share per nationality and 1,000 hectares per foreign owner in the "core zone", and prohibited foreign acquisition of land with large permanent water bodies and land in security zones save under DL 15.385 (arts. 8, 9, 10). It treated companies with more than 51% foreign capital as foreign (art. 3(b)) and voided acts in breach (art. 7). Full detail: /guide/real-estate/foreign-ownership/.
• Repeal. DNU 70/2023, art. 154: "Derógase la Ley N° 26.737." The recitals say it is necessary to repeal a law that "limita el derecho de propiedad sobre la tierra rural y las inversiones en el sector". Infoleg records Law 26.737 as abrogated by that article.
• Congressional status. Under Law 26.122, art. 24, a DNU is abrogated only if both chambers reject it. The Infoleg list of 50 norms that modify or complement DNU 70/2023 contains no resolution of either chamber rejecting it, in contrast with DNU 340/2025, whose record expressly notes rejection by Chamber of Deputies Res. 39/2025 and Senate Res. 57/2025 (both BO 25 August 2025). On the sources held, DNU 70/2023 has not been abrogated by Congress (unconfirmed).
• Court status. No court decision on art. 154 is in the source files. some secondary summaries flagged court challenges as a pointer; we could not confirm or rule out any judgment suspending or annulling art. 154 (unconfirmed). Plain position for this guide: the repeal is in effect, but it rests on a decree that Congress can still reject (with effect only for the future under Law 26.122, art. 24, as the DNU 628/2025 episode in section 7 shows) and that a court could still strike down.
• What did not change. Border security zone rules (section 3) were untouched. A farm in a border zone still needs prior consent whatever happens to Law 26.737.

3. Border security zones (DL 15.385/1944)

• Rule. DL 15.385/1944, art. 4, as replaced by Law 23.554, art. 42 (National Defence Law, BO 5 May 1988), declares it "of national convenience" that property in security zones belong to native born Argentines and subjects to prior consent every "transfer of ownership, leases or rentals, or any form of real or personal rights by which possession or tenure of real estate must be delivered". The zone runs up to 150 km from land borders and 50 km from the coast (DL 15.385, art. 2); the current map is Decree 253/2018 (BO 28 March 2018), which lists border provinces including Mendoza, Salta, Misiones, Corrientes, Neuquén and Santa Cruz (art. 4).
• Foreign legal persons. Res. 166/2009 (BO 5 March 2009), art. 7, treats as foreign any company incorporated abroad, any Argentine company in which foreigners hold the majority of shares or votes, and any Argentine company controlled by, or linked more than 25% to, a foreign company under LGS art. 33. For rural land these companies can only use the exception route with an investment project (arts. 11 and 24).
• Share deals are caught. Prior consent is needed for "transferencias de acciones suficientes que impliquen el control de una sociedad que fuere propietaria de uno o más inmuebles ubicados en Zona de Seguridad", and for transformations, mergers and spin offs of such companies. Later corporate changes altering the authorised ownership must be reported within 60 days (Res. 166/2009, art. 8).
• After approval. Certified copy of the deed, progress report every six months, staff lists, and for companies an irrevocable shareholders' commitment to contribute the investment as capital (art. 26); validity one year (art. 39); notary report within 30 days (art. 38).
• Who decides. Delegated to the Vice Chief of Cabinet for the Interior by JGM Res. 65/2026 (BO 20 July 2026), Annex II, item 4 (unconfirmed).
• Deadline and silence. Res. 166/2009 sets no decision period. Under LNPA art. 10(a), as replaced by Law 27.742, art. 31 (BO 8 July 2024), where special rules set no period the decision may not exceed 60 days, after which the applicant may treat silence as a denial. Positive silence under art. 10(b) applies only to authorisations under "a regulated power" and only once regulated; a discretionary exception route consent is unlikely to qualify (unconfirmed).
• Mining near military sites. Mining works within 1 km of military installations need prior permission of the Ministry of Defence (Mining Code, art. 37).

4. Media, broadcasting and internet access

Law 25.750 (BO 7 July 2003), "Preservation of cultural goods and heritage".

• Art. 1 sets a policy of preserving anthropological, historical, artistic and cultural heritage; science and advanced research companies "fundamental" for development; activities relevant to national defence; and the radio spectrum and media, "without prejudice to special laws".
• Art. 2: the cap. Ownership of media "deberá ser de empresas nacionales", with foreign companies allowed "hasta un máximo del 30% del capital accionario y que otorgue derecho a voto hasta por el mismo porcentaje del 30%". The percentage may be increased "en reciprocidad" up to the level the other country allows. Media already foreign owned or controlled when the law took effect, and share transfers signed before it and pending approval, are outside the rule. "Cultural companies may not cede control over the contents of their production."
• Art. 3: what counts as media. (a) newspapers, magazines, periodicals and publishing companies "en general"; (b) broadcasting and complementary services; (c) producers of audiovisual and digital content; (d) internet access providers; (e) outdoor advertising companies.
• Art. 4: nationality test. A national company is an Argentine individual, or a company incorporated and domiciled in Argentina and "integradas mayoritariamente por ciudadanos argentinos", or any company controlled directly or indirectly by Argentine individuals domiciled in Argentina. A foreign company is a foreign individual or any company "controladas directa o indirectamente por personas físicas de nacionalidad extranjera". The test looks through to individuals' nationality, not to the investor's domicile.
• Art. 5: in insolvency proceedings of nationally owned media, the cramdown rule of Law 24.522, art. 48, does not apply, and foreign participation proposed in the proceedings needs prior Executive authorisation.
• Amendments. Infoleg lists three norms complementing Law 25.750 (a 2020 Ministry of Security resolution and two media secretariat subsidy resolutions); none amends art. 2. Infoleg has no updated text of the law. Neither DNU 70/2023 nor Law 27.742 mentions it.

