Int'l money transfers and rentista proof of income

[Monique]

I know there’s already a ton of information available on this site on these topics but after having read all of it I am more confused than ever.

My application for a temporary rentista visa has recently been approved within 4 days of submitting the paperwork (a new record?), I’m just waiting for the docs to arrive. They asked if I had a bank account here but after I told them I couldn’t open an account without a DNI they were fine and only made me sign a piece of paper stating that I would open an account here before renewing my visa next year.

My rentista visa was approved based on rental income I have in the Netherlands. In some posts I have read that to renew the visa this income will now need to be received into an Argentinian bank account. As far as I can tell from the migraciones website you only need to prove the monthly income but it doesn’t state it needs to be received into an account here nor has the immigration officer told me so, he only told me to open a bank account (I can prove receipt in my Dutch account but prefer not to loose money having it sent here). I have handled my visa application myself so am not in contact with a lawyer here who can help me out but hopefully some of you have first-hand experience.

I am Dutch and have been working as a freelancer registered in the Netherlands. I will now register as a monotributista here and start paying taxes here (don’t ask why). An (Argentinian) accountant has told me that in order to do so I need to get my invoices paid into an account here (rather than in the Netherlands). As I need to open a bank account here anyway no problem so far.

Assuming my business will be profitable I don’t want to keep all my money in an account here but every now and then transfer some to the Netherlands. I have therefore looked for a bank that has branches in both countries thinking I could easily transfer money between both accounts and keeping it within one bank via internet banking. This doesn’t seem to be an option.

I realize I am addressing 2 separate topics in this post but they are linked in a sense that in order for me to choose a bank here that suits me best and get things organized I would like to know:

1. Do I need to receive income as the basis for the renewal of a rentista visa in an Argentinian bank or is proof of receiving it in a Dutch bank good enough? I will be able to show an Argentinian bank account with money coming in but not on a regular basis and this will be work related and therefore not the basis for the visa.

2. What is the best way to receive payment for work (most of my clients will be Europe/US based and will pay in Euros/USD)? Is there a way to avoid excessive costs i.e. going through the central bank, conversion rates and probably more charges.

3. What is the best way to transfer money to my Dutch account every so often?

I realize these are a lot of questions in one post but to me they are all related and any information you can provide is really appreciated.

 

[steveinbsas]

I am not sure of the current policy at migraciones, but I think you only need to show the last statement (usually covers two months) when you go to renew your visa. As far I understand, any documents over 60 days old are not accepted by migraciones anyway.

 

[Monique]

Thanks Steve, I was already hoping for your input here. One question though. I understand the monthly deposits of $8000. But let's say if during a certain month a client pays me $10,000 for work (this would come directly into my bank account here) would this fulfill the migraciones requirements for that month (No idea how this would show up on the bank statement) i.e. any deposit of at least $8000 will do? Thanks again

 

[citygirl]

I can only speak to #2 - Getting paid by clients outside Argentina means transfering money through the central bank. The funds must be transfered into pesos at the CB, then if you have a dollar account here, you'll have to change them back into dollars.

It's very important you have the invoices set up correctly (and I have no idea how it would work as a monotributista) so that the 30% isn't withheld for the year.

Truth be told, from a business perspective, getting money into the country is a PITA.

 

[steveinbsas]

Thanks Steve, I was already hoping for your input here. One question though. I understand the monthly deposits of $8000. But let's say if during a certain month a client pays me $10,000 for work (this would come directly into my bank account here) would this fulfill the migraciones requirements for that month (No idea how this would show up on the bank statement) i.e. any deposit of at least $8000 will do? Thanks again

First of all, you need to find out if and then how a foreign client can send money to your Argentine bank account. I have no experience with that.

As far as I know, all migraciones cares about is seeing the deposits (which would probably just be noted as"deposits") on your statements.

 

[Monique]

What a weird system but then again nothing surprises me anymore. As for foreign clients paying me here that should not be a problem (still need to experience if it all works though). You send an invoice and once the funds have been transferred you need to go to the bank with a duplicate of the invoice and the funds will be transferred into your account. Am still trying to figure out the details.

 

[citygirl]

What a weird system but then again nothing surprises me anymore. As for foreign clients paying me here that should not be a problem .

Oh, there will be problems, I can promise you that. At least with HSBC, it's been a NIGHTMARE with their COMEX group. Rules change every other month, payments aren't released (I had one that sat in the CB for 3 months), they will randomly decide an invoice isn't done correctly, even if it's the exact same format you've used for months at a time and which they previously approved, etc, etc.

Or at least that's the experiences we, as a foreign company, have had. Again, I have no idea how it works as a monotributista (are you even allowed to bill foreign clients under that category?)

I haven't tried to take money out of the country - I can only imagine how much worse that would be.

 

[Monique]

It does sound like a nightmare. What am I getting myself into? Thanks anyway Citygirl for sharing this with me. It doesn't sound very promising.

 

[dennisr]

Argentina is under the gun by FATF and trying to avoid sanctions. Central bank and about every financial institution in the country is scrambling to be in compliance and are probably scrutinizing every foreign transaction.

http://www.marval.com.ar/Publicacio...id/96/language/en-US/Default.aspx?ItemID=2096





*