Is A Huge Income Increase For The Visa Rentista Longoverdue?

[steveinbsas]

It has been about four years since the income requirement for the visa rentista/pensionado was increased from "about" $3000 pesos to $8000 pesos per month. That was after the peso climbed form $3 pesos to $1 USD to $4 pesos to $1 USD. For a while, migraciones was asking foreigners to prove $2000 USD monthly income. I don't remember reading any posts about the dollar amount they "require" at the moment.

With the peso at the official rate of over $8 pesos to one USD I am surprised that the income requirement hasn't at least been increased to somewhere between $16,000 to $20,000 pesos per month. If the increase is based on the blue rate it will be even greater. The visa fee of $600 pesos (previously $200) and the overstay fine of $300 (previously $50) are undoubtedly going to increase dramatically in the near future as well.

If anyone is planning to apply for Argentine residency based on their foreign income, I suggest they prepare for the inevitable.

 

[ajoknoblauch]

It has been about four years since the income requirement for the visa rentista/pensionado was increased from "about" $3000 pesos to $8000 pesos per month. That was after the peso climbed form $3 pesos to $1 USD to $4 pesos to $1 USD. For a while, migraciones was asking foreigners to prove $2000 USD monthly income. I don't remember reading any posts about the dollar amount they "require" at the moment.

With the peso at the official rate of over $8 pesos to one USD I am surprised that the income requirement hasn't at least been increased to somewhere between $16,000 to $20,000 pesos per month. If the increase is based on the blue rate it will be even greater. The visa fee of $600 pesos (previously $200) and the overstay fine of $300 (previously $50) are undoubtedly going to increase dramatically in the near future as well.

If anyone is planning to apply for Argentine residency based on their foreign income, I suggest they prepare for the inevitable.

You'll just have to prove your favorite "novelist" signed up for Medicare.

 

[steveinbsas]

You'll just have to prove your favorite "novelist" signed up for Medicare.

I don't think Victor Hugo was eligible for Medicare. Besides, I will never have to pay another fee to migraciones, regardless of what I read.

 

[mimyr]

Out of curiosity, what happens if you're leaving the country and you don't have money to pay the fee? They take you to prison or something, or just make you miss your flight?

 

[lucha54]

Out of curiosity, what happens if you're leaving the country and you don't have money to pay the fee? They take you to prison or something, or just make you miss your flight?

Some people have left without paying. Our resident immigration lawyer says big trouble awaits you if you ever plan to return and you have an unpaid overstay.

 

[steveinbsas]

rentista income requirement is $2,200 USD as of 2 months ago when I started my res application process.

The above quote is from another thread but provides an answer to the question I asked to begin this one. I just went to the migraciones website to see the amount in pesos that was "required" by official decree to qualify for the visa rentista. The amount on the website is still $8000 pesos. When the last official decree was issued $8000 pesos was roughly equivalent to $2000 USD per month. Nonetheless, migraciones has the power to require that foreigners have "sufficient funds" to live in Argentina, regardless of any amount that was specified in a previous decree.

From the migraciones website:

Deberá acreditar ante la DIRECCION NACIONAL DE MIGRACIONES el origen de los fondos y su ingreso al país, por intermedio de instituciones bancarias o financieras autorizadas por el BANCO CENTRAL DE LA REPUBLICA ARGENTINA. Asimismo, deberá probar que el monto de las rentas que perciba resulta suficiente para atender a su manutención y la de su grupo familiar primario. A los fines de otorgar la residencia, se tomarán en cuenta las disposiciones de la Ley Nº 25.246, sobre Encubrimiento y Lavado de Activos de origen delictivo. A fin de poder acceder a una residencia temporaria en carácter de rentista, el monto mínimo requerido es de $ 8.000 (PESOS OCHO MIL)

Google translation:

(They) must prove to the NATIONAL MIGRATION origin of the funds and their entry into the country, through banks or financial institutions authorized by the CENTRAL BANK OF ARGENTINA. You must also prove that the amount of income that is sufficient to perceive for their maintenance and their primary family group. For the purposes of granting residence, the provisions of Law No. 25,246, on Concealment and Laundering of crime are taken into account. In order to access a temporary residence in rentier character of the minimum amount required is $ 8,000 (EIGHT THOUSAND PESOS)

So, at an official rate of $8.5 pesos (it's very close to that now) to $1.00 US dollar, the present monthly income requirement for the visa rentista is just under $19,000 pesos. If the funds must be transferred through the national bank then the foreigner will receive pesos at the official rate. One member recently expressed the opinion that permanent residents must do this, but that is not the case. Permanent residents do not have to "prove" anything to migraciones, but if they use a money transfer service like XOOM or RIA they may have to "prove" the origin of the funds.