Law 26.522 (BO 10 October 2009), Audiovisual Communication Services.

• Art. 24(a): individual licensees, and individual partners of for profit licensees, must be Argentine native or by option, or naturalised with at least 5 years of residence.
• Art. 25: legal persons must (a) be legally incorporated in Argentina; (b) have no corporate link or direct or indirect subjection to foreign audiovisual companies; (c) not be subsidiaries of foreign companies nor enter into acts or shareholder pacts allowing a dominant position of foreign capital. (b) and (c) do not apply where a treaty provides effective reciprocity. Art. 25(e), as replaced by Decree 267/2015 (BO 4 January 2016): issuing shares, bonds or other securities that commit more than 30% of the voting capital needs ENACOM authorisation.
• Art. 29: commercial company licensees must have "capital social de origen nacional", foreign capital up to 30% of capital and votes "siempre que este porcentaje no signifique poseer directa o indirectamente el control de la voluntad societaria", and Law 25.750, art. 2, applies.
• Art. 41 (text per Decree 267/2015): licences and shares can be transferred only to persons who meet the admissibility conditions; transfers are made subject to ENACOM approval, must be notified within 30 days of completion, and are tacitly approved if ENACOM does not reject them within 90 days; executing a transfer without approval leads to forfeiture of the licence. Infoleg notes ENACOM Res. 18/2016 (BO 9 March 2016), which starts the 90 days only when the competent area finds the requirements met.
• Licence term 10 years (art. 39); first extension of 5 years automatic if requested between 12 and 6 months before expiry; later extensions of 10 years (art. 40).
• DNU 70/2023 replaced art. 45 (multiple licences: locally up to one AM, one FM or two where there are more than eight, one open TV, maximum four in the same area) and repealed art. 46 (arts. 326 and 327). It did not amend arts. 24, 25 or 29.

Law 27.078 (BO 19 December 2014), "Argentina Digital" (ICT services).

• ICT services require a licence (art. 8), granted once the regulatory requirements are met (art. 12). The law contains no nationality requirement in the text held. Pay TV ("radiodifusión por suscripción") is an ICT service not governed by Law 26.522 (art. 10, as replaced by DNU 70/2023, art. 329).
• Art. 13 (text per Decree 267/2015): changes of shareholding implying loss of control under LGS art. 33 need ENACOM authorisation; transfers are notified within 30 days and tacitly approved after 90 days.

The unresolved conflict. Law 25.750 still lists internet access providers and digital content producers as "media" subject to the 30% cap, while Law 27.078 licenses internet access with no nationality rule, and pay TV was moved out of Law 26.522. Law 25.750 has not been amended or repealed. On the face of the texts, a foreign company buying more than 30% of an Argentine ISP is inside Law 25.750, art. 2. We found no regulation, ruling or ENACOM resolution in the sources explaining how the two laws are reconciled or whether the cap is enforced against ISPs and digital producers (unconfirmed). Investors should take this risk seriously in a share deal, because Law 25.750 has no express sanction, but a regulator can refuse a transfer or licence.

5. Air transport

• Authorisation. Regular and non regular air transport services are carried out by companies authorised by the Executive (Aeronautical Code, Law 17.285, art. 102, as replaced by DNU 70/2023, art. 209). Authorisations cover any route or combination of domestic routes for up to 15 years, extended automatically (art. 103, as replaced by DNU 338/2025, art. 5). No authorisation without proof of technical and economic financial capacity (art. 105).
• Ownership and control test (art. 99, as replaced by DNU 338/2025, art. 3). The company may take any legal form and must: (1) have permanent domicile in Argentina; (2) have its "control y dirección" in the hands of individuals with legal domicile in Argentina; (3) have its chair, managers and at least two thirds of directors with legal domicile in Argentina. DNU 70/2023 had required the chair, managers and two thirds of directors to be Argentines domiciled in Argentina; DNU 338/2025 dropped the nationality element and kept domicile. There is no percentage cap on foreign capital, but a foreign parent that controls the airline through its own shareholders abroad sits uneasily with item (2) (unconfirmed).
• Aircraft. Owners of Argentine registered aircraft must be domiciled in Argentina, or for companies be incorporated under Argentine law and domiciled there (art. 48, as replaced by DNU 70/2023, art. 194). Aircraft used in commercial services must have Argentine registration, but the national aviation authority "permitirá" foreign registered aircraft, seeking reciprocity and dual safety oversight agreements (art. 107, as replaced by DNU 338/2025).
• Personnel. The rule that commercial aeronautical personnel must be Argentine (art. 106 as replaced by DNU 70/2023) was repealed by DNU 338/2025, art. 10.
• Foreign carriers. May operate international services under treaties or with prior Executive authorisation (art. 129). Domestic cabotage by foreign carriers: the Code says Argentina "fomentará" reciprocal access including cabotage (art. 128 bis, added by DNU 70/2023), but no text held authorises foreign carriers to fly domestic routes as such (unconfirmed).
• Guarantee. Within 15 days of notice of its authorisation, the airline deposits 2% of its share capital in cash, national bonds or bank guarantee; 50% is released when all authorised services have started and the rest one year later if obligations were met (art. 112).
• Status risk. Laws 19.030 and DL 12.507/1956 were repealed by DNU 70/2023 (arts. 178 and 179). The Infoleg record of DNU 338/2025 lists no norm modifying it, so on the sources held it has not been rejected by Congress (unconfirmed).

