The Buenos Aires Legislature approved the RIGI and the RIMI promoted by La Libertad Avanza.

The Legislature of the City of Buenos Aires approved this Thursday the adherence to the Incentive Regime for Large Investments (RIGI) and the creation of the RIMI CABA, a scheme aimed at promoting medium investments within the city. Both initiatives were pushed by the bloc of Javier Milei and managed to advance after a tight vote that ended with 32 votes in favor and 27 against.

The local government supported the projects along with the Confianza y Desarrollo space, led by Horacio Rodríguez Larreta. In contrast, Fuerza por Buenos Aires, the Unión Cívica Radical, and the Left and Workers' Front voted against both initiatives.

From La Libertad Avanza, they celebrated the approval as a sign of alignment of the City with the national government's economic agenda. The president of the libertarian bloc in the Legislature, Pilar Ramírez, stated that “the City could not continue to be left out” and emphasized that large investments seek predictability and legal stability to enter the country.

The adherence to the RIGI aims to attract national and foreign investments related to strategic sectors such as artificial intelligence, data centers, telecommunications, premium tourism, and urban infrastructure. The goal is to turn Buenos Aires into a regional hub for technological, financial, and professional services, even for projects based in other provinces that require corporate support from the Federal Capital.

The approved scheme includes significant tax benefits for companies entering the regime. Among them are exemptions on Gross Income for profits generated by the projects, elimination of the Stamp Tax for related contracts, and benefits on Sustainable Construction Rights.

In parallel, the Legislature approved the RIMICABA, a regime specifically designed to incentivize medium investments and local productive projects. The initiative lowers the entry threshold for microenterprises to USD 100,000 and allows for the combination of different types of investments to reach the required amount.

The new scheme also offers concrete tax incentives, such as exemptions on Stamp and Property/ABL taxes and a tax credit equivalent to 25% of the investment made to deduct from Gross Income. Additionally, the text explicitly excludes financial, stock market, and speculative asset activities, with the aim of directing benefits towards real investments related to production, technology, and job creation.

Another highlighted point is the role assigned to Banco Ciudad, which appears as a financial partner of the program through specific lines of credit for projects adhering to the regime. Furthermore, companies must maintain minimum activity for four years in the City and meet monitoring and control requirements.