Argentina has announced the price of citizenship and promised to open applications before the end of 2026. It has not clearly explained who will receive the file, investigate the applicant and move a $350,000 case towards a decision.
The world’s largest investment-migration firms competed for that position. One bidder nearly secured a four-year contract before Argentina changed the model.
Argentina Tried to Appoint a Master Operator
In December 2025, the Economy Ministry sought one contractor to design, launch and promote the programme for four years or its first 5,000 successful cases. Henley & Partners, Latitude and firms experienced in Caribbean, Vanuatu, Turkish, Egyptian and Maltese programmes entered the competition, although none had operated inside Argentina’s immigration system.
A four-company consortium became the favourite. Henley and Latitude challenged the evaluation, and Economy Minister Luis Caputo cancelled the procurement on April 14, 2026. No replacement tender followed.
Eight days later, Javier Milei appointed Aixa Granara as the unpaid director of APCI, the state Citizenship by Investment Programs Agency. The machinery for a state-run launch was already being assembled.
Who Controls the Programme Now?
DNU 366/2025 introduced citizenship for a “relevant investment”, while Decree 524/2025 placed APCI under the Economy Ministry. APCI receives the application, determines whether the investment qualifies and sends a recommendation to the National Directorate of Migration, which makes the final decision.
Caputo is the political sponsor and Granara directs the agency. Former justice minister Mariano Cúneo Libarona helped introduce the wider reform, but there is no evidence that his March 2026 departure caused the tender to fail: the agency and procurement belonged to Economy from the start.
This division answers the operator question. APCI runs the process and Migration grants or refuses citizenship. No private firm replaces either authority.
$350,000 Buys Scrutiny, Not a Passport
SIDE, Argentina’s intelligence service, will examine national-security, sanctions and reputational risks. The National Registry of Recidivism and the Security Ministry cover criminal history and international police alerts, including INTERPOL channels, while RENAPER and Interior verify identity, documents and immigration history.
The UIF financial intelligence unit will reconstruct the source and route of wealth: companies, assets, beneficial owners, material transactions and the institutions through which the capital moved. It will not automatically see every purchase an applicant has ever made, but every material link supporting the investment must be explained.
Each authority submits its own opinion. If one recommends against citizenship, APCI must propose refusal; Migration then issues the reasoned decision within 30 business days. A spouse cannot be used to hide the true owner of the money, and the announced family terms do not include parents. The contribution buys entry into this review, not approval.
What Private Firms Can Actually Do
International firms now advise the government without holding the cancelled master contract. Argentina’s launch statement confirms that advisers are involved but names no exclusive operator.
Once filing opens, private advisers may structure the investment, document the source of funds and prepare family files. They cannot control the queue, guarantee approval or claim that an applicant must use them unless Argentina later creates such a status by law or regulation.
This leaves Henley, the former consortium members and every local adviser in the same legal position. Experience selling passports elsewhere does not provide a private entrance to APCI or experience with Argentine officials.
Why Argentina Chose a Direct State Route
A master operator does more than market a programme: it standardises files and keeps wealthy applicants away from the officials deciding valuable cases. It can also create conflicts of interest, which is why the result depends on separated roles and a traceable document trail rather than a famous brand.
The risk is real in South America. Uruguay investigated false documents issued to Russian applicants, Paraguay issued papers under a dead man’s identity to a wanted suspect, and in August 2026 Argentina arrested a group that allegedly included three Migration employees involved in unlawful permanent-residence cases.
Argentina has chosen to manage those risks itself. Its structure now resembles Egypt more than Malta: a state agency runs the programme while private firms compete for clients on equal terms.
Where Applicants Will Apply
The official filing route is not open yet. Argentina says applications will begin in the fourth quarter of 2026, but the final form, document list, payment sequence and rules for representatives remain unpublished. Our analysis of Argentina’s $350,000 citizenship proposal explains the contribution, bond alternative and remaining legal questions.
RULATAM is not selling places in a queue, and we have no privileged access to APCI — neither does Henley. What we have is ten years of work on cases before Argentina’s National Directorate of Migration through three presidential administrations. Our guides to moving to Argentina and Argentine citizenship cover routes already available.
Follow this blog and the RULATAM Telegram channel for the launch. You can book an Argentina immigration consultation with Kirill to review your case.