6. Fishing (Law 24.922, BO 12 January 1998)

• Ownership of the resource. Living resources within 12 nautical miles belong to the coastal provinces (art. 3); beyond 12 miles in the EEZ and continental shelf, to the Nation (art. 4).
• Who may fish. "La explotación de los recursos vivos marinos... sólo podrá ser realizada por personas físicas domiciliadas en el país, o jurídicas de derecho privado que estén constituidas y funcionen de acuerdo con las leyes nacionales. Los buques... deberán estar inscriptos en la matrícula nacional y enarbolar el pabellón nacional" (art. 24). There is no foreign capital cap in the text: a foreign group can own 100% of an Argentine fishing company.
• Flag reservation. Commercial fishing only by Argentine flagged vessels save the exceptions in the chapter; in internal waters and the territorial sea the reservation "será irrenunciable" (art. 35). Exceptions: bare boat charter of foreign vessels up to 5 years old for up to 36 months by national companies with 5 years of uninterrupted activity, with CFP authorisation, for under exploited species (art. 36); foreign vessels under treaties approved by law, subject to joint operation with Argentine companies, landing in Argentine ports and at least 50% Argentine crew (arts. 37 and 38).
• Permits and quotas. Permits up to 10 years per vessel, or up to 30 years for vessels of companies with continuous onshore processing in Argentina (art. 26). Quotas are temporary concessions that "no podrán superar por empresa o grupo empresario aquel porcentaje que fijará el Consejo Federal Pesquero" (art. 27) (unconfirmed). Quotas are transferable under CFP conditions with a transfer fee, but not from fresh fish to freezer or factory vessels (art. 27). Permits move to another vessel only with authorisation (art. 30, as replaced by Decree 145/2019). Mandatory landing in Argentine ports (art. 25).
• Crew. Captains and officers must be Argentine native, by option or naturalised (art. 40(a)); 75% of other crew and on board plant workers must be Argentine or foreigners with more than 10 years of proven permanent residence (art. 40(b)).
• Sanctions (arts. 51 and 51 bis, as replaced and added by Law 27.564, BO 1 October 2020): warning, fines, suspension, cancellation, confiscation of gear, catch or vessel. Fines are in "Unidades Pesca" (UP), each equal to the price of one litre of diesel (gasoil grade 2) at the highest price in CABA, updated half yearly; 1,000 to 300,000 UP; at least 3,000 UP for fishing without catch authorisation, without quota or in a closed zone; 500,000 to 3,000,000 UP for fishing without a permit.

7. Shipping and cabotage

• Vessel nationality. Registration confers Argentine nationality and the right to fly the flag (Law 20.094, art. 51). To register, the owner must be domiciled in Argentina; a company must be incorporated under Argentine law or, if incorporated abroad, have a branch, seat or permanent representation in Argentina (art. 52). No capital cap.
• Crew. Captains and officers' qualifications are reserved to Argentines native, by option or naturalised (Law 20.094, art. 112); 75% of ratings must be Argentine, with exceptions where qualified Argentines are lacking (art. 143, text per Law 22.228, force restored by DNU 628/2025).
• Cabotage. "La navegación, comunicación y comercio de cabotaje nacional serán practicados únicamente por barcos argentinos" (DL 19.492/1944, BO 14 August 1944, art. 1, original text restored by DNU 628/2025). A cabotage vessel must be on the national register, commanded by Argentine captain and officers, and crewed by at least 25% Argentines (art. 2). Foreign flagged vessels may only do international trade (art. 3), save border cabotage under treaties (art. 4) and precarious permits where no Argentine vessel is available for essential supplies or a contract (art. 6, text per Law 27.445). Law 27.419 (BO 28 December 2017), art. 39, ratifies "la plena y total vigencia de la reserva del cabotaje nacional para los buques argentinos". Foreign vessels authorised for more than 30 days a year must be crewed exclusively by Argentines (Law 27.419, art. 30).
• Penalty. Foreign vessels doing cabotage in breach are fined three times the freight or service value; the Coast Guard detains the vessel in port until the fine is paid or guaranteed; administrative appeal within 5 days and court appeal within 5 days (DL 19.492, art. 48, as replaced by Law 26.778, BO 27 November 2012).
• The 2025 reversal. DNU 340/2025 (BO 21 May 2025) created an "exception regime" for the merchant navy, allowed cabotage by foreign registered vessels under Law 27.419 and that regime, extended foreign permits to 180 renewable days, loosened crew rules and declared waterborne passenger transport an essential service. The Chamber of Deputies rejected it by Res. 39/2025 and the Senate by Res. 57/2025 (both BO 25 August 2025); Infoleg records it as abrogated under Law 26.122, art. 24. DNU 628/2025 (BO 3 September 2025, in force the same day) then "restitúyese la plena vigencia" of every provision DNU 340/2025 had repealed, replaced or amended (art. 1). The Infoleg updated texts of Law 20.094, Law 27.419 and DL 19.492 now carry notes "Texto Original restituido por art. 1° del Decreto N° 628/2025". Anyone who chartered or registered under the 2025 regime between 21 May and 3 September 2025 should take advice on the transitional position (unconfirmed).

