Proof of source of funds - Rentista visa

[StephOlive]

Ok i just dont understand then cause i have spoken to someone at argentina consulate here in South-Africa and they have now told me that it would be ARS90000 which means i would need 30000 peso per person per month..... ?

 

[steveinbsas]

Ok i just dont understand then cause i have spoken to someone at argentina consulate here in South-Africa and they have now told me that it would be ARS90000 which means i would need 30000 peso per person per month..... ?

If someone at he Argentine consulate told you it's $90.000 pesos per month, they were either (1) wrong about the income requirement applying to each family member, (2) there has been a change in the policy and now it does, or (3) there has finally been and increase in the monthly amount required for the "visa rentista" (regardless of the number of individuals in the family).

 

[StephOlive]

If they told you it's $90.000 pesos per month the person at the Argentine consulate is either wrong about the income requirement applying to each family member, there has been a change in the policy and now it does, or there has finally been and increase in the monthly amount required (regardless of the number of individuals in the family.

ok im going to try and research this a bit more because it that is the case it seems like ill be living like a king for that amount....
thanks for the advise always appreciated.

You have said in another post of mine that i must look into a irrevocable trust and that is now our plan

 

[Wilhelm]

Yes and thats exactly the place we had in mind as well. Please let me know what they say, we have now decided on a irrevocable trust to put all our savings in and then instruct to get the fixed monthly payment from that. Am i right in saying it is AR$30 000? Thats like R7800 per month....

Yes it's 30000 per family. But I would make is a bit more, just in case.... And the exchange rate moves up and down.

 

[StephOlive]

Yes it's 30000 per family. But I would make is a bit more, just in case.... And the exchange rate moves up and down.

so not 30000 peso per person in the family?

 

[StephOlive]

Yes it's 30000 per family. But I would make is a bit more, just in case.... And the exchange rate moves up and down.

i sent you a conversation private message as well

 

[steveinbsas]

Yes it's 30000 per family. But I would make is a bit more, just in case.... And the exchange rate moves up and down.

It may still be $30.000 per family, but, based on what Steph was told at the consulate, it may now be $90.000 pesos per family.

The last two monthly income requirement increases occurred without any advance notice and, in both cases, the migraciones website was not immediately updated to reflect the increase.

PS: Here's a thread about the increase in 2010 (along with some "interesting" information about the "visa rentista").

Shocking new income requirement for visa rentista?

 

[steveinbsas]

You have said in another post of mine that i must look into a irrevocable trust and that is now our plan

I have suggested using funds in an irrevocable trust for many years, but I don't know of anyone else who has applied for and received the "visa rentista" using one.

When I first applied for temporary residency in 2006, I provided a copy of the trust with a cover letter from the lawyer who set it up and that letter was notarized and received the Apostille. I also provided a letter written by a bank officer that verified the monthly deposits form the trust and that letter was also notarized and received the Apostille. I did not provide any verification from a CPA, but that is likely to be required now.

If you have passive income from a business that can be verified by a CPA and the CPA can believably "confirm" that the income will continue in the future, you might be able to avoid locking up your savings in a trust.

I am not absolutely certain, but I think migraciones only asks to see "proof" of the income for two months prior to submitting your application for temporary residency. This would obviously be difficult if a trust has not yet made any monthly distributions. it was not an issue for me as I had been receiving monthly distributions from my trust for over five years when I applied for temporary residency in Argentina.

PS: Others have suggested consulting a lawyer, but you might have to be in Argentina just to find one who would take your case. Either way, I would expect them to ask for a hefty fee in advance, with no guarantee of success.

 

[StephOlive]

I have suggested using funds in an irrevocable trust for many years, but I don't know of anyone else who has applied for and received the "visa rentista" using one.

When I first applied for temporary residency in 2006, I provided a copy of the trust with a cover letter from the lawyer who set it up and that letter was notarized and received the Apostille. I also provided a letter written by a bank officer that verified the monthly deposits form the trust and that letter was also notarized and received the Apostille. I did not provide any verification from a CPA, but that is likely to be required now.

If you have passive income from a business that can be verified by a CPA and the CPA can "reasonably confirm" that the income will continue in the future, you might be able to avoid locking up your savings in a trust.

I am not absolutely certain, but I think migraciones only asks to see "proof" of the income for two months prior to submitting your application for temporary residency. This would obviously be difficult if a trust has not yet made any monthly distributions. it was not an issue for me as I had been receiving monthly distributions from my trust for over five years when I applied for temporary residency in Argentina.

PS: Others have suggested consulting a lawyer, but you might have to be in Argentina just to find one who would take your case. Either way, I would expect them to ask for a hefty fee in advance, with no guarantee of success.

Thank you Steve, I have now contacted a few consulates and awaiting some answers...hopefully....
I can have the trust make payment for 2 months before we apply aswell that shouldnt be a problem as i can always deposit more into the trust if need be.
lets see what they say and if i will be able to get proof of funds this way.
I will not be using my business as proof of funds for now until i know more, otherwise if i cant do it through irrevocable trust i will look at shares from the business as proof in some way.

 

[StephOlive]

also id prefer not paying hefty amounts to lawyers.