Immigration / Rentista Visa

[steveinbsas]

This is why I keep going on about a trust fund.

In the case of savings, only the interest would be taken into consideration. Place the savings into a trust fund - which is legally separate from you - and have the trust fund purpose to make monthly payments of capital to you. I CBA to go back and look but I'm sure we established years ago that this was a legitimate form of passive income.

Here's a list of posts I've made which include the words "irrevocable trust" in other threads:

Search results for query: irrevocable trust

www.baexpats.org

 

[steveinbsas]

Would require a large sum, to live from interests or out of capital? If you have the power to revoke/amend the Trust would it be eligible as passive?

If one was setting up an irrevocable trust solely for the purpose of qualifying for the visa restista I suggest a provision (if possible) that the trust only becomes irrevocable if the visa is granted and the trust expires when the visa expires.

PS: While in effect, the monthly income from the trust would be uninterruptible and passive. The trustee would have the power to do whatever the trust allows regarding administrating the trust. As far as Ii know and based on personal experiences, the beneficiary has no power to make any changes.

 

[steveinbsas]

A trust is a legal entity in it's own right: it's the sort of thing you set up for the profligate 18-year-old so that money is theirs but they can't touch it until they are (hopefully) more mature when older. It's the sort of thing parents set up for children who go away on gap-years, the sort of thing (most) presidents of the USA set up so their personal interests don't interfere in matters of government. I'm neither a lawyer nor a legal expert but a proper lawyer will have plenty of experience setting something like this up for purposes like that.

Irrevocable trusts can have income beneficiaries and principle beneficiaries. and the income distributions can begin immediately. Those distributions can actually reduce the principle, regardless of any "earnings" the trust may or may not realize.

In other words, the trust could have an initial balance of $24,000 USD with monthly income distributions of $2000 (which will probably meet the monthly requirement for the visa rentista the next time the amount in pesos is increased).

The reason to have a principal beneficiary in such a trust is if the income beneficiary dies while the trust is active, the principle beneficiary will receive whatever is left at the time of their death.

PS: I mention a figure of $24,000 USD because in the past the requirements for the visa rentista were shown on the migraciones website and, at least at one point, it included that the applicant show that the required monthly income would be available or two years, even though the visas are granted for one year at a time.

PS2: When the current monthly income requirement was raised too $30,000 pesos the exchange rate was 15 to one. That made the target income in dollar $2,000 per month.

That's why I expect a new figure of at least $120.000 ARS per month to be announced in the near future.

 

[steveinbsas]

When the current monthly income requirement was raised too $30,000 pesos the exchange rate was 15 to one. That made the target income in dollar $2,000 per month.

That's why I expect a new figure of at least $120.000 ARS per month to be announced in the near future.

Just wanted to add that if you get a visa rentista based on the current monthly income requirement of $3.000 ARS, that figure will be locked in for the entire year but renewals will be based on the rate at the time of the renewal.

 

[steveinbsas]

Just wanted to add that if you get a visa rentista based on the current monthly income requirement of $3.000 ARS, that figure will be locked in for the entire year but renewals will be based on the rate at the time of the renewal.

$3.000 should be $30.000

 

[StephOlive]

Irrevocable trusts can have income beneficiaries and principle beneficiaries. and the income distributions can begin immediately. Those distributions can actually reduce the principle, regardless of any "earnings" the trust may or may not realize.

In other words, the trust could have an initial balance of $24,000 USD with monthly income distributions of $2000 (which will probably meet the monthly requirement for the visa rentista the next time the amount in pesos is increased).

The reason to have a principal beneficiary in such a trust is if the income beneficiary dies while the trust is active, the principle beneficiary will receive whatever is left at the time of their death.

PS: I mention a figure of $24,000 USD because in the past the requirements for the visa rentista were shown on the migraciones website and, at least at one point, it included that the applicant show that the required monthly income would be available or two years, even though the visas are granted for one year at a time.

PS2: When the current monthly income requirement was raised too $30,000 pesos the exchange rate was 15 to one. That made the target income in dollar $2,000 per month.

That's why I expect a new figure of at least $120.000 ARS per month to be announced in the near future.

Thank you Steve this really helps a lot.I will speak to my lawyer and see what we can work out for a trust fund rather. It seems the better and quicker option to have funds readily available.
Appreciate your advise.

 

[StephOlive]

If one was setting up an irrevocable trust solely for the purpose of qualifying for the visa restista I suggest a provision (if possible) that the trust only becomes irrevocable if the visa is granted and the trust expires when the visa expires.

PS: While in effect, the monthly income from the trust would be uninterruptible and passive. The trustee would have the power to do whatever the trust allows regarding administrating the trust. As far as Ii know and based on personal experiences, the beneficiary has no power to make any changes.

Could you explain the trust to me a bit more? i am reading up on it at the moment but want to make sure i understand it correctly in how it would hopefully benefit my situation.