8. Banking and financial entities (Law 21.526, BO 21 February 1977)

• Authorisation. No entity may start activity without prior BCRA authorisation; mergers and transfers of the business also need it (art. 7). The BCRA weighs the convenience of the initiative, the project, market conditions and the background, responsibility and experience of the applicants (art. 8).
• Form. Private entities must be corporations (SA), except branches of foreign entities, which need a representative with sufficient powers under Argentine law, commercial banks that may also be cooperatives, and credit unions (art. 9). Voting shares must be registered.
• Foreign entities. The former articles requiring special authorisation and reciprocity for foreign capital (arts. 11, 12, 14 and the first paragraph of art. 13) were repealed by Decree 146/1994 (BO 21 February 1994), per Infoleg notes. Art. 13 still requires foreign branches to "radicar efectiva y permanentemente en el país los capitales" required under art. 32, subjects them to Argentine law and courts, and gives local creditors a privilege over their Argentine assets. Representative offices of foreign financial entities need prior BCRA authorisation.
• Change of control. Directors, supervisory board members, auditors, sellers and buyers must report "sin demora" any share negotiation capable of altering the shareholder structure; the BCRA may deny approval and revoke the licence if fundamental conditions change (art. 15, as amended by Law 24.485).
• Unfit persons. Art. 10 bars, among others, persons disqualified under LGS art. 264 and defaulting debtors of financial entities from being founders, directors or managers.
• Not in the sources: BCRA minimum capital rules and the current authorisation procedure (Communications "A") (unconfirmed).

9. Insurance

• Who may insure. Only SAs, cooperatives and mutuals, branches or agencies of foreign companies of those types, and official entities (Law 20.091, BO 7 February 1973, art. 2). Incorporation does not authorise the entity to operate until the SSN authorises it.
• Foreign branches need reciprocity. They are authorised on the same terms as local SAs "si existe reciprocidad según las leyes de su domicilio", with a local representative (art. 5). They must file five years of head office balance sheets (art. 7(d)) and keep in Argentina funds equal to the minimum capital (art. 30).
• Market test. Authorisation also requires that "haga conveniente su actuación el mercado de seguros"; a denial on market grounds is appealable only to the Executive, whose decision is final (art. 7(g)).
• Registration. Insurers may register in the commercial registry only after SSN authorisation; registration must be completed within 60 days or the authorisation lapses; bylaw changes and capital increases need prior SSN conformity (art. 8).
• Law 12.988 (t.o. 1953). Art. 1 defines Argentine insurance companies by three fifths Argentine citizen ownership and board. Art. 2 prohibits insuring abroad persons, goods or interests "de jurisdicción nacional", with a penalty of up to 25 times the premium on insured and intermediary. Art. 3 requires the State and concession or permit holders to insure exclusively with Argentine companies. Art. 4 (cargo insurance) was declared without effect for foreign trade freight by Ministry of Economy Res. 589/1994, citing Decree 2284/1991, per the Infoleg note. Art. 6 required Executive authorisation for new insurers.
• Our assessment. These provisions appear in the Infoleg updated text without a repeal note, but Law 20.091 (1973) later regulated authorisation in full, and the 1991 deregulation decree is cited as having removed at least part of art. 4. Whether arts. 1 and 3 still operate as an ownership condition for insurers serving State entities and concession holders, and how the SSN reads them, cannot be determined from the sources (unconfirmed). This matters most to a foreign insurer buying a local insurer whose clients are concessionaires (energy, transport, mining).

10. Nuclear

• The State sets nuclear policy and carries out research, development, regulation and oversight through the CNEA and the Nuclear Regulatory Authority; productive nuclear activities that can be commercially organised are carried out "tanto por el Estado Nacional como por el sector privado" (Law 24.804, BO 25 April 1997, art. 1). Installations need ARN licences (arts. 9 and 16) (unconfirmed).
• The CNEA holds State ownership of special fissile materials in irradiated fuel (art. 2(g)). Nuclear plants must use fuel from domestic deposits (art. 40).
• Nucleoeléctrica Argentina SA (NASA). The 1997 privatisation authorisation (art. 34) was repealed by Law 26.784, art. 61 (BO 5 November 2012). Law 27.742, art. 8, again declares NASA "sujeta a privatización" but only through an employee share programme and private capital "debiendo el Estado nacional mantener el control o la participación mayoritaria", with an affirmative State vote needed for capacity expansion or new plants, non technical shutdowns, and the entry of shareholders giving control under LGS art. 33. So private and foreign investors can be minority shareholders only.
• Fuel cycle and radioisotope activities may be privatised through SAs in which the State keeps at least one share with a veto over closure of the activity (Law 24.804, arts. 36 and 37).

11. Defence

• Law 12.709 (BO 24 October 1941), Fabricaciones Militares. Private arms, ammunition and essentially military materiel factories need authorisation "en cada caso particular" by the Executive in a general agreement of ministers (art. 27). Private partners in mixed companies with the State manufacturer must be locally incorporated and not part of any group with similar arms interests abroad (art. 8). The State holds the monopoly of exports of arms, munitions and war materiel, with exceptional Executive authorisation up to "500.000 pesos" per country per year and congressional authorisation above (art. 34).
• Caveat. Only the original 1941 text is on Infoleg (no updated text). The peso threshold in art. 34 is in 1941 currency and is meaningless today; whether arts. 8, 27 and 34 remain in force, and how they interact with later arms control and export legislation, is not established by the sources (unconfirmed).
• The Mining Code lets the Executive periodically classify strategic minerals on a joint proposal of the Defence and Economy ministries (art. 354) (unconfirmed).

