how justify the income for the visa rentista?

davy

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Hi everybody,

I'm new here, I'm french (33 years old), in 2 months I arrive in Argentina and will intent to obtain the visa rentista.

That's now a long time I know what kind of papers I need for this, but there's a question no one had been able to answer to!!

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)

Thank you very much,
Davy
 

steveinbsas

Registered
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.
 

davy

Registered
Hi Steve,

Thank you very much for your answer! I'm not totally trilingual but I think I understand few things, very very ineresting.

I'll will quietly study this and if you don't mind I'll be back. If I well understood : there 2 possibilities, but both need a bank account in Argentina, and I've been told that it's now impossible to have one without the residency!

The tourist visa could be our last option : because it seems to be possible to buy a car and to get the driving licence here without residency (and that's almost the only thing we need with a connection internet and a mobile, we already bought a little house)

So, it's time to think very hard!
I'll be back soon...
Thank you very much again,

Truly Yours,
Davy
 

steveinbsas

Registered
The major drawback to the tourist visa are the problems associated with extending it (allowed once at migraciones) and the need to exit the country and immediately return to get a new one. That apparently is still allowed, but getting another 90 day extension of the "new" visa at migraciones may no longer be possible (read Ashley's post: clamping down on perma-tourists ). If you are not actually planning to live here year round this shouldn't be a serious issue for you.
 

davy

Registered
Thanks Steve!

BNP can open accounts with passport an CDI?
In fact, I bought the house with "derechos pocesorios" with an operator ( I transfered money in US and got it back in a building in Argentina), but we'll get the CDI quickly after our arrival in april.

Sorry for my english, but I'm not sure to understand everything : I have to ask to my bank with the "irrevocable trust account". In this case I'll need to open an account to make deposit or transfer the money?
If it's impossible for us to ask for the visas rentista, do you have any ideas if my informations about buying a car and get driving licence with just CDI, certificado de domicilio and original licence ??

Thanks,
Davy
 

ElQueso

Registered
davy said:
If it's impossible for us to ask for the visas rentista, do you have any ideas if my informations about buying a car and get driving licence with just CDI, certificado de domicilio and original licence ??
Davy, I bought a car here about 15 months ago, with only a CDI and my passport. You will be able to do the same. Of course, that's as long as you have cash to pay for it :)

The only small issue is finding an insurance company that insures someone with only a passport, but that's not a big problem. You just have to know, for example, not to go to Caja de Ahorro because they only accept DNIs and diplomatic passports. There are others that will give you a problem like that, but there are others that have no problems.

BTW - another possible residency program is as a business person. You can open a company here and be a managing director and that will allow you a foot in the door. One of my friends is using that to get his residency. You may have to find a local person to be part owner of the company, but I don't know that the percentage is specified (i.e., in some countries it ahs to be 50% ownership, but I don't think that is true here).

The company you start has to be a real company - it has to generate income and pay taxes, et al. But really, you could start a company here, or buy an existing one, with a minimum of capital. Minimum of capital, however, does not equal a minimum of problems getting things going, but it should be cheaper than the rentista if you do not already have investments that will pay you enough to qualify for that.
 

davy

Registered
Thanks to Steve and El Queso! That's very useful for me.

For the insurance company, we'll probably choose "compreseguros". they insure only with passport.

For the driver's license,some tells you only need yours (with international license), and some tells Y
 

davy

Registered
Soory, here's the end of the message...

YES but only for 3 months!

The program residency for business person seems to be a good alternative.
I think we'll see this once in Argentina and we'll be "tourists" the time we need (even if it takes years!)
 

davy

Registered
I'm really disppointed not can understand better english. Your informations, guys, seem to me very precious. I'm going to try to sum up what you wrote, Steve about the "irrevocable trust account"...

1. I have to find someone in France, whith a different name that mine, who will make an automatic monthly transfer to my account, during 3 years (of course with the money I would have "given" to him)

2. Then, to withdraw the funds monthly and deposit them into a bank account in Argentina

I don't weel understand this "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"

Does it mean, that if we can't obtain the residency or the renewal of the visas, there could a problem to get back the funds? But wich funds?

I'm sorry, trying to do my best!
 

davy

Registered
Thanks a lot Steve.

I will arrive and stay few months with our tourist visa. I take all the informations you gave to me

What you propose can interest us.

Our house is in the region of Cordoba but that's not a problem.
See you soon
Davy
 
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