PS: It's obvious that mimyr's question about leaving the country without paying "the fee" was in regard to the $300 peso fee for overstaying a 90 day visa. It's unfortunate that arimi035 didn't know about this when he/she left without paying:http://baexpats.org/topic/28697-how-can-i-get-back-in-the-country-please-help/

 

[lucha54]

I read through smirkypants's entire thread and I didn't see anywhere (unless I missed it) that he/she had left without paying the overstay fee and that that was determined as the reason for being rejected. Any clarification on that?

On another note, someone mentioned in passing about the rentista visa: "you don't have transfer $8000 pesos into an Arg bank account every month; you can withdraw it and deposit the same physical cash back the next day and they don't check." - any truth to this?

 

[steveinbsas]

I read through smirkypants's entire thread and I didn't see anywhere (unless I missed it) that he/she had left without paying the overstay fee and that that was determined as the reason for being rejected. Any clarification on that?

It wasn't smirkypants who was denied reentry for not paying the overstay fee. I just changed the link from the thread started by smirkypants to the thread started by arami035.

On another note, someone mentioned in passing about the rentista visa: "you don't have transfer $8000 pesos into an Arg bank account every month; you can withdraw it and deposit the same physical cash back the next day and they don't check." - any truth to this?

For visa renewals you only have to provide the last two months bank statements, so you wouldn't have to do this every month of the year. The amount you would have to deposit now is about $19,000 pesos. Depositing, withdrawing, and redepositing the same funds would only work if migraciones is not requiring direct transfers from a foreign bank to an Argentina bank. If those transfers are sent directly from your bank they will enter Argentina through the Banco Nacion and will be converted at the official rate).

As far as I know, XOOM and RIA transfers are 100% legal and the funds can sent from a US bank account and be deposited directly into an Argentine bank account in pesos at a much better than the official rate. If you provide migraciones with the US banks statements which show the XOOM or RIA withdrawals, a copy of the XOOM transfer receipt (sent by email), and copies of your Argentine bank statements showing the deposits, I don't think you would have any problem. You will still have to provide the transfer service with "evidence" of the origin of the funds. The problem that you might encounter at migraciones is if they want to see "proof" that this "income" is actually available each and every month of the year, in addition to the "evidence" of the origin of the funds. They always asked me for both.

Each time I renewed my temporary residency I provided an updated letter from an officer of my US bank that I was receiving the required income on a monthly basis. Migraciones always looked at the documents which provided the "evidence" of the origin of those funds. That was from 2007 to 2010, and I never had any Argentine bank statements to show them. They accepted a certificate from an Argentine CPA that I had withdrawn the funds from ATM's in Argentina (at least for the 60 days prior to renewing my resident visa). I don't think they would accept that now and it wouldn't be a good idea to use ATMs to get the funds, given the huge difference now between the official rate and those offered by XOOm and RIA.

PS: The letter from the bank officer had to be notarized and receive the apostille.

 

[sesamosinsal]

That's an interesting scenario.

The odd thing about More Money Transfers is that they are not involved in the exchange rate -- Yeah, I know, give me a break. But More Money just gives you pesos. Xoom takes care of the exchange rate. On your More Money receipts, you'll never see anything about dollars or exchange rates. On the back of the receipt, More Money states that it is not in the business of forex whatsoever:

Se deja expresa constancia que More Argentina S.A. no realiza operaciones de cambio de moneda en la República Argentina.

So what happens when the bank statements from the U.S. don't match up with the statements here in Argentina? If the official rate is used in all calculations, it will appear that you are transferring additional (and presumably undeclared) funds in the eyes of the government, no?

 

[steveinbsas]

That's an interesting scenario.

The odd thing about More Money Transfers is that they are not involved in the exchange rate -- Yeah, I know, give me a break. But More Money just gives you pesos. Xoom takes care of the exchange rate. On your More Money receipts, you'll never see anything about dollars or exchange rates. On the back of the receipt, More Money states that it is not in the business of forex whatsoever:



So what happens when the bank statements from the U.S. don't match up with the statements here in Argentina? If the official rate is used in all calculations, it will appear that you are transferring additional (and presumably undeclared) funds in the eyes of the government, no?

If you have receipts for the transfer they will clearly "explain" the "difference" between the exchange rates. Anyone who is using XOOm or RIA is not illegally changing dollar to pesos in Argentina. In fact, the exchange does on occur in Argentina.

Perhaps a question about a taxable gain is in order, but I wouldn't be concerned in the least about an issue regarding undeclared funds. On top of that, it isn't necessary to transfer all of one's foreign income (or assets) into Argentina to meet the requirement for the visas rentista (or pensionado). It is only necessary to provide proof of the origin of the funds that are actually transferred to Argentina.

Anyone who is transferring all of their monthly foreign income to Argentina in order to meet the requirement for the visa is living very close to the precipice.