12. Cultural goods

• Archaeological and palaeontological goods are public domain of the Nation, province or municipality where found (Law 25.743, BO 26 June 2003, art. 9). They may leave the country only on loan for research or dissemination with prior authorisation (art. 51); type specimens may never leave for exchange or donation (art. 52). Attempted export is punished with the penalties for smuggling under the Customs Code (art. 49); trading such pieces carries 2 months to 2 years' imprisonment (art. 48). Foreign researchers need to work with an Argentine state or university institution (art. 25).
• Register of cultural goods. Law 25.197 (BO 15 December 1999) creates a single register of cultural goods and requires the authority to record transfers of registered goods (arts. 1, 5 and 10).
• Media as cultural goods. Law 25.750 (section 4) is formally a cultural heritage law; art. 1(a) and (b) also name heritage and advanced science companies, but only the media cap is operative.
• Not in the sources: the export permit regime for art and historic goods and the national monuments law (unconfirmed).

13. Mining and hydrocarbons

• Provincial ownership. "Corresponde a las provincias el dominio originario de los recursos naturales existentes en su territorio" (Constitution, art. 124). Offshore hydrocarbons beyond 12 nautical miles are national (Law 17.319, art. 1).
• Mining. "Toda persona capaz de adquirir y poseer legalmente propiedades raíces pueden adquirir y poseer las minas" (Mining Code, art. 21); the exclusions in art. 22 concern mining judges, state engineers and mining notaries, not foreigners. The hydrocarbon appendix of the Code (art. 7) excludes foreign States, companies not incorporated or recognised in Argentina, and foreigners without real domicile, but the operative regime for hydrocarbons is Law 17.319 (unconfirmed).
• Hydrocarbons. Permit and concession holders must constitute domicile in Argentina and have adequate financial solvency and technical capacity (Law 17.319, art. 5, as replaced by Law 27.742, art. 104). No nationality requirement.
• Provincial layer. Provinces grant most onshore titles and may have their own rules, including provincial state company participation (unconfirmed). Concession terms, royalties and export rules: /guide/sectors/energy-mining/.

Step by step

1. Map assets and activities of the target. List every real estate parcel with its location against the Decree 253/2018 maps; every licence (ENACOM, ANAC, fishing permit and quota, SSN, BCRA); every vessel and aircraft registration; any concession, permit or franchise from any level of government (relevant for Law 12.988, art. 3).
2. Run the three ownership tests. (a) Domicile and incorporation (aviation, fishing, shipping, hydrocarbons); (b) nationality of ultimate individuals (Law 25.750, art. 4; Law 12.988, art. 1); (c) control under LGS art. 33 and the 25% link test (Res. 166/2009, art. 7; Law 27.078, art. 13). Document the result for each.
3. Decide the structure. For media, cap foreign holdings at 30% of capital and votes and check shareholder agreements do not confer control (Law 26.522, arts. 25(c) and 29); for reciprocity based extensions, obtain written confirmation from the regulator of the treaty or foreign law relied on (unconfirmed). For aviation, put real control and direction in Argentina domiciled individuals. For fishing and shipping, use an Argentine company owning Argentine registered vessels.
4. Pre clearance and conditions precedent. Border zone consent before signing the share transfer or deed (Res. 166/2009, art. 8); BCRA approval for bank share deals (Law 21.526, art. 15); SSN conformity for insurer bylaw changes and capital increases (Law 20.091, art. 8); ENACOM approval before executing a media or ICT transfer (Law 26.522, art. 41; Law 27.078, art. 13); State consent where NASA type vetoes apply. Merger control runs in parallel (antitrust page).
5. Filing. Border zone: Forms 1 to 4 (companies), corporate documents certified, translated and legalised, criminal records of directors, investment project (Res. 166/2009, arts. 19 and 24), to the Vice Chief of Cabinet for the Interior (unconfirmed). ENACOM: notice of transfer within 30 days of completion (unconfirmed). Airlines: application under the procedure fixed by the competent authority "de manera eficaz y digitalmente" (Aeronautical Code, art. 102) (unconfirmed).
6. Track clocks. Border zone 60 day silence point; ENACOM 90 days; consent validity 1 year; post closing reports every 6 months and 60 day notice of corporate changes.
7. Post closing. Investment reports (border zone), crew composition (fishing, shipping), domicile of directors (aviation), shareholder registers (banks: voting shares must be registered, Law 21.526, art. 9). Also FX and BCRA survey obligations under the FIL page.

Costs and timelines

Table 1. Sector map: what restricts a foreign investor (October 2026)

Table 2. Thresholds, percentages and amounts

Table 3. Deadlines and validity periods

Table 4. Timeline of norms (BO dates)

Worked examples

Example 1. A Chilean company buys a 400 hectare vineyard and orchard in Mendoza inside the border security zone

Facts (illustrative). A Chilean agribusiness SA wants a 400 ha farm in a Mendoza department assumed to fall inside the Border Security Zone mapped by Decree 253/2018 (unconfirmed). The farm is owned by an Argentine SA ("FarmCo") whose two Argentine shareholders will sell 100% of the shares. Assumed price: USD 6,000 per ha (an assumption, not a market figure) (unconfirmed), so USD 2,400,000, equal to ARS 3,753,360,000 at 1,563.90. The buyer also commits to invest USD 800,000 (ARS 1,251,120,000) in irrigation and a packing shed. (This example differs from the asset deal worked in the real estate page, which covers a direct purchase in Formosa.)

