New rentista requirements: 2000 usd per person

[barbablanca]

I read that as allowing one to bring in money (via Western Union, for example, assuming it is authorized by the Banco Central, which I guess it must be), and not even necessarily then depositing it in a bank account.

There are reports of recent rejections of rentista applications based on WU cash receipts. The wording seems to be unclear whether it’s for authorisation or for the fact that it’s cash and not an account.

 

[Alby]

There are reports of recent rejections of rentista applications based on WU cash receipts. The wording seems to be unclear whether it’s for authorisation or for the fact that it’s cash and not an account.

It is certainly possible that Migraciones in their internal regulations have more precise requirements than those they publish on the website and put in their disposiciones.

 

[Rich One]

A Clarin article today places the pasive income requirement at US$24,000 p.a. per person for rentista visa!! Family of four US$100 K...!

 

[steveinbsas]

A Clarin article today places the pasive income requirement at US$24,000 p.a. per person for rentista visa!! Family of four US$100 K...!

After the first year, will the passive income and the assets that produce it become taxable in Argentina?

 

[Bajo_cero2]

It is certainly possible that Migraciones in their internal regulations have more precise requirements than those they publish on the website and put in their disposiciones.

Sure, it is called habits against the law or corruption.

 

[Longtime]

steveinbsas, you are very creative. I bet there are other ways. What about socking some money into an IRA, say a Roth IRA, and later taking distributions? I know, the problem is the dollar loss during conversion to pesos. But if you don't need all that money per month, there has to be a way...

 

[steveinbsas]

steveinbsas, you are very creative. I bet there are other ways. What about socking some money into an IRA, say a Roth IRA, and later taking distributions? I know, the problem is the dollar loss during conversion to pesos. But if you don't need all that money per month, there has to be a way...

For a number of years I have suggested setting up a trust account with a bank that initially has ·$24,000 USD on deposit in CD's that will mature in a "timely manner" and generate the $2,000 per month income required for the visa rentista

If I understnd correctly, early withdrawals from an IRA would be taxable for the tax year in which the withdrawals occur, and defeat the purpose of having funds in those accounts in the first place.

For the purpose of the visa rentsta, Migraciones will want to be as certain as possible that the stable and interruptable monthly income will be distributed on a monthy basis during life of the visa. The trust accunt can be created to comply with the requirements.

 

[steveinbsas]

If I understnd correctly, early withdrawals from an IRA would be taxable for the tax year in which the withdrawals occur, and defeat the purpose of having funds in those accounts in the first place.

For the purpose of the visa rentsta, Migraciones will want to be as certain as possible that the stable and interruptable monthly income will be distributed on a monthy basis during life of the visa. The trust accunt can be created to comply with the requirements.

PS: I am reasonably certain that it would be possible to withdraw the required funds from an existng IRA and use them to set up the trust account with a bank (at least in the USA) that woud pay out the $2,000 per month to satisfy migraciones, bu the funds would undoubtedly be taxable for the year in which they were withdrawn and possibly also be subject to an "early withdrawal" fee/penalty.

 

[steveinbsas]

steveinbsas, you are very creative. I bet there are other ways. What about socking some money into an IRA, say a Roth IRA, and later taking distributions? I know, the problem is the dollar loss during conversion to pesos. But if you don't need all that money per month, there has to be a way...

Somene "recently" posted that CD's held in a trust account with a US bank has already been acceptable to migraciones to acheive this purpose.

 

[barbablanca]

There are rumours that the new regulations have not only increased the income requirements but also introduced expedited processing and add more ways of proving income, e.g. on top of demonstrating income one could also show investments and savings.

Does anybody have more information on that part of the rentista revamp?