Meeting the rentista passive income requirement using a peso bank account?

[chasew4483]

Hi friends,

I am applying for rentista temporary residency. I had $40,000 USD in a US savings account to meet the passive income requirement. I just found out the requirement for passive income is now 500,000 pesos per month. To meet this new requirement I would need more than $500,000 USD in my US savings account. I don't have it. I am devastated and do not know what to do. To make matters worse I have a contract on a house here. I am wondering if I should back out of my contract since I don't see a path to permanent residency.

Argentina savings accounts earn nearly 100% interest. With that interest rate I could transfer about $15,000 USD to pesos to meet the requirement. There is another post here that tells how to open a peso account without a DNI (link below). Is it possible I could meet the requirement this way? It seems almost too good to be true.

Thank you for any help or recommendations.

Chase

Post explaining how to open peso account without DNI:

I just opened a peso bank account with my passport (no DNI or precaria), here's how

Am I right that to get a dollar bank account one needs to have a DNI first? I'm working on the residency application process and the accountant I'm working with suggested I open a dollar account, but I get the impression that only a peso account is available pre-DNI.

baexpats.org

 

[lunar]

I believe, to be eligible for a rentista visa, it is necessary to have an "uninterruptible" source of passive income. So, you cannot keep qualifying funds that earn interest in your savings account or any account that allows you to withdraw the money.

 

[arvest]

You can overstay your visa in Argentina as long as you want

 

[TruchoTango]

The rentista residency is not what it used to be. Compliance now requires the holder to transfer said passive income from their foreign bank account to their Argentine bank account on a monthly basis - at the official peso rate. Hence going forward, residencia rentista will be an expensive way to reside in Argentina. There are easier, cheaper alternatives.

 

[chasew4483]

The rentista residency is not what it used to be. Compliance now requires the holder to transfer said passive income from their foreign bank account to their Argentine bank account on a monthly basis - at the official peso rate. Hence going forward, residencia rentista will be an expensive way to reside in Argentina. There are easier, cheaper alternatives.

Hi TruchoTango,

Would you mind sharing some of the easier, cheaper alternatives?

I am considering taking two years of Spanish classes under a student visa. Even that seems to be a little expensive. I’d welcome any advice you have.

Thank you

 

[Neoperm]

Would you mind sharing some of the easier, cheaper alternatives?

It depends on what you are "eventually" looking for. If you are not into citizenship or permanent residencey, just overstay.

If you are looking for citizenship, then the process is slightly different, that is to say, the process to get citizenship and permanent residence are different.

You can apply for citizenship right after landing in Argentina. Once the citizenship application is filed, you can't be deported. Your entry to Argentina can't be denied. After 2 years of legal or irreglar residence, you are eleigible for passport. However, it might take 2-3.5 years to get the passport. It's better to have an experienced lawyer helping you.

I am considering taking two years of Spanish classes under a student visa. Even that seems to be a little expensive. I’d welcome any advice you have.

Spanish course at UBA are not xpensive. Check out the pricing here:

Aranceles de Español [Taxas de Espanhol│Spanish Fees] | Laboratorio de idiomas

idiomas.filo.uba.ar

The max duration of spanish course at UBA is 4 months. It may help obtain a DNI.

 

[HectorH]

It depends on what you are "eventually" looking for. If you are not into citizenship or permanent residencey, just overstay.

If you are looking for citizenship, then the process is slightly different, that is to say, the process to get citizenship and permanent residence are different.

You can apply for citizenship right after landing in Argentina. Once the citizenship application is filed, you can't be deported. Your entry to Argentina can't be denied. After 2 years of legal or irreglar residence, you are eleigible for passport. However, it might take 2-3.5 years to get the passport. It's better to have an experienced lawyer helping you.

Spanish course at UBA are not xpensive. Check out the pricing here:

Aranceles de Español [Taxas de Espanhol│Spanish Fees] | Laboratorio de idiomas

idiomas.filo.uba.ar

The max duration of spanish course at UBA is 4 months. It may help obtain a DNI.

You have never even been to Argentina. Your information is inaccurate and could easily cause people to take paths that end up harming them.

 

[chasew4483]

Neoperm, thank you for the recommendation. I’m going to get in touch with someone at UBA.

HectorH, Neoperm’s recommendation of UBA was great. The classes are much cheaper than what I had found. Also his recommendation to apply for citizenship seems in line with other posts I have read here. Can you please explain what is “inaccurate” about his information?

 

[sts7049]

being a student isn't a pathway to anything permanent

Student Visa to Argentine Citizenship

I am planning to move to Argentina on a student visa to learn Spanish. I am exploring options to join the University of Buenos Aires to learn Spanish. Eventually, I wish to apply for Argentine citizenship. I have a few questions? Which universities, preferably in BsAs, offer the best...

baexpats.org

 

[steveinbsas]

Neoperm’s recommendation to apply for citizenship seems in line with other posts I have read here. Can you please explain what is “inaccurate” about his information?

It depends on what you are "eventually" looking for. If you are not into citizenship or permanent residencey, just overstay.

If you are looking for citizenship, then the process is slightly different, that is to say, the process to get citizenship and permanent residence are different.

The greatest difference is that citizenship is processed through the federal courts and "legal" or "legislative" resideny is processed through migraciones.

Citizenship pertains to individaul rights based in the Argentine Constitution while legal or legislative residency pertains to permission to live in Argentine as defined by llaws tht may conflict withh the Argentine Constitution.

You can apply for citizenship right after landing in Argentina.

Only a lawyer can do this for a client.

Once the citizenship application is filed, you can't be deported.

Hopefully, that's true, even if you are accused of a crime...but not if you are convicted.

Your entry to Argentina can't be denied.

Migraciones can deny re-entry and your lawyer would have to get a judges order for you to be allowed to re-enter

After 2 years of legal or irreglar residence, you are eleigible for passport.

The passpoort wil only be issued after citizenship is obtained.

However, it might take 2-3.5 years to get the passport. It's better to have an experienced lawyer helping you.

It is abslouely essential to have a lawer present your case if you don't already have a DNI (and not one based on a student visa).

Spanish course at UBA are not xpensive. Check out the pricing here:

Aranceles de Español [Taxas de Espanhol│Spanish Fees] | Laboratorio de idiomas

idiomas.filo.uba.ar

The max duration of spanish course at UBA is 4 months. It may help obtain a DNI.

A DNI based on being a student appears to carry no weight with the courts when applying for citizenship on your own.