Step 1. Rural land caps. Under Law 26.737 FarmCo would have become "foreign" (art. 3(b): more than 51% foreign) and the purchase, being in a security zone, would have been barred save under DL 15.385 (art. 10, item 2). After DNU 70/2023, art. 154, there are no caps [status ].

Step 2. Is the share deal caught by the border zone regime? Yes. The share transfer gives control of a company owning real estate in a security zone: prior consent is required (Res. 166/2009, art. 8, second paragraph). After closing FarmCo becomes a "foreign legal person" (art. 7(b)), so for rural land only the exception route with an investment project applies (arts. 11 and 24). Doing the deal as an asset purchase would not avoid the procedure: the buyer would then be the Chilean company or its Argentine subsidiary, equally foreign under art. 7.

Step 3. Neighbouring country point. Decree 32.530/1948, art. 1, excludes from favourable treatment foreigners "from the neighbouring country bordering the area of the land requested". Mendoza borders Chile. Res. 166/2009 does not repeat this exclusion, and the real estate page flags whether it is still applied (unconfirmed). A Chilean buyer of Mendoza border land should assume heightened scrutiny and prepare the art. 22 factors (local ties, workforce) and art. 24 project carefully.

Step 4. File. Forms 1, 2, 3 and 4; Chilean company documents apostilled and translated; criminal records of the Chilean directors (art. 19); investment project stating the USD 800,000 capital, schedule, stages, financing and workforce nationality (art. 24). Under art. 26(d) the Chilean shareholder must give an irrevocable commitment to contribute the investment as capital.

Step 5. Timeline (legal clocks only).

Realistic elapsed time is not fixed by any source (unconfirmed). On the legal clocks alone, if the authority decides at the 60 day mark, signing to closing is about 2 to 3 months.

Step 6. Costs we can compute, and those we cannot.

• No federal transfer tax: the 1.5% real estate transfer tax was repealed from 8 July 2024 (Law 27.743, art. 67, per the real estate page), and in any case a share sale is not a transfer of the land.
• Stamp tax. Provincial. The Fiscal Consensus 2021 caps the rate on real estate transfers at 3.5% (clause THIRD (c), per the real estate page). That cap concerns real estate deeds; a share purchase agreement may fall under a different provincial rate or be exempt (unconfirmed). Worst case for budgeting if the deal were an asset deal at the cap: 3.5% × ARS 3,753,360,000 = ARS 131,367,600 (USD 84,000); buyer half at 1.75% = ARS 65,683,800 (USD 42,000).
• Personal assets tax on the shares. If FarmCo's equity equals the price plus the capitalised investment (USD 3,200,000), FarmCo pays 0.50% on the equity value of shares held by the foreign shareholder (BP Law, unnumbered article after art. 25, as cited in the real estate page): 0.50% × (3,200,000 × 1,563.90) = 0.50% × ARS 5,004,480,000 = ARS 25,022,400 (USD 16,000) per year.
• Not computable from sources: official consent fee, legal, notary and translation costs, Mendoza registry fees (unconfirmed).

Cost to do it (Example 1): capital USD 2,400,000 price plus USD 800,000 committed investment (ARS 5,004,480,000 in total); taxes: stamp tax between nil and ARS 131,367,600 depending on structure (unconfirmed); annual personal assets tax about ARS 25,022,400; months: about 2 to 3 on legal clocks, actual time (unconfirmed); fees (unconfirmed).

What if the buyer skips consent? Notaries must record the authorisation in the deed (Decree 32.530/1948, art. 2), so an asset deal cannot close normally. A share deal can physically close without a deed, but it breaches art. 8; the sources do not set a specific sanction for an unauthorised share transfer, and a later consent request for other land would not be processed until prior obligations are met (art. 27) (unconfirmed).

Example 2. Decision table for a foreign investor entering media or fishing, with numbers

Facts (illustrative). A Spanish media group (Group M) and a Japanese seafood group (Group F) each consider Argentine targets.

Decision table.

Numbers for RadioCo. Share capital ARS 800,000,000 in 800,000 shares of ARS 1,000, one vote each (illustrative). Maximum for Group M: 30% × 800,000 = 240,000 shares (ARS 240,000,000 nominal, USD 153,462.50 at 1,563.90), carrying 30% of votes. If Group M pays an assumed USD 1,500,000 for that block, the peso equivalent is ARS 2,345,850,000. Two traps: (a) a shareholders' agreement giving Group M a veto over the budget or the right to appoint the general manager may amount to "posición dominante del capital extranjero en la conducción" (art. 25(c)) even at 30%; (b) if RadioCo later issues convertible bonds to Group M committing more than 30% of voting capital, ENACOM must authorise the issue (art. 25(e)), and on conversion the 30% cap still applies.

Timeline for RadioCo. Day 0: closing of the share transfer, conditional on ENACOM. By day 30: notice to ENACOM. Day 120 at the earliest (30 + 90): tacit approval, but under ENACOM Res. 18/2016 the 90 days run only from the favourable finding of the technical area, so in practice later (unconfirmed).

Numbers for PescaCo. Group F may buy 100% of PescaCo. The risk is operational: if PescaCo's vessel fishes without a valid permit after a botched permit transfer, the fine is at least 500,000 UP and up to 3,000,000 UP. The UP equals one litre of diesel at the highest CABA price, published half yearly by the authority; that price is not in the sources. Assuming ARS 1,500 per litre (unconfirmed):

• Minimum: 500,000 × 1,500 = ARS 750,000,000 (USD 479,570.31).
• Maximum: 3,000,000 × 1,500 = ARS 4,500,000,000 (USD 2,877,421.83).
• For comparison, a breach such as fishing without quota (minimum 3,000 UP) starts at ARS 4,500,000 (USD 2,877.42), and the general maximum of 300,000 UP is ARS 450,000,000 (USD 287,742.18).

Confiscation of catch, gear or vessel may be added (art. 51(e) to (g)), and the armador's registration may be suspended for its whole fleet (art. 52).

Cost to do it (Example 2): media: capital as negotiated, no regulatory fee in the sources (unconfirmed), at least 4 months to tacit approval; fishing: no entry approval for the shares themselves (unconfirmed), permit and quota transfer authorisations as needed, extraction fees set by the CFP (art. 29) (unconfirmed).

Example 3. Two quick calculations: cabotage fine and airline guarantee

Cabotage. A foreign flagged supply vessel carries cargo between Buenos Aires and an Argentine Patagonian port without a precarious permit under DL 19.492, art. 6. Assumed freight USD 350,000 (ARS 547,365,000). Fine: 3 × USD 350,000 = USD 1,050,000 (ARS 1,642,095,000) (DL 19.492, art. 48). The vessel is held in port until the fine is paid or guaranteed. Under DNU 340/2025 this voyage could have been permitted for up to 180 renewable days; since DNU 628/2025 it cannot, unless the art. 6 conditions (no Argentine vessel available) are met.

Airline. A new airline SA with share capital of ARS 3,000,000,000 (USD 1,918,281.22) obtains its authorisation. Within 15 days it deposits 2% = ARS 60,000,000 (USD 38,365.62) in cash, national bonds or bank guarantee. When it has started all authorised services, ARS 30,000,000 (USD 19,182.81) is released; the remaining ARS 30,000,000 one year later if it complied (Aeronautical Code, art. 112). Breach forfeits the deposit.

Practical traps

1. Three different tests. Domicile (aviation, fishing, shipping), nationality of ultimate individuals (media, insurance), control or 25% link (border zones, ICT). Check each.
2. Share deals are not a way round. Border zone consent (Res. 166/2009, art. 8), ENACOM (Law 26.522, art. 41; Law 27.078, art. 13), BCRA (Law 21.526, art. 15) and NASA vetoes (Law 27.742, art. 8(c)) all bite on changes of control.
3. Leases count. In border zones a lease handing over possession is caught (DL 15.385, art. 4), so a foreign tenant farmer also needs consent.
4. ISPs and digital content producers. Law 25.750 still names them. Do not assume Law 27.078 overrides it.
5. Shareholder agreements in media. A 30% stake with control rights can breach Law 26.522, art. 25(c) and art. 29.
6. DNU deregulation is reversible. DNU 340/2025 was rejected and its texts restored within four months. Rules created or removed by DNU 70/2023 and DNU 338/2025 (rural land, aviation) carry the same structural risk (unconfirmed).
7. Silence is a denial. For border zone consents, waiting past 60 days gives the applicant a deemed rejection, not an approval (LNPA art. 10(a)).
8. Concession holders and insurance. If the target holds a concession or permit, Law 12.988, art. 3, may require it to insure only with "Argentine" insurers (unconfirmed).
9. Old peso thresholds. Law 12.709 art. 34 sets a "500.000 pesos" export limit in 1941 currency. Do not apply it literally; ask the authority.
10. Neighbouring country buyers in border zones. Decree 32.530/1948, art. 1, still on the books, disfavours buyers from the bordering country (unconfirmed).
11. Provincial layers. Mining and hydrocarbons titles are provincial; provinces may add their own conditions (unconfirmed).

Recent changes

• 21 Dec 2023: DNU 70/2023 repeals Law 26.737 (art. 154), Law 19.030 and DL 12.507/1956 (arts. 178 and 179), rewrites the Aeronautical Code ownership and service rules (arts. 181 to 245), replaces Law 26.522, art. 45 and repeals art. 46 (arts. 326 and 327), and amends Law 27.078 (arts. 328 to 330).
• 8 Jul 2024: Law 27.742 allows minority privatisation of NASA with State control and veto (art. 8) and introduces the 60 day default period and negative silence in the LNPA (art. 31).
• 20 May 2025: DNU 338/2025 changes the airline control test to domicile (art. 99), repeals the Argentine personnel rule (art. 106), allows 15 year route authorisations (art. 103).
• 21 May 2025: DNU 340/2025 opens cabotage and crewing.
• 25 Aug 2025: Chamber of Deputies Res. 39/2025 and Senate Res. 57/2025 reject DNU 340/2025.
• 3 Sep 2025: DNU 628/2025 restores the prior shipping and cabotage texts.
• 20 Jul 2026: JGM Res. 65/2026 delegates border zone prior consent decisions to the Vice Chief of Cabinet for the Interior.

