davy said:
Hi everybody,
How justify the income of $2500 by person by month for one year (or more) without being a millionnaire (just with some tens of thousands dollars on my account). My bank says they only can write a paper that says we have enough money but they can't tell I'll have a fixed income! (no sufficient interests or rent.
Davy
I think the required amount for the visa rentista is now $2700 pesos per month ($720U$D).
If you have $27,000 US you could set up an "irrevocable trust account" with a US or (hopefully) a French bank that makes automatic distributions into your ATM accessible checking account in the amount of $720 per month or $2700 pesos. The $27,000 represents three years of future "stable" income, which is exactly what the regulations for receiving the visa rentista stipulate. A notarized letter from a bank officer that "certifies" the existence of the account should be acceptable to migraciones.
An original "copy" of the trust agreement should be attached to the cover letter from the bank, which explicitly refers to the details of the trust (especially the amount of monthly income) and includes your full name, date of birth, and passport number. Together they can receive the seal of the Apostille and then be translated and legalized here. I know this from experience.
This does mean that the funds will be tied up for the "life" of the trust: until all the funds have been distributed or your Argentine visa expires (
if you can so designate), but for the "life" of the trust the beneficiary is actually receiving his/her own funds, so what's the problema? A couple can designate each other as the "surviving" beneficiary in case one of you expires before the trust distributes all of the funds.
If the "trust" is irrevocable" you shouldn't need a new letter from the bank each year when you go to renew the visa It won't hurt, but you will have to pay to have it Apostilled, sent, translated, and legalized. I didn't for the first two renewals, but I provided one on the third renewal as I was upgrading to permanent residency. The bank didn't even charge for it (though I had to pay for the Apostille, translation, and legalization). The fees to manage a trust account like this should be minimal, as once set up, the bank may do nothing more than make the monthly (computer generated) transfers (certainly the case if the investments are "fixed" (CD's) for three years).
Be prepared to "prove" (to AFIP if there is every any question) that these are funds you earned in the past and already paid taxes on and not new "income" subject to taxes in Argentina. Migraciones won't ask about taxes and probably won't even question the source of the funds in the trust...just look to see that the funds generate the required monthly income. A notarized letter/statement from a CPA can receive the Apostille and be translated and legalized here, too if there is ever a question from AFIP. I can recommend a great Argentine accountant who does not gouge expats.
Be sure that all of the letters, statements, and documents have the
exact same name as your birth certificate and passport (no middle initial)!
I also suggest that you include a provision in the trust that control of the funds in the trust will be returned to you if you are denied the residency in Argentina or if the renewal of your visa is ever denied! If that is not possible, you will at least have the "stable" monthly income wherever you are living until all of the funds in the trust have been distributed.
