Six firms submitted bids for Argentina’s citizenship by investment master agent contract by the January 20 deadline, with per-application fees ranging from $10 to $20,000.
Eleven firms participated in the tender process, according to the government, but only six confirmed their offers. The Ministry of Economy will select one contractor from bids requesting $50,000 to $100 million in government compensation for 5,000 approved applications under tender 34-0001-CPU25.
Argentina published some details of the tenders online.
The quotes (government payment for 5,000 approved applications):
- A consortium comprising Apex Capital Partners, AIM Global, Passport Legacy, and Arton Capital: $50,000
- Latitude Consultancy Malta: $7.5 million
- Henley & Partners: $25 million
- Hong Kong Qian Cheng Business Co.: $25 million
- Salzburg International For Law (Reach Immigration): $34.5 million
- Ancova Associates: $100 million
Flat vs. Variable Pricing
The following quotes show per-file rates (total bid divided by 5,000 applications):
Flat pricing (three bidders):
- Consortium: $10 per application
- Hong Kong Qian Cheng: $5,000 per file
- Ancova: $20,000 per application
Variable pricing (three bidders):
- Henley: 300% escalation from $2,000 to $8,000 (averaging $5,000)
- Latitude: 100% escalation from $1,000 to $2,000 (averaging $1,500)
- Salzburg: 25% reduction from $8,280 to $6,210 (averaging $6,900)
The consortium’s $10 bid creates a 100-fold gap to Latitude’s starting price of $1,000. Ancova’s $20,000 bid sits 2.9 times above Salzburg’s highest rate of $8,280.
Consortium Structure and Unusual Pricing
Four competitors forming a single consortium represents an unusual structure in government procurement for citizenship programs, but it is not the first time this has happened.
The $10-per-application bid deserves particular attention. At $50,000 total for 5,000 citizenships, this rate cannot cover standard processing costs, due diligence, or operational overhead under conventional business models.
The pricing strategy becomes clear when considering the tender’s payment structure. Argentina permits contractors to charge investors directly for processing and due diligence services, separate from government compensation.
The consortium’s $10 bid essentially bypasses government revenue entirely, instead generating income directly from applicant fees.
This approach allows the consortium to set its own pricing for due diligence and processing services that investors pay, making the nominal $10 government payment irrelevant to the business model.
The structure prioritizes control over investor relationships and fee setting rather than maximizing government compensation.
Tranche-by-Tranche Breakdown
Argentina structured the contract across five tranches of 1,000 applications each:
| Bidder | Tranche 1 | Tranche 2 | Tranche 3 | Tranche 4 | Tranche 5 | Total |
|---|---|---|---|---|---|---|
| Consortium | $10 | $10 | $10 | $10 | $10 | $50,000 |
| Latitude | $1,000 | $1,300 | $1,500 | $1,700 | $2,000 | $7.5M |
| Henley & Partners | $2,000 | $3,500 | $5,000 | $6,500 | $8,000 | $25M |
| Hong Kong Qian Cheng | $5,000 | $5,000 | $5,000 | $5,000 | $5,000 | $25M |
| Salzburg | $8,280 | $6,900 | $6,900 | $6,210 | $6,210 | $34.5M |
| Ancova | $20,000 | $20,000 | $20,000 | $20,000 | $20,000 | $100M |
All fees represent cost per approved application. Each tranche includes 1,000 applications.
Henley and Hong Kong Qian Cheng converged at $5,000 in tranche three only. No other price alignments occurred across any bidders or tranches.
Payment Restricted to Agent-Submitted Applications
The tender compensates contractors only for applications that independent certified agents submit, not for self-sourced cases. This clause prevents market monopolization while requiring ecosystem development.
At the consortium’s $10 rate, government payments generate just $50,000 across the full contract. At Latitude’s rates, agent-submitted applications produce $7.5 million. Henley’s structure yields $25 million. Salzburg’s descending fees collect $34.5 million. Ancova receives $100 million.
All bidders must charge investors directly for processing and due diligence to cover operational costs. The payment restriction forces this dual revenue model.
Bid Bonds and Guarantee Instruments
All six bidders posted 5% bid bonds in US dollars:
- Consortium: $2,500 (insurance)
- Latitude: $375,000 (insurance)
- Henley: $1.25 million (insurance)
- Hong Kong Qian Cheng: $1.25 million (cash, the only cash deposit)
- Salzburg: $1.725 million (bank guarantee, the only bank guarantee)
- Ancova: $5 million (insurance)
Total guarantees across all bids reached $9.6 million.
For the winning bidder, the guarantee converts to a maintenance guarantee equal to 10% of the total contract value.
Termination Rights and Volume Benchmarks
Argentina can terminate the contract if approvals fall below 200 by month 24, 300 by month 36, or 400 by month 48. Early termination compensation equals payment for 100 approvals, ranging from $1,000 (consortium) to $2 million (Ancova).
CBI Program Development Experience
The bidding field includes firms with established track records in citizenship program creation alongside entities whose industry credentials remain unclear.
Henley & Partners stands among the experienced developers of citizenship by investment frameworks globally. The firm designed and launched Nauru’s CBI program and structured Malta’s now-defunct CBI program.
Within the consortium, two members bring recent program development experience to Argentina’s tender. Arton Capital currently operates as the exclusive developer for Botswana’s forthcoming CBI program, which requires contributions between $75,000 and $90,000 and launches in 2026.
Passport Legacy designed São Tomé and Príncipe’s program, which went live in August 2025 with a $90,000 minimum donation requirement and six-week processing timelines through a Dubai-based public-private partnership structure.
60/40 Technical-Economic Weighting
Argentina allocates 60 points to technical criteria and 40 points to economic competitiveness. Technical scoring divides evenly across program uniqueness, expertise, track record, business plan, and international network.
Contractors must maintain debt-to-equity ratios at or below 0.50, current ratios at or above 1.00, solvency above 2.00, and profit margins of at least 10%.
The tender requires at least one governmental mandate within the past ten years and senior teams with minimum five-year residence and citizenship by investment experience.
The government’s procurement website provides no additional details about the bids beyond pricing and guarantee information. Public documents do not disclose investment options, minimum amounts, eligible sectors, or other program specifics.