Pending changes

• Status of DNU 70/2023, art. 154 (rural land) before Congress and the courts (unconfirmed).
• Status of DNU 338/2025 (aviation) before the Bicameral Commission and both chambers (unconfirmed).
• Reconciliation of Law 25.750 with Law 27.078 for ISPs and digital producers (unconfirmed).
• Current force of Law 12.988, arts. 1 and 3 (insurance) and Law 12.709, arts. 8, 27 and 34 (arms) (unconfirmed).
• Regulation of LNPA art. 10(b) positive silence and whether it reaches any sector approval in this page (unconfirmed).
• Any new national rules on foreign ownership of land or a general FDI screening mechanism; no bill text is in the sources (unconfirmed).
• Possible new legislation on the merchant navy after the rejection of DNU 340/2025 (unconfirmed).
• Progress of the NASA minority privatisation under Law 27.742, art. 8 (unconfirmed).

FAQ

1. Does Argentina screen foreign acquisitions on national security grounds? No general screening regime appears in any source. Investment needs no prior approval (Decree 1853/1993, art. 2). Security based control exists only for real estate in border security zones (DL 15.385, art. 4; Res. 166/2009) and indirectly through sector licences (unconfirmed).

2. Can a foreigner buy farmland in Argentina now? Outside border security zones, yes, with no national cap since DNU 70/2023, art. 154, subject to the open questions about that DNU. Inside the zones, prior consent is needed; foreign companies only via the exception route with an investment project. See the real estate page.

3. Can a foreign company own 100% of an Argentine radio or TV licensee? Not on the texts: foreign capital is capped at 30% of capital and votes without control (Law 26.522, art. 29), and licensees cannot be subsidiaries of foreign companies (art. 25(c)), unless a treaty provides effective reciprocity (art. 25) or the Law 25.750 reciprocity extension applies.

4. Did DNU 70/2023 remove the media foreign ownership cap? No. It changed the multiple licence limits (art. 45) and repealed art. 46 of Law 26.522. Arts. 24, 25 and 29 and Law 25.750 were not touched.

5. Can a foreign group own an Argentine airline? There is no percentage cap, but control and direction must be in the hands of individuals domiciled in Argentina, and the chair, managers and two thirds of the directors must be domiciled there (Aeronautical Code, art. 99, per DNU 338/2025). Structures where a foreign parent controls must be checked against this test (unconfirmed).

6. Can a foreign company fish in Argentine waters? Through an Argentine company with Argentine flagged vessels, yes, with no capital cap (Law 24.922, art. 24). Foreign flagged vessels only under bare boat charter by qualifying national companies (art. 36) or under treaties approved by law (art. 37).

7. Can a foreign shipowner carry cargo between Argentine ports? Only with a precarious permit when no Argentine vessel can do it (DL 19.492, art. 6). The 2025 opening by DNU 340/2025 was rejected by Congress and reversed by DNU 628/2025. Breach: fine of three times the freight (art. 48).

8. Does a foreign bank need special approval to buy an Argentine bank? The share deal must be reported to and may be denied by the BCRA (Law 21.526, art. 15). The old foreign entity articles were repealed in 1994, so there is no nationality cap, but a foreign branch must bring and keep its capital in Argentina (art. 13).

9. Can a foreign insurer open a branch? Only if its home country grants reciprocity, with SSN authorisation and local funds equal to minimum capital (Law 20.091, arts. 5, 7 and 30). Check Law 12.988 for clients that are State bodies or concession holders (unconfirmed).

10. Can private or foreign investors buy into nuclear power? Only as minority shareholders in NASA; the State keeps control and vetoes new plants, closures and the entry of a controlling shareholder (Law 27.742, art. 8).

11. Are mining and oil restricted to Argentines? No. Any person able to own real estate may own mines (Mining Code, art. 21); hydrocarbon titleholders need an Argentine domicile and capacity (Law 17.319, art. 5). Titles are mostly provincial (Constitution, art. 124).

12. Can I export an antique or a fossil I bought in Argentina? Archaeological and palaeontological items are public domain and can leave only on authorised loan; attempted export is treated as smuggling (Law 25.743, arts. 9, 49, 51). Other cultural goods may have registration and export permit rules not covered by the sources (unconfirmed).

Primary sources

• Law 21.382 (FIL), ordered text
• Decree 1853/1993, art. 2
• DNU 70/2023, record and text
• DNU 70/2023, norms modifying or complementing it
• Law 26.737
• DL 15.385/1944, updated text
• Law 23.554
• Decree 253/2018
• Res. 166/2009, updated text
• JGM Res. 65/2026
• Law 25.750, text
• Law 26.522, updated text
• Law 27.078, updated text
• Law 17.285 (Aeronautical Code), updated text
• DNU 338/2025, record and text
• Law 24.922, updated text
• Law 20.094, updated text
• Law 27.419, updated text
• DL 19.492/1944, record and updated text
• Law 26.778
• DNU 340/2025, record, text and modifying norms
• Chamber of Deputies Res. 39/2025
• Senate Res. 57/2025
• DNU 628/2025, record and text
• Law 21.526, updated text
• Law 20.091, updated text
• Law 12.988, record and updated text
• Law 24.804, updated text
• Law 12.709, original text
• Law 25.743
• Law 25.197

Related pages

• RIGI investment regime
• Bilateral investment treaties and ICSID protection for investors in Argentina
• The Foreign Investment Law 21.382: rights, registration and what it does not give
• RIMI: Argentina's incentive regime for medium investments
• Are there restrictions on foreign investment in Argentina?
• What is the RIGI and who qualifies?
• RIGI approved